Legal Issues in Business
Textbook Exam Questions
Course Introduction
Legal Issues in Business explores the fundamental legal concepts and regulations that impact business operations in both domestic and global contexts. The course covers topics such as contract law, torts, intellectual property, employment law, consumer protection, and corporate governance. Students examine the legal framework governing commercial transactions, ethical considerations, and the roles of regulatory bodies. Through case studies and real-world scenarios, learners develop the ability to identify legal risks, ensure compliance, and make informed business decisions while understanding the societal impact of business law.
Recommended Textbook
Business Law 17th Edition by Arlen W Langvardt
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Page 2
Chapter 1: The Nature of Law
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Q1) American legal realists regard the law in the books as less important than the law in action and define law as the behavior of public officials (mainly judges)as they deal with matters before the legal system.
A)True
B)False
Answer: True
Q2) Cases are said to be ________ when there no longer is a real dispute between the parties.
A)ripe
B)moot
C)feigned
D)intangible
Answer: B
Q3) The ejusdem generis rule is an example of a maxim.
A)True
B)False
Answer: True
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Page 3
Chapter 2: The Resolution of Private Disputes
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Q1) What was the Court's holding in the case in the text Tyson Foods,Inc.v.Bouaphakeo?
A)The granting of class certification was improper because the class members waited too long to bring their complaint.
B)The granting of class certification was improper because the class members did not perform similar work and their complaints did not arise out of the same matter.
C)The granting of class certification was proper because the class members worked for the defendant for a similar period of time and all were refused overtime.
D)The granting of class certification was proper because the class members worked in the same facility,did similar work,and were paid under the same policy.
Answer: D
Q2) Which of the following notifies the defendant that he,she,or it is being sued?
A)Summons
B)Motion to Dismiss
C)Deposition
D)Interrogatories
Answer: A
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Chapter 3: Business and the Constitution
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Q1) Which of the following independent checks blocks only state laws and not federal laws?
A)Equal protection
B)The First Amendment
C)Federal preemption
D)Due process
Answer: C
Q2) Which of the following is generally subject to a rational basis review?
A)Regulation of political speech that is challenged under the First Amendment.
B)Regulation of commercial speech that is challenged under the First Amendment.
C)Laws that discriminate on the basis of illegitimacy.
D)Laws that regulate social and economic matters.
Answer: D
Q3) Which of the following is also known as the "dormant" Commerce Clause?
A)Power of Congress to regulate interstate commerce.
B)Power of Congress to regulate instrumentalities of interstate commerce.
C)Limits on the states' ability to burden interstate commerce.
D)Limits on Congress to burden states with taxes.
Answer: C
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Page 5
Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Q1) Which of the following ethical theories judges our actions as good or bad depending on their consequences and is expressed as "the ends justify the means"?
A)Rights theory
B)Utilitarianism
C)Kantianism
D)Deontological theory
Q2) Which of the following ethical theories has been criticized for creating a sense of entitlement reducing innovation,entrepreneurship,and production?
A)Rights theory
B)Teleological theory
C)Utilitarian theory
D)Profit maximization theory
Q3) "I don't know why we do it,but we've always done it that way,and it's always worked,so we'll continue to do it that way." This statement is an example of the:
A)appeals to authority fallacy.
B)gambler's fallacy.
C)sunk cost fallacy.
D)appeals to tradition fallacy.
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Chapter 5: Criminal Law and Procedure
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Q1) A(n)________ is a formal charge signed by the prosecutor outlining the facts supporting the charges against the defendant.
A)booking
B)indictment
C)information
D)arraignment
Q2) Through the concept of agency,a corporation's higher level corporate officials may be held criminally liable even in the absence of proof that they ordered the criminal acts.
A)True
B)False
Q3) Which of the following characterizes searches?
A)They are covered by the Fourteenth Amendment.
B)Warrants are not required for a search on private property.
C)Consensual searches without warrants violate the Fourth Amendment.
D)Customs searches are valid without a warrant.
Q4) The Fifth Amendment guarantees indigent defendants the right to court-appointed counsel.
A)True
B)False
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Chapter 6: Intentional Torts
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Q1) Libel is distinct from slander,in that,libel:
A)involves views on public figures.
B)involves only content in print.
C)involves only content on the Internet.
D)is more permanent in nature.
Q2) Maria goes to Auto Mart to test drive a Corvette.While on the test drive,Maria is merely involved in a fender-bender.If Auto Mart sues Maria,what is the likely result?
A)Maria is liable for trespass to personal property and obligated to pay Auto Mart the reasonable value of the car.
B)Maria is liable for trespass to personal property and obligated to pay Auto Mart damages to compensate it for the loss in value of the car.
C)Maria is liable for conversion and obligated to pay Auto Mart damages to compensate it for its loss of use of the car.
D)Maria is liable for conversion and obligated to pay Auto Mart the reasonable value of the car.
Q3) Punitive damages are not meant to compensate victims for their injuries.
