Legal Studies in Business Exam Review
Course Introduction
Legal Studies in Business explores the fundamental principles of law as they relate to the business environment. The course covers key topics such as contracts, torts, agency, the regulatory landscape, intellectual property, employment law, and dispute resolution mechanisms. Emphasis is placed on understanding how legal frameworks influence business operations, risk management, and decision-making. Students will analyze real-world cases and legal issues to develop practical skills in identifying legal risks and opportunities, ensuring ethical conduct, and navigating the complexities of the legal system in a business context.
Recommended Textbook
Fundamentals of Business Law Today Summarized Cases 10th Edition by Roger LeRoy Miller
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Chapter 1: The Legal and Constitutional Environment of Business
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Sample Questions
Q1) A Massachusetts state statute imposes a prison term,without a trial,on all street performers who operate in certain areas.A court would likely review this statute under the principles of
A)the commerce clause.
B)the equal protection clause.
C)the due process clause.
D)the First Amendment.
Answer: C
Q2) The Bay City Planning Department,the Coastal County Zoning Commission,the Delaware Environmental Quality Agency,and the U.S.Bureau of Land Management issue regulations.These rules constitute A)administrative law.
B)case law.
C)staredecisis.
D)statutory law.
Answer: A
Q3) Criminal acts are prohibited only by federal government statutes.
A)True
B)False
Answer: False
Page 3
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Chapter 2: Courts and Alternative Dispute Resolution
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Q1) There is one set of procedural rules for federal courts and one set for state courts.
A)True
B)False
Answer: False
Q2) A state long arm statute allows a court to exercise jurisdiction over out-of-state defendants based on activities that took place within the state.
A)True
B)False
Answer: True
Q3) On a motion for judgment on the pleadings,a court may consider evidence outside the pleadings.
A)True
B)False Answer: False
Q4) Federal courts are superior to state courts.
A)True
B)False
Answer: False
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Chapter 3: Ethics and Business Decision Making
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Q1) Peak & Vale Accountants provides other firms with accounting services.Questions of what is ethical involve the extent to which Peak & Vale has
A)a legal duty beyond those duties mandated by ethics.
B)an ethical duty beyond those duties mandated by law.
C)any duty beyond those mandated by both ethics and the law.
D)any duty when it is uncertain whether a legal duty exists.
Answer: B
Q2) In making decisions for Smartt Investments,Rita uses a cost-benefit analysis.This is a part of
A)duty-based ethics.
B)Kantian ethics.
C)rights-based ethics.
D)utilitarian ethics.
Answer: D
Q3) A business firm's profits may suffer if the firm is not a "good corporate citizen."
A)True
B)False
Answer: True
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Chapter 4: Tort Law
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Q1) Any lawful contract can potentially form the basis for an action based on wrongful in-terference with a contractual relationship.
A)True
B)False
Q2) OK Dry-Cleaning advertises so effectively that the regular customers of its competitor Purity Cleaners patronize OK instead of Purity.This is A)appropriation.
B)conversion.
C)wrongful interference with a contractual relationship.
D)no tort.
Q3) Liu enters Mountain Triathlon,an athletic competition in which Liu has never competed.Regarding the risk of injury,Liu assumes the risks
A)attributable to the triathlon in any way.
B)different from the risks normally associated with the triathlon.
C)greater than the risks normally associated with the triathlon.
D)normally associated with the triathlon.
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Chapter 5: Intellectual Property
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Q1) Riley invents a new valve to cap undersea oil spills.He names the valve "Great Catch." He also writes the installation manual to be included with each valve.Riley can obtain copyright protection for A)the valve.
B)the "newness" of the valve. C)the name.
D)the installation manual.
Q2) It is estimated that over 70 percent of the goods imported to the United States are counterfeit.
A)True
B)False
Q3) A fanciful use of ordinary words may be trademarked.
A)True
B)False
Q4) A marketing technique can be a trade secret.
A)True
B)False
Q5) Pricing information is nota trade secret.