A)True
B)False
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8
Chapter 7: Negligence and Strict Liability
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Q1) Fred Sweet teaches dancing classes for middle-aged and elderly people.Some of Fred's customers lack physical coordination,and injuries from kicks,falls,etc.are common.Fred naturally fears that injured customers will sue him for negligence.Thus,he makes each customer sign a written contract containing a clause relieving Fred of all liability for injuries suffered during his dancing classes.However,fearful that he will lose business if potential customers become aware of his strategy,Fred states the clause in fine print and does not point it out to them.An injured customer sues Fred for negligence.Fred wants to defend on the basis of the clause in the contract.Which of the following is the biggest weakness in Fred's position?
A)That Fred tried to use an exculpatory clause at all,because such clauses are invalid on public policy grounds.
B)That Fred tried to use an exculpatory clause to relieve himself of negligence liability.
C)That Fred has superior bargaining power,which makes the customer's acceptance of the exculpatory clause involuntary.
D)That Fred used a fine-print exculpatory clause,which means that the customer lacked knowledge of the clause's existence.
Q2) What are the strategies followed by the tort reform movement?
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) How long is the legal temporary monopoly that present patent laws provide to the inventor after the filing of the patent application?
A)Ten years
B)Seventeen years
C)Twenty years
D)The lifetime of the inventor.
Q2) A trademark owner who wins an infringement suit may obtain a(n)________ against uses of the mark that are likely to cause confusion.
A)license
B)assignment
C)injunction
D)writ
Q3) Which of the following gives certain exclusive rights to creators of original works of authorship?
A)Patent law
B)Trademark law
C)Trade secrets law
D)Copyright law
Q4) Why does the law disfavor noncompetition agreements?
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Chapter 9: Introduction to Contracts
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Q1) Which of the following is an equitable doctrine that protects those who foreseeably and reasonably rely on the promises of others by enforcing such promises when enforcement is necessary to avoid injustice,even though one or more of the elements normally required for an enforceable agreement is absent?
A)Promissory estoppel
B)Quasi-contract
C)Freedom of contract
D)Implied in law contract
Q2) Pratt,an owner of an appliance store,has a garage sale at his home where he sells old furniture and books.He sells a set of books to his neighbor,Stacey.Pratt is considered a merchant under Article 2 of the UCC in selling the books to Stacey.
A)True
B)False
Q3) A contract in which the parties have not yet fully performed their obligations is called a(n):
A)executed contract.
B)executory contract.
C)quasi-contract.
D)bilateral contract.
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Page 11
Chapter 10: The Agreement: Offer
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Q1) Which of the following conditions characterizes a firm offer regarding the sale of goods?
A)It must be verbally communicated.
B)It can be revoked by the offeror prior to acceptance.
C)It must be made in the presence of a government official.
D)It must be made by an offeror who is a merchant.
Q2) Bob offers to sell his bike to Sue for $100 and promises to keep his offer open for five days.Sue thanks him and leaves.At this point,Bob still has the power to revoke his offer.
A)True
B)False
Q3) In J.D.Fields & Company,Inc.v.United States Steel International,Inc. ,the case in the text,the court stated that:
A)a price quotation can only ever be an invitation to offer.
B)a price quotation on a flyer is always considered to be an offer.
C)a price quotation ripens the offer into a contract,regardless of whether it is detailed.
D)a detailed price quotation can constitute an offer capable of acceptance.
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Page 12
Chapter 11: The Agreement: Acceptance
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Q1) The shipment of nonconforming goods intended as an accommodation to the buyer is a(n)________.
A)ambiguous offer
B)prompt shipment
C)counteroffer
D)inquiry regarding terms
Q2) If both parties are not merchants,additional terms contained in the offeree's standardized form are treated as:
A)proposals for addition to the contract.
B)part of the contract.
C)an acceptance.
D)a limited acceptance.
Q3) Rex Garner recently made an offer to Harry Barns for the sale of his shop using a registered letter.The offer says that Harry "may accept by registered letter." This detail is an example of a ________.
A)contract
B)notification
C)rejection
D)stipulation
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Page 13
Chapter 12: Consideration
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Q1) Owen once owed Carl a $1,000 debt,but the statute of limitations ran on that obligation,discharging Owen.Later,Owen promises in writing to pay Carl the debt.Why is there no consideration for this promise? Why is it binding anyway? What additional requirement do some states impose to make the promise binding?
Q2) In the case in the text,Franchise Holding II,LLC v.Huntington Restaurants Group,Inc. ,the court held all of the following,except:
A)the plaintiff provided adequate consideration.
B)the defendant provided adequate consideration.
C)the defendant materially breached the Stay Agreement.
D)the Stay Agreement was legally enforceable.
Q3) Which of the following is true of consideration?
A)A promise cannot be deemed a consideration in a bilateral contract.
B)The legal value of a consideration must be equal to the actual value in a consideration.
C)Gross inadequacy of consideration can give rise to an inference of fraud for setting aside a contract.
D)A preexisting moral obligation is deemed a consideration.
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Page 14
Chapter 13: Reality of Consent
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Q1) Which of the following is most likely to constitute undue influence?
A)A firm demanding more in terms of pricing by withholding essential supplies.
B)A clergyman using a parishioner's emotional susceptibility to get the parishioner to contract with the clergyman.
C)Threatening to commence a frivolous criminal prosecution against someone,in order to get him or her to contract with you.
D)Grabbing someone's hand and forcing him or her to sign on a contract you have prepared.
Q2) A person who commits fraud may be liable for punitive damages for the tort of: A)deceit.
B)fraud.
C)misrepresentation.
D)assertion.
Q3) Mutual mistake is more likely to make a contract voidable than a unilateral mistake. A)True B)False
Q4) Give two reasons why the differences between fraud and misrepresentation are relevant.
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15
Chapter 14: Capacity to Contract
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Q1) A bargain is considered to be void if a court has ________ a person to be mentally incompetent at the time the bargain was formed.
A)ratified
B)adjudicated
C)disaffirmed
D)emancipated
Q2) When a person lacks capacity to contract due to a mental impairment,the contract is void.In contrast,when a person lacks capacity to contract due to intoxication,the contract is voidable.
A)True
B)False
Q3) Ratification of a contract with a minor has to be expressly made only in written form.
A)True
B)False
Q4) Generally,the age of majority for contracting purposes is 21 years.
A)True
B)False
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Chapter 15: Illegality
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Q1) In the case in the text,Coma Corporation v.Kansas Department of Labor,why did the court find in favor of the Department?
A)Kansas has a strong and longtime public policy protecting wages and wage earners.
B)Kansas courts do not recognize employment contracts with illegal aliens.
C)Kansas law forbid the court from recognizing the validity of the contract.
D)Kansas is a pro-employer state.
Q2) A contract is said to be ________-that is,the legal part can be separated from the illegal part-if the contract consists of several promises or acts by one party,each of which corresponds with an act or a promise by the other party.
A)implied-in-fact
B)voidable
C)unenforceable
D)divisible
Q3) Describe the three criteria that need to be fulfilled to enforce a noncompetition clause.
Q4) A noncompetition clause is also known as a "liability waiver."
A)True
B)False
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Page 17
Chapter 16: Writing
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Q1) Under the ________,no writing is required where the guarantor makes a collateral promise for the main purpose of obtaining some personal economic advantage.
A)parol evidence rule
B)leading object rule
C)collateral contract rule
D)part performance rule
Q2) The parol evidence rule blocks evidence of subsequent agreements that modify a completely integrated written contract.
A)True
B)False
Q3) All contracts must be in writing to be enforceable.
A)True
B)False
Q4) A contract that fails to comply with the statute of frauds is generally:
A)unenforceable.
B)illegal.
C)void.
D)voidable.
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Page 18
Chapter 17: Rights of Third Parties
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Q1) A valid assignment always requires:
A)consideration.
B)writing.
C)filing with a local court.
D)an intention to assign.
Q2) Which of the following is true of delegation?
A)It requires special,formal language.
B)It covers all duties stated in a contract.
C)It is often confused with assignment.
D)It automatically places all legal responsibilities on the delegatee.
Q3) Al hires Bob to move his furniture to his new house.On the day of the move,Bob does not feel like moving furniture,so he asks his friend Chuck to move the furniture.Chuck decides to leave before completing the move in order to watch a football game on TV.Al has to delay his move and hire another mover at a higher price.Al wants to sue Bob to recover for his damages.Given these facts,Al will most likely:
A)lose,because it was Chuck,not Bob,who failed to fulfill his duty to Al.
B)win,because Bob's duty to Al was not delegable.
C)win,because Bob is liable to Al.
D)lose,because he failed to insist on Bob's performance.
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Page 19
Chapter 18: Performance and Remedies
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Q1) A ________ occurs when the contract calls for the parties to perform at the same time.
A)concurrent condition
B)condition subsequent
C)condition precedent
D)constructive condition
Q2) What is the term for a condition that is specified in a contract?
A)Express condition
B)Implied condition
C)Corporate condition
D)Bilateral condition
Q3) There is prescribed formal language that must be used to create an express condition as part of a contract.
A)True
B)False
Q4) The relinquishment of rights by a party in a contract is called a(n)________.
A)waiver
B)rescission
C)impossibility
D)reliance interest
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) Mayker,Inc.and Oylco contracted to have Oylco be the exclusive provider of Mayker's fuel oil for three months.The stated price was subject to increases of up to a total of 10% if the market price increased.The market price rose 25% and Mayker tripled its normal order.Oylco seeks to avoid performance.Oylco's best argument in support of its position is that:
A)There was no meeting of the minds.
B)The contract was unconscionable.
C)The quantity was not definite and certain enough.
D)Mayker ordered amounts of oil unreasonably greater than its normal requirements.
Q2) For which of the following sale contracts does title and risk of loss remain with the seller until the buyer accepts the goods?
A)A sale on approval
B)A sale or return
C)A bulk sale
D)A sale labeled as "FAS"
Q3) What is the UCC approach to the risk of loss of goods during transportation?
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Chapter 20: Product Liability
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Q1) John buys a machine for $10,000 under a contract that excludes consequential damages and limits the buyer's remedies to repair and replacement of defective parts.John later discovers that the machine is not working properly.Under these circumstances if the remedy of limitation is enforceable,to what extent will John be successful?
A)John can recover $10,000.
B)John will have to pay an additional amount for any repair or replacement.
C)John is entitled to any damages since he did not check the machine upon purchase.
D)John can only get the machined replaced or repaired by the seller.
Q2) Under privity statutes adopted by some states, which of the following is not considered when determining whether a plaintiff can recover outside privity in warranty cases?