A)True
B)False
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Chapter 6: Internet Law,social Media,and Privacy
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Q1) Employers cannot monitor employees' electronic communications made in the ordinary course of business.
A)True
B)False
Q2) Federal law permits the sending of unsolicited commercial e-mail and does not prohibit spamming activities.
A)True
B)False
Q3) Federal law permits the intentional interception of any wire,oral,or electronic communication.
A)True
B)False
Q4) Auto Maker Components LLC is an employer based in Michigan.Michigan state law prohibits employers from taking adverse action against an employee or job applicant based on what the person has posted online.This applies to
A)social media sites.
B)e-mail accounts.
C)cloud storage accounts.
D)all of the choices.
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Chapter 7: Criminal Law and Cyber Crime
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Q1) Susan is unhappy with the way her mother has made out her will.Susan has a lawyer draft a new will and then signs her mother's name to it without her mother's consent.Susan has committed A)larceny.
B)no crime.
C)robbery.
D)forgery.
Q2) It is not a crime to defraud the public through the use of ads on television. A)True B)False
Q3) Plato works for Quirky Squirters,Inc.During work hours,Plato "steals" time,space,and data on his employer's computer system to start up his own business,Rowdy Drenchers.This is A)burglary.
B)robbery.
C)larceny.
D)no crime.
Q4) Individuals who are arrested must be informed of certain constitutional rights. A)True B)False
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Chapter 8: Nature and Classification
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Q1) InTown Delivery Service promises to deliver a certain couch to Kurt,who promises to pay for the service.If InTown does not perform,it may be required to
A)do nothing.
B)make another promise.
C)pay monetary damages.
D)perform a different service.
Q2) An agreement is NOT one of the requirements of a valid contract.
A)True
B)False
Q3) On behalf of the rock group Uno,their manager Thalia agrees to a performance in Seaside Amphitheater on July 4.Rex,acting for Seaside,sends a written copy of the agreement to Thalia to be signed.If Thalia signs the copy,the parties will have
A)an express contract.
B)an implied contract.
C)a quasi contract.
D)no contract.
Q4) A contract can be executed on one side and executory on the other.
A)True
B)False
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Chapter 9: Agreement in Traditional and E-Contracts
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Q1) Kay and Leo enter into a contract that falls within the provisions of the UETA.Under the UETA,"an electronic sound,symbol,or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record" is A)an e-document.
B)an e-signature.
C)an e-transaction.
D)a record.
Q2) Standard Purchasing Corporation and Total Sales,Inc.,enter into a part-nering agreement.Under a partnering agreement,parties agree A)in advance to terms that apply to their future e-transactions.
B)to become partners.
C)to conduct transactions solely in electronic form.
D)to resolve all disputes without involving a third party.
Q3) Some unilateral contracts do not require that an offeror be notified of acceptance.
A)True
B)False
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Chapter 10: Consideration, capacity, and Legality
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Q1) The doctrine of promissory estoppel does not apply if there exists a clear and definite promise.
A)True
B)False
Q2) Chris,a minor,signs a contract to purchase alcoholic beverages for Dine & Drink,his parents' restaurant. The contract is
A)valid but may be disaffirmed.
B)valid but may not be disaffirmed.
C)void as a matter of law.
D)void unless it is also signed by Edie,the manager of Dine & Drink.
Q3) The state of Illinois enacts a usury statute.The purpose is to
A)establish a maximum rate of interest that may be charged for loans.
B)establish a minimum rate of interest that may be charged for loans.
C)prevent the misuse of money advanced as loans.
D)prevent the misuse of money paid back on loans.
Q4) In general,courts consider the fairness of a contract when deciding if the contract is binding.
A)True B)False
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Chapter 11: Defenses to Contract Enforceability
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Q1) Punitive damages are meant to reward the defendant.
A)True
B)False
Q2) Prenuptial agreements are agreements made during a wedding ceremony that define each partner's duties to one another during the marriage.
A)True
B)False
Q3) Ted and Svetlana orally agree to several different oral contracts.The Statute of Frauds will bar enforcement of an oral contract for
A)a deal that will be performed within a year.
B)a primary obligation.