A)Whether it was reasonably foreseeable that a party such as the plaintiff would be harmed by the product defect in question
B)The status of the plaintiff
C)The type of damages the plaintiff has suffered
D)If the plaintiff can meet the reasonable-to-expect test
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Page 22
Chapter 21: Performance of Sales Contracts
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Q1) Wanda contracted to sell Mike 100 boxes of ball bearings.The contract did not specify a place of delivery.The ball bearings now reside at Wanda's place of business.Wanda refuses to ship the 100 boxes to Mike,and Mike refuses to come to Wanda's place of business to pick them up.Who is right? Why?
Q2) Coasters,Inc.notifies Big Box that it does not intend to perform under their contract.Which of the following statements is false?
A)Big Box may suspend its performance.
B)Big Box must wait for performance for a reasonable time.
C)Big Box only needs to await for performance for a reasonable time,if it chooses to wait.
D)Big Box may sue for damages for breach of contract.
Q3) Which instrument enables the seller's bank to act as an agent for collection of the due amount from the buyer?
A)Confirmed letter of credit
B)Advised letter of credit
C)Negotiable bill of lading
D)Draft
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Chapter 22: Remedies for Breach of Sales Contracts
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Q1) Ace Computers (AC)is a manufacturer.It entered into a contract with a retailer,Reliable Computer (RC)for the sale of 100 new XYZ model computers at $1,000 each,for delivery in six months.AC would thus make a profit of $50,000.Six months later however,the XYZ model has become almost obsolete;its market price is only $100 at that time.RC refuses to accept or pay for those computers.If AC sues,how much should it be entitled to in damages? (Ignore any incidental expenses or cost savings to AC. )
A)Nothing;when the XYZ model became almost obsolete,this excused RC from the contract.
B)$50,000,the profit AC would have made had RC not breached the contract.
C)$90,000,the difference between market price and contract price.
D)$140,000,the lost profit plus the difference between market price and contract price.
Q2) Even if the buyer has misrepresented his solvency to the seller in writing within three months before the delivery of the goods,the 10-day limitation on the seller's right to reclaim the goods still applies.
A)True
B)False
Q3) Explain the concept of a buyer's right to cover.
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Chapter 23: Personal Property and Bailments
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Q1) The most common ways of obtaining ownership of property are by producing it or purchasing it.
A)True
B)False
Q2) Which of the following statements about ownership of a wild animal is false?
A)If a person fatally wounds a wild animal,he becomes the owner.
B)If a captured wild animal escapes and is caught by a second person,it still belongs to the first capturer,regardless of whether the second capturer was aware of prior ownership.
C)Wild animals caught in a trap or net are considered to be the property of the person who set the trap or net.
D)The first person to take possession of a wild animal normally becomes the owner.
Q3) The finder of lost property has better rights to the property than anyone,including the original owner.
A)True
B)False
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Chapter 24: Real Property
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Q1) A purchaser of real property who wishes to receive the broadest protection with respect to the property being conveyed should obtain a:
A)bargain and sale deed.
B)general warranty deed.
C)quitclaim deed.
D)recorded deed.
Q2) Which of the following is sufficient for a gift of real property to be valid?
A)Delivery of a properly executed deed
B)Possession of the property
C)Actual possession of the property
D)An oral declaration
Q3) To acquire title to property by adverse possession,the adverse possessor must continuously use the property for a statutorily prescribed period of time.
A)True
B)False
Q4) Real property includes land but does not include residential buildings and permanent structures.
A)True
B)False
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Chapter 25: Landlord and Tenant
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Q1) Delta Corp.leased 60,000 square feet of an office building from Tanner under a written 25-year lease.Which of the following statements is correct?
A)Tanner's death will terminate the lease and Delta will be able to recover any resulting damages from Tanner's estate.
B)Tanner's sale of the office building will terminate the lease unless both Delta and the buyer consent to the assumption of the lease by the buyer.
C)In the absence of a provision in the lease to the contrary,Delta does not need Tanner's consent to assign the lease to another party.
D)Delta Corp.can legally take possession of Tanner's building at the end of the lease period.
Q2) As in the case of an assignee,the sublessee also acquires similar rights and duties under the lease between the landlord and the tenant.
A)True
B)False
Q3) The Fair Housing Act prohibits housing discrimination on the basis of race.
A)True
B)False
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Page 27
Chapter 26: Estates and Trusts
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Q1) Property held in joint tenancy or tenancy by the entirety is not controlled by a will.
A)True
B)False
Q2) Which of the following statements about the English feudal system and disposition of property is false?
A)The lords and knights essentially had a life estate.
B)The lords and knights had only the right to use the land.
C)A landowner's rights in land terminated upon his death.
D)The king owned his castle and each lord and knight owned their own land.
Q3) A document that gives person A the right to act for person B,in the event that person
A becomes incapacitated is known as a:
A)durable power of attorney.
B)living trust.
C)right of succession.
D)codicil.
Q4) A codicil is an amendment to a will.
A)True
B)False
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28
Chapter 27: Insurance Law
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Q1) An insurer's "duty to defend" the insured requires:
A)paying the insured any compensatory damages incurred.
B)ensuring that there is no breach in bad faith.
C)furnishing the insured with an attorney for a liability case.
D)accepting any punitive damages on behalf of the insured.
Q2) What is the liability faced by an insurer if it breaches its policy obligations by means of a good faith but erroneous denial of coverage?
A)Compensatory damages
B)Punitive damages
C)Special damages
D)Liquidated damages
Q3) How does an insurance company fully perform on an insurance contract?
A)Pay out the amount specified in the contract when an event occurs
B)Accept the insured premium payment
C)Notify the State of the contract
D)File the insurance contract with the court
Q4) Professional insurance is also called malpractice insurance.
A)True
B)False
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) A surety has a right of ________,which is the right of the surety or guarantor to require the debtor to make good on his commitment to the creditor when he (1)is able to do so and (2)does not have a valid defense against payment.
A)reimbursement
B)exoneration
C)contribution
D)subrogation
Q2) The riskiest transaction for a creditor is a(n)________.
A)unsecured credit transaction
B)secured credit transaction
C)mortgage
D)credit transaction involving a surety
Q3) A submaterialman is not entitled to a lien,unless specifically stated by the statute of the state which is applicable to him.
A)True
B)False
Q4) Explain the difference between an accommodation surety and a compensated surety.
Q5) Who are party to a deed of trust?
Q6) What is an equity of redemption? Page 30
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Chapter 29: Security Interests in Personal Property
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Q1) A retailer of consumer goods who relies on attachment of a security interest to perfect it does not prevail over a bona fide purchaser:
A)who has knowledge of the security interest.
B)who gives value for the goods.
C)who buys goods for household use.
D)who resells the good in the absence of a financing statement.
Q2) A secured creditor repossesses the collateral from the debtor and sells it to satisfy the debt.Which of the following is paid first?
A)Debt of the creditor
B)Consequential damages suffered by the creditor due to the debtor's default
C)Court costs
D)Expenses of repossessing,storing,and selling the collateral
Q3) A security agreement may grant a creditor a security interest in the after-acquired property of the debtor.
A)True
B)False
Q4) What are the three basic requirements for a security interest to be attached to the goods of a debtor?
Q5) What is the general priority rule established by the Uniform Commercial Code?
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Chapter 30: Bankruptcy
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Q1) Chapter 13 bankruptcy petitions may be either voluntary or involuntary.
A)True
B)False
Q2) The filing of a bankruptcy petition operates as a(n):
A)exemption of certain items of property.
B)discharge,relieving the bankrupt person of further responsibility for dischargeable debts,giving him/her a fresh start.
C)automatic stay,holding in abeyance various forms of creditor action against a debtor or his/her property.
D)redemption of exempt personal property from secured creditors by paying them the full value of the collateral at the time the property is redeemed.
Q3) In order to safeguard the debtor from reaffirmation agreements the court:
A)allows the debtor to rescind the reaffirmation agreement within a period of 60 days.
B)is empowered to declare all reaffirmation agreements as void.
C)may order the creditor to demand only 50 percent of the original debt amount.
D)may allow a reaffirmation agreement only if the debtor is represented by an attorney.
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Chapter 31: Negotiable Instruments
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Q1) Alice writes a check "Pay to the order of Caleb." The check is drawn on the Berkley's Bank.Who are the drawer,the drawee,and the payee on this instrument? Why is this check called order paper?
Q2) Which of the following is true if an instrument is undated?
A)Its date is the date it is signed by the maker or the drawer.
B)Its date is the date it is issued by the maker or the drawer.
C)Its date is the date it is received by the payee.
D)The instrument is nonnegotiable if it is undated.
Q3) Checks and drafts are:
A)documents required as evidence for shipment of goods.
B)documents that detail the transaction between a seller and a buyer.
C)orders to another person to pay money to a third person.
D)promises to pay another person money.
Q4) A person creates a handwritten instrument in pencil on a piece of wrapping paper.The instrument is:
A)negotiable even though it is handwritten.
B)nonnegotiable because it is handwritten.
C)nonnegotiable since it is written on a piece of wrapping paper.
D)void.
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Chapter 32: Negotiation and Holder in Due Course
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Q1) Which of the following is an example of restrictive endorsements recognized under Article 3?
A)"Pay to Bruce Zucker in Trust for Jay Zucker."
B)"Pay to Bruce Zucker Only."
C)"Pay to Jay Zucker on the condition that he completes construction on my house by November 1,2012."
D)"Pay to the order of my account."
Q2) In the case in the text RR Maloan Investment v,New HGE,what affect did post-dating the check have on the negotiability of the check at issue?
A)The negotiability of the check was not affected by post-dating.
B)The check was no longer negotiable because it was post-dated over a month.
C)The check was no longer negotiable because it was post-dated at the holder's discretion.
D)The check was no longer negotiable because it was post-dated "until the watch is authenticated."
Q3) An indorsement is a signature of the holder typically on the back of a check.
A)True
B)False
Q4) What are the general requirements to become a holder in due course?
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Chapter 33: Liability of Parties
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Q1) Which of the following is not an acceptable manner to dishonor an instrument?
A)Orally
B)Newspaper publication
C)In writing
D)By e-mail
Q2) How can an indorser avoid secondary liability?