C)a sale of goods for $100.
D)a sale of land.
Q4) An oral contract for a sale of goods for more than $5,000 is not enforceable even if the parties to it admit to its existence in court.
A)True
B)False
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Chapter 12: Third Party Rights and Discharge
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Sample Questions
Q1) In all contracts,absolute promises are expressly conditioned.
A)True
B)False
Q2) No contract can prohibit delegation of the duties of the contract.
A)True
B)False
Q3) Privity of contract establishes the basic concept that third parties have no rights in contracts to which they are not parties.
A)True
B)False
Q4) Refer to Fact Pattern 12-1.Delta will realize a profit from the sale of prod-ucts to Four-Square to remodel Carol's store.Delta is
A)a delegatee.
B)an assignee.
C)an incidental beneficiary.
D)an intended beneficiary.
Q5) The only way that a party can discharge a contract is by performance. A)True B)False
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Chapter 13: Breach and Remedies
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Q1) Fashion Retail Center enters into a contract with Great Promotions,Inc.,to provide Fashion with a plan to retool its merchandising strategy.If Great Promotions breaches the contract,Fashion has a duty to A)reduce the damages that Fashion might otherwise suffer. B)reduce the loss that Great Promotions might otherwise suffer. C)punish Great Promotions and deter others from similar acts. D)take no action.
Q2) Grady enters into a contract to buy 440 acres from Hollis to expand Grady's ranch.Hollis breaches the contract.Grady's normal remedy is A)damages.
B)reformation. C)rescission.
D)specific performance.
Q3) A liquidated damages provision specifies that a certain amount to be paid in the event of a future default or breach of contract.
A)True B)False
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Chapter 14: The Formation of Sales and Lease Contracts
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Q1) If a nonmerchant-seller's offer expressly conditions acceptance on a nonmerchant-buyer's agreement to the terms of the offer,the buyer's positive response is an acceptance even if it contains additional terms.
A)True
B)False
Q2) Under a destination contract,the risk of loss passes to the buyer when the goods are duly delivered to the carrier.
A)True
B)False
Q3) Entrusting goods to a merchant who deals in goods of the kind gives the merchant the power to transfer all rights to a buyer in the ordinary course of business.
A)True
B)False
Q4) A course of performance is the conduct that occurs under the terms of a particular agreement.
A)True
B)False
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Chapter 15: Performance and Breach of Sales and Lease Contracts
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Q1) Big Eggs,Inc.agrees to supply Omelet Express with five hundred eggs.Big Eggs cannot reasonably ask Omelet Express to pick up the eggs at A.m.
A)1:00 p.m.
B)2:00 p.m.
C)3:00 p.m.
D)4:30 p.m.
Q2) Text Publishers,Inc.,contracts for a sale of textbooks to University Bookstores,Inc.Viable Shipping Corporation,the carrier,transports the books to Warehouse Storage Company.Text's right to stop delivery is lost when University's rights to the goods are acknowledged by
A)the appropriate government agency.
B)the students who opt to buy the books.
C)University Bookstores.
D)Warehouse Storage.
Q3) A shipment contract requires that the seller deliver the goods to a particular location.
A)True
B)False
Page 17
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Chapter 16: Warranties and Product Liability
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Q1) To succeed in a strict product liability suit,an injured plaintiff must show that a product's defect was the proximate cause of the injury.
A)True
B)False
Q2) Sigrud buys spiked mountain-climbing shoes from Rockridge Gear store. The spikes come out of the shoes when Sigrud is on the side of a mountain,caus-ing her to be injured in a fall.Rockridge breached
A)an express warranty.
B)an implied warranty of fitness for a particular purpose.
C)an implied warranty of merchantability.
D)a warranty of title.
Q3) Olga,a salesperson for Pre-owned Cars & Trucks,Inc.,tells Quincy,"This is the best car I've ever seen." This statement is
A)an express warranty.
B)an implied warranty.
C)a warranty of title.
D)puffery.
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Chapter 17: Negotiability, transferability, and Liability
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Q1) The drawee who signs a draft or check is not primarily liable to any subsequent holders.
A)True
B)False
Q2) To borrow money to finance the start-up of his business,Bob executes an instrument in favor of City Bank.For the instru-ment to be negotiable,the signature must be
A)anywhere on the instrument.
B)anywhere on the lower half of the instrument only.
C)in the lower left-hand corner of the instrument only.
D)in the lower right-hand corner of the instrument only.
Q3) Maria signs an instrument payable to the order of National Loans,Inc.,"on or before" June 15. This instrument is A)negotiable.
B)nonnegotiable,because the maker can move up the payment date.
C)nonnegotiable,because moving up the payment date is optional.
D)nonnegotiable,because the exact payment date cannot be deter-mined from the face of the instrument.
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Chapter 18: Checks and Banking in the Digital Age
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Q1) Brandy forges Caleb's signature on a check "payable to the order of Brandy" drawn on Caleb's account in Downtown Bank.Caleb's forged signature is
A)effective if an innocent third party accepts the check.
B)effective to the degree that it matches Caleb's genuine signature.
C)effective to the extent that Downtown Bank debits Caleb's account.
D)not effective.
Q2) Kris presents an instrument that states "pay to the order of Kris" to Metro Bank for payment.This is a special type of draft drawn on a bank,ordering the bank to pay a fixed amount of money on demand.This is
A)a commercial wire transfer.
B)a check.
C)a debit card transaction receipt.
D)a cash transaction
Q3) If a customer's debit card is lost or stolen,the customer will not be liable for any unauthorized use of the card.
A)True
B)False
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Chapter 19: Secured Transactions
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Q1) On default,unless the security agreement states otherwise,the secured party has the right to take possession of the collateral.
A)True
B)False
Q2) Angie borrows $20,000 from First Line Credit using a field of timber trees as collateral.To perfect its security interest,First Line Credit must file its financing statement with
A)the county clerk.
B)the mayor.
C)the city counsel.
D)the secretary of state.
Q3) Hal's Hardware store defaults on a debt to Intrastate Bank,which takes possession of the collateral securing the debt.Intrastate sells the collat-eral.The proceeds from the sale are applied first to
A)Hal's debt to Intrastate.
B)Hal's debts to other creditors.
C)Intrastate's fees for the sale.
D)payments Hal's made on the debt to Intrastate.
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Chapter 20: Creditors Rights and Bankruptcy
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Q1) Refer to Fact Pattern 20-1.If Nina recovers less than she is owed,she can realize the difference from
A)any property that Mary owns.
B)only exempt property that Mary owns.
C)only nonexempt property that Mary owns.
D)property that any other member of Mary's family owns.
Q2) Roland files for Chapter 7 bankruptcy.After all his assets have been sold and the proceeds distributed among his creditors,Roland's remaining debts
A)are discharged.
B)paid by the court.
C)must be paid by Roland.
D)are put on hold until Roland has sufficient means to pay them.
Q3) A fixed-rate mortgage has a rate of interest that changes periodically.
A)True
B)False
Q4) In most states,state law determines the amount of a debtor's property that is exempt from dis-tribution on bankruptcy.
A)True
B)False
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Chapter 21: Agency Relationships
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Q1) Gayla asks Jessie to contract with Jessie's high school classmates to babysit for Gayla's new baby.Jessie orally agrees to do so.This is
A)an agency by agreement.
B)an agency by estoppel.
C)anagency by ratification.
D)not the creation of an agency relationship.
Q2) An employer has no control over an employee's work.
A)True
B)False
Q3) An agency relationship may occur by operation of law in a family.
A)True
B)False
Q4) Jim agrees to act on Kit's behalf,subject to Kit's control,and Kit trusts Jim to so act.This describes a relationship between
A)a business and its competitors.
B)a government and its governed
C)a parent and a child.
D)a principal and an agent.
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Chapter 22: Employment Law
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Q1) Marvin is an employee of Wild Thing Farms.Marvin finds out that the head of Wild Thing Farms is illegally importing endangered animals to sell as pets.If Marvin reports his employer's illegal activities he will probably be protected fro retaliatory discharge by A)unemployment statutes.