A)Ensure the instrument was not altered in any way.
B)Make an indorsement with the phrase "without recourse."
C)Ask a third-party to be a guarantor.
D)Indorsers are not subject to secondary liability.
Q3) In order for an authorized agent or representative to avoid personal liability,he should:
A)orally inform the other party that he is merely an agent.
B)inform his principal of the exact terms of the agreement.
C)indicate clearly that he is signing as a representative of someone else.
D)never sign an instrument on behalf of his principal.
Q4) Signing a promissory note is an example of establishing primary liability in a negotiable instrument.
A)True
B)False
Page 36
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Chapter 34: Checks and Electronic Transfers
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Q1) The main difference between a certified check and a cashier's check is that the bank is primarily liable on a certified check,but only secondarily liable on a cashier's check.
A)True
B)False
Q2) Which of the following refers to the technology used to verify the legitimacy or originality paper documents by using special ink,which is sensitive to magnetic fields to print the characters?
A)Remote Deposit Capture
B)Optical Mark Reader
C)Magnetic Ink Character Recognition
D)Image Processing Check
Q3) Boston Bank receives one of their payable checks made to the order of the Same Sex Alliance organization of Massachusetts for $1,000.The check comes from a valid account and there are funds in that account to cover the check.The CEO of Boston Bank does not agree with the mission of the Same Sex Alliance and refuses to honor the check.Boston Bank is within its power as a bank to do this.
A)True
B)False
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Chapter 35: The Agency Relationship
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Q1) A principal who instructs an agent to perform an illegal act will have no recourse against an agent who refuses to perform.
A)True
B)False
Q2) Which of the following serves as constructive notification of the termination of an agent's apparent authority?
A)A direct personal statement to the third party
B)The death of the principal
C)A writing delivered personally or to the third party's place of business
D)Advertising the agency's termination in a newspaper
Q3) An agency coupled with an interest cannot be terminated by the principal's revocation of the agency.
A)True
B)False
Q4) Which of the following is a principal's duty to his agent?
A)Duty of confidentiality
B)Duty not to receive a material benefit
C)Duty of segregation
D)Duty to reimburse
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) What is an employer's liability based on under respondeat superior?
A)The employer's relationship with the employee
B)The employee's own fault.
C)The employee's apparent authority to act on the employer's behalf
D)The doctrines of ratification and estoppel.
Q2) Andy works for Sparkles,a jewelry store.While selling a zircon-studded ring to a customer,Andy falsely states that the zircon is a diamond.The customer,delighted to find a diamond ring at an affordable cost,buys the ring.If the customer files a lawsuit for damages,which of the following will most likely be the court's verdict?
A)Andy had the actual and apparent authority from Sparkles to make true statements,hence Sparkles is liable for Andy's misrepresentations.
B)Andy will be held liable for the misrepresentation and will have to pay damages to the customer and to Sparkles.
C)The customer will be held responsible since he was negligent in the purchase,but may receive a small percentage of damages from Sparkles.
D)Andy will be held liable for the misrepresentation to the customer,and will have to pay him damages.
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Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) In MP Nexlevel of Cal. ,Inc.v.CVIN,the case in the text,the court held that:
A)CVIN and CENIC were in a legal partnership because they filed a joint application for grant funding.
B)CVIN and CENIC were not in a legal partnership.
C)CVIN and CENIC were in a legal partnership because they represented on grant forms that they were in a "public-private partnership."
D)CVIN and CENIC were in a legal partnership because they jointly built,operated,and maintained the project.
Q2) A limited partner in a limited partnership has the right to manage the limited partnership business.
A)True
B)False
Q3) John is a partner of Aegon Services,a limited liability partnership firm.He committed fraud and embezzled $1 million from a client.The other partners would not be personally liable for John's malpractice.
A)True
B)False
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) A partner who has the authority to borrow money also has authority to:
A)issue negotiable instruments.
B)convey a partnership's real property.
C)bind the partnership in transactions occurring outside the ordinary course of business.
D)sell the partnership's assets without consent from other partners.
Q2) Morgan is a silent partner at Mathers & Sons,a general partnership.Because he is only a silent partner,he does not have:
A)the duty to contribute capital to the firm.
B)the duty to serve in the day-to-day operations of the firm.
C)the same liability for partnership debts as other partners.
D)the duty to act within actual authority.
Q3) Together,express and implied authority constitute ________.
A)fixed authority
B)actual authority
C)apparent authority
D)traditional authority
Q4) LLP partners are personally liable for contractual obligations and may be sued.
A)True
B)False
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) The RUPA makes a dissociated partner liable as a partner to a party that entered into a transaction with the continuing partnership,unless:
A)the other party believed the dissociated partner was still a partner.
B)the transaction was entered into more than two years after the partner has dissociated.
C)the transaction was entered into 90 days before the filing of a Statement of Dissociation with the secretary of state.
D)the other party was not made aware of the partner's dissociation.
Q2) Termination of a partnership occurs automatically after:
A)wrongful dissociation has occurred.
B)dissolution has occurred.
C)the assets of the partnership have been distributed.
D)the winding up process has begun.
Q3) Under RUPA,a new partner just joining a partnership has no liability for past debts of the business.