B)worker compensation statutes.
C)whistleblower statutes.
D)no statutes.
Q2) A promise that an employer makes in an employee handbook regarding discharge will not be considered part of an implied contract.
A)True
B)False
Q3) There is federal regulation of employers' retirement plans for employees.
A)True
B)False
Q4) An employer may nothire an illegal immigrant under any circumstances. A)True
B)False
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Chapter 23: Sole Proprietorships, partnerships, and Limited Liability Companies
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Q1) Parker and Oscar sign a partnership agreement to do business as "Parker's Plumbing" without specifying a duration.This partnership is terminable
A)at any time by either partner.
B)only after a reasonable term.
C)only if Parker dissociates from the firm.
D)only if Oscar dissociates from the firm.
Q2) A limited liability company is operated in compliance with state law.
A)True
B)False
Q3) State limited liability company statutes are uniform. A)True B)False
Q4) A sole proprietor may own and manage any type of business. A)True B)False
Q5) If a partnership's liabilities are greater than its assets,the partners bear the losses. A)True B)False
25
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Chapter 24: Corporate Formation, financing, and Termination
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Q1) Yellowbox,a DVD rental company,would like to change its corporate status to that of an S corporation to avoid in-come taxes at the corporate level.To qualify,Yellowbox must A)be located in the United States.
B)have more than one hundred shareholders.
C)be a non-profit corporation.
D)have more than one class of stock.
Q2) In a short-form merger,neither corporation's shareholders need to approve the merger.
A)True
B)False
Q3) When a corporation is dissolved voluntarily,the corporation must file articles of dissolution with the state.
A)True
B)False
Q4) Starr Cardio,Inc.,is a small business.Ted,Uma,and eleven other members of the Starr family own all of its stock.Currently,Starr's income is taxed at the corporate level and,after being distributed to the family members,at the shareholder level.Can Starr retain its corporate status but oth-er-wise avoid this double taxation? If so,how?
Page 26
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Chapter 25: Corporate Directors, officers, and Shareholders
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Q1) The articles of corporation cannot exclude or limit shareholders' voting rights.
A)True
B)False
Q2) Because stock is intangible personal property,a stockholder's ownership of the stock
A)exists independently of the stock certificate itself.
B)cannot exist without a tangible stock certificate.
C)cannot exist without the original stock certificate
D)cannot be transferred to another person.
Q3) Frawsty Corporation distributes beverages in the greater Northwest.Frawsty's board of directors can delegate some of its functions to
A)Frawsty's incorporators.
B)Frawsty's officers.
C)Frawsty's shareholders.
D)no one.
Q4) Dividends can be paid only in stock in other corporations.
A)True
B)False
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Chapter 26: Investor Protection, insider Trading, and Corporate Governance
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Q1) Private parties can sue violators of the Securities Act of 1933. A)True
B)False
Q2) Bild-It-Rite Corporation is a public company that is preparing to issue securities that do not qualify for an exemption from registration.This means that Bild-It-Rite must A)file a registration statement with the SEC.
B)issue the securities through an online registration site.
C)refrain from issuing the securities to unregistered investors.
D)register the securities with a national stock exchange.
Q3) Maple Products Corporation is a public company,which New Hampshire regulates and in which Orin invests.The Sarbanes-Oxley Act of 2002 introduced direct federal corporate governance requirements to A)public companies.
B)private investors.
C)state regulators.
D)none of these choices.
Q4) "Blue sky laws" regulate securities data stored in cloud computing servers. A)True B)False
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Chapter 27: Personal Property and Bailments
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Q1) Fred and Joanne are married.Joanne purchases a car.Fred and Joanne each technically own an undivided one-half interest in the car.This is
A)a joint tenancy.
B)fee simple ownership.
C)community property.
D)illegal.
Q2) During a storm on Blue Lake,a boat sinks,but its owner Cappy survives.Cappy plans to return to the site of wreck to salvage its equipment and his possessions,but he delays.Meanwhile,Dick,an amateur diver,discovers the wreck and strips it clean of useful items.Cappy learns of the recovery and files a suit against Dick,claiming that the items are his.Dick responds that the sunken boat was abandoned and therefore he has good title to everything to which he took possession.What is the court likely to rule,and why?
Q3) A gift to a dying donee is a gift causa mortis.
A)True
B)False
Q4) A finder of mislaid property is an involuntary bailee.
A)True
B)False
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Page 29
Chapter 28: Real Property and Landlord-Tenant Law
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Q1) Rita believes that Shady Grove Apartments,Inc.,her landlord,has vio-lated the law in a way that entitles her to withhold the rent.This remedy is gener-ally associated with
A)breach of the covenant of quiet enjoyment.
B)breach of the implied warranty of habitability.
C)discrimination.
D)failure to provide security against crimes in com-mon areas.
Q2) Property Management Corporation (PMC) owns several apartment buildings in two states.Regarding standards for maintenance of the build-ings,PMC should consult
A)the applicable city ordinances and state statutes.
B)the previous owners.
C)the long-term tenants.
D)the Uniform Landlords' Maintenance Manual.
Q3) Refer to Fact Pattern 28-1.Nika's ownership interest is
A)a fee simple absolute.
B)a leasehold estate.
C)a life estate.
D)an easement.
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Chapter 29: Insurance, wills, and Trusts
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Q1) An insurance application is part of the insurance contract.
A)True
B)False
Q2) An applicant for insurance has a duty to disclose only material facts that the insurer asks for.
A)True
B)False
Q3) Donald applies for a life insurance policy with Equity Insurance Company through Fletch,an agent who works for Equity.Donald pays the initial premium.Fletch writes a binder,which
A)acknowledges the application and promises to consider it. B)attests to the truth of each statement in the application C)evidences receipt of the payment of the initial premium. D)indicates that a policy is pending and states its essential terms.
Q4) A party must own property to have an insurable interest in it. A)True B)False
Q5) Insurance coverage is never effective until a formal written policy is issued. A)True
B)False
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Chapter 30: Liability of Accountants and Other Professionals
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Q1) Jaime,an accountant,contracts to perform services for Kase.Jaime acts in good faith and conforms to generally accepted accounting principles,but makes a mistake in judgment.Jaime is most likely
A)liable if Jaime failed to discover a defalcation.
B)liable if Jaime failed to discover a fraud.
C)liable if Jaime failed to discover an impropriety.
D)not liable.
Q2) Lulu,an accountant,conducts an audit of Microstuff Toys,Inc.After the conclu-sion of the audit,the working papers created in preparing the audit must be
A)disposed of immediately.
B)kept until the Public Company Accounting Oversight Board's review.
C)maintained for seven years.
D)retained forever.
Q3) An accountant who prepares a financial state-ment in good faith may avoid liability under Section 18 of the Securities Ex-change Act of 1934.
A)True
B)False
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Page 32
Chapter 31: International Law in a Global Economy
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Q1) Metallic Metals,Inc.,a U.S.firm,files a suit against a Venezuela government agency.The agency has committed a tort in the United States.Under the Foreign Sovereign Immunities Act
A)the Venezuelan government agency is not immune from the jurisdiction of the U.S.courts.
B)the Venezuelan government agency is immune from the jurisdiction of the U.S.courts.
C)Metallic Metals cannot bring a suit against the Venezuelan agency.
D)Metallic Metals must file suit in Venezuela.
Q2) Two Japanese firms-Mikato,Ltd.,and Shuzushi,Ltd.-enter into a joint venture in an attempt to in-crease their market share of the U.S.auto market.If the joint venture is not a per se violation of U.S.antitrust laws,a U.S.court could ex-ercise jurisdiction over the firms
A)if the joint venture has a substantial effect on U.S.commerce.
B)if the joint venture has any effect on U.S.commerce.
C)if the joint venture was entered into in the United States.
D)under no circumstances.
Q3) The Foreign Sovereign Immunities Act spells out what a "foreign state" includes.
A)True
B)False
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