A)True
B)False
Q4) Discuss the rules of dissociation and dissolution for mining partnerships.
Q5) Discuss a partner's authority to borrow money during winding up.
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Chapter 40: Limited Liability Companies, limited
Partnerships, and Limited Liability Limited Partnerships
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Q1) Brady is the sole general partner in ABC Limited,a limited partnership.There are five limited partners.One day,Brady went to the grocery store to purchase groceries for himself.He forgot his personal checkbook.However,he had the partnership's checkbook.Unable to otherwise pay for the groceries,he wrote a check from the partnership account,thinking that he "owned" part of the money in the account anyway.Discuss.
Q2) A partner's transfer of his/her transferable interest has no effect on his/her status as a partner,absent a contrary agreement.
A)True
B)False
Q3) Ordinarily,members of a limited liability company have limited rights to manage the business of the LLC.
A)True
B)False
Q4) Which of the following statements about LLC members is false?
A)A member's liability is limited to her capital contribution to the LLC.
B)A member is liable for the torts she commits while acting for the LLC.
C)A member must make capital contributions to the LLC as she agreed.
D)A member can never be personally liable on an LLC contract.
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Chapter 41: History and Nature of Corporations
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Q1) Government-owned corporations are created primarily to allow their owners to have limited liability.
A)True
B)False
Q2) Courts will sometimes ignore the separateness of a corporation and its shareholders by piercing the corporate veil in order to:
A)promote justice and to prevent inequity.
B)prevent equity only.
C)promote justice only.
D)set examples for other corporations.
Q3) A foreign corporation must incorporate in each state in which it does intrastate business.
A)True
B)False
Q4) To prove domination,it is ________ to show that there is only one shareholder.
A)neither sufficient nor necessary
B)sufficient
C)both necessary and sufficient
D)necessary
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) Generally,corporate acceptance of preincorporation subscriptions occurs by action of the:
A)board of directors after incorporation.
B)promoters during their issuance.
C)board of directors during their issuance.
D)promoters before incorporation.
Q2) What article of the Uniform Commercial Code (UCC)governs the issuance of stocks by a corporation?
A)Article 8
B)Article 2
C)Article 13
D)Article 9
Q3) The basic governing document of the corporation is the:
A)articles of incorporation.
B)bylaws.
C)shareholder agreement.
D)organizational operating agreement.
Q4) Memberships in a nonpublic corporation are generally freely transferable.
A)True
B)False
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Chapter 43: Management of Corporations
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Q1) The primary source of power for a corporation is the GATT (General Agreement on Trade and Tariffs).
A)True
B)False
Q2) Rules of the New York Stock Exchange (NYSE)and the NASDAQ,which apply to firms listed on the NYSE or NASDAQ,require that audit committees comprise only ________.
A)inside directors
B)independent directors
C)outside directors
D)top level officers
Q3) Under the business judgment rule,corporate managers:
A)must not make uninformed decisions.
B)may have conflicts of interest.
C)are not required to make reasonable investigations.
D)may not benefit even as shareholders.
Q4) The Model Business Corporation Act has made the inclusion of purpose clause in the articles of incorporation compulsory.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) Atria Corporation wishes to dissolve.How can it do so?
Q2) A corporation's decision to issue a dividend,and the size of that dividend,is made by the:
A)shareholders.
B)board of directors.
C)officers of the corporation.
D)creditors of the corporation.
Q3) If several shareholders have been similarly affected by a wrongful act of another,one of these shareholders may bring a ________ on behalf of all the affected shareholders.
A)derivative action
B)double derivative suit
C)class action
D)strike suit
Q4) If a shareholder receives a dividend with knowledge of it being an illegal distribution,the shareholder is liable to the corporation for the amount of the dividend.
A)True
B)False
Q5) Under what circumstances can a shareholder have liability for corporate debts?
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Chapter 45: Securities Regulation
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Q1) Mel is a securities broker who holds shares in Beanbag Inc.Mel does not disclose this to his customer Kim,whom he advises to buy Beanbag shares.Mel hopes that by not disclosing his conflict of interest,he will influence Kim to buy the shares.Kim,believing the information on Beanbag shares is given from Mel's disinterested point of view,declares that buying Beanbag shares "sounds like an excellent idea" and purchases the shares.Which of the following statements is most accurate?
A)Kim cannot hold Mel liable because Mel did not make a misstatement of material fact.
B)Kim will have to prove that Mel acted negligently in order to prove a Rule 10b-5 violation.
C)Kim will most likely be able to make a successful claim against Mel under Rule 10b-5.
D)Mel did not have a duty to disclose his conflict of interest to Kim.
Q2) A(n)________ is the basic selling document of a security offering registered under the 1933 Act.
A)prospectus
B)investment letter
C)registration statement
D)suitability letter
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) Which of the following statements about the Public Company Accounting Oversight Board (PCAOB)is false?
A)The PCAOB is a federal agency with broad regulatory power like the Financial Industry Regulatory Authority (FINRA).
B)The PCAOB was created to oversee the audits of public companies.
C)Public accounting firms that audit financial statements of public companies are required to register with PCAOB and submit to its rules.
D)he PCAOB has the power to inspect periodically public accounting firms and to issue reports of the results of the reviews.
Q2) Which of the following tests requires a professional to know the name of the nonclient who will use his/her work product and the particular purpose for which that person will use the work product?
A)Restatement test
B)Primary benefit test
C)Foreseeable users test
D)Scienter test
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Chapter 47: Administrative Law
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Q1) Separation of power issues seldom arise with regard to administrative agencies because agencies owe their existence to the absolute constitutional right of the legislative branch to delegate its power as it sees fit.
A)True
B)False
Q2) Investigative reporter Maxine McRaker filed a Freedom of Information Act (FOIA)request that the Food and Drug Administration (FDA)provide her copies of certain documents in its possession.A private citizen,Al Kaseltzer,became concerned when he learned that the FDA was likely to give McRaker the requested copies.Kaseltzer was disturbed because he believed that the documents contained medical information about him that,if disclosed,would constitute an invasion of his privacy.Alleging that the reason just mentioned made the requested documents exempt from disclosure under the FOIA,Kaseltzer sued the FDA in an effort to obtain a court order barring it from giving McRaker access to the documents.Assuming that Kaseltzer proves his allegation about the documents' references to him,should he win the case? Why or why not?
Q3) Administrative agencies are created by orders from the courts.
A)True
B)False
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) E.Z.Pickens owes a past-due consumer debt of $1,335 to the Needless Markup Department Store.Needless Markup retained Relentless Collection Agency,Inc.(RCA)to collect the debt.RCA employees were unable to locate Pickens so they asked his friends and his brother (Slim)about his whereabouts.When Pickens still had not been found,an RCA employee contacted Pickens's employer and asked how to locate him.Eventually,as a result of these inquiries,an RCA employee made contact with Pickens.Pickens contends that RCA violated the Fair Debt Collection Practices Act.Is he correct?
A)Yes,because the FDCPA prohibits debt collectors from trying to locate a debtor without the debtor's prior written permission.
B)Yes,because the FDCPA prohibits debt collectors from contacting the debtor's employer.
C)No,because the FDCPA applies only when a creditor is collecting a debt;it does not apply to agencies that collect debts on behalf of creditors.
D)No,because the FDCPA allows debt collectors to contact the debtor's friends,relatives,or employer if such contacts are necessary to locate a debtor.
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Chapter 49: Antitrust: the Sherman Act
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Q1) If a plaintiff proves that it has suffered a direct injury by another company in violation of the Sherman Act,it is entitled to recover:
A)twice the amount of loss it suffered as a result of the violation,plus court costs and attorney's fees.
B)twice the amount of loss it suffered as a result of the violation.
C)only the amount of loss it suffered as a result of the violation,plus court costs and attorney's fees.
D)three times the amount of loss it suffered as a result of the violation,plus court costs and attorney's fees.
Q2) According to the Chicago School viewpoint,the traditional antitrust focus on the structure of industry has improperly emphasized protecting ________ instead of protecting ________.
A)consumers;competitors
B)competitors;consumers
C)competitors;competition
D)competition;consumers
Q3) Intent to monopolize is necessary to prove a violation under the Sherman Act.
A)True
B)False
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and Immunities
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Q1) Vertical mergers directly result in an increase in concentration.
A)True
B)False
Q2) Zenith Co.is a company that manufactures cloth.It purchases the cotton required as raw material from Yell Mart.Zenith Co.acquires Yell Mart.Identify the type of merger.
A)Vertical merger
B)Horizontal merger
C)Conglomerate merger
D)Symmetrical merger
Q3) Under the Clayton Act,private parties may sue for ________ if they are injured or threatened with injury by another party's violation of the statute.
A)negligence
B)criminal penalties
C)interference with a business relationship
D)treble damages
Q4) There are no criminal penalties for violating the Clayton Act.
A)True
B)False
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Chapter 51: Employment Law
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Q1) Workers' compensation systems have failed to eliminate which of the following employer defenses?
A)Injuries resulting from employee horseplay
B)Implied assumption of risk by the employee
C)Injuries resulting from the negligence of the employee
D)Injuries resulting from the negligence of a coemployee
Q2) Which of the following would not constitute oppressive child labor according to the Fair Labor Standards Act (FLSA)?
A)Employment of children under the age of 18 in any occupation approved by the Department of Labor
B)Most employment of children below the age of 14
C)Employment of children aged 14-15 in an occupation not approved by the Department of Labor
D)Employment of children aged 16-17 who work in occupations declared particularly hazardous by the Department of Labor
Q3) Unemployment compensation is provided entirely at the federal level,and the states have no role to play in this matter.
A)True
B)False
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Chapter 52: Environmental Regulation
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Q1) Which of the following is not required to be in an environmental impact statement?
A)A discussion of the history of the type of action requested
B)A discussion of impacts that cannot be avoided
C)A discussion of alternatives
D)Detail of any irreversible commitments of resources
Q2) Who has the primary responsibility for preventing,reducing,and eliminating water pollution under the Clean Water Act of 1972?
A)The federal government
B)State government
C)Local (county)governments
D)Businesses
Q3) A form known as a ________ must accompany all shipments of hazardous waste from the point of generation until its final treatment or disposal.
A)generator
B)ticket
C)permit
D)manifest
Q4) What is meant by the term "National Priority List"?
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