Legal Studies
Midterm Exam
Course Introduction
Legal Studies introduces students to the principles, institutions, and processes of law and legal systems. The course provides a foundational understanding of the role law plays in society, including the structure of court systems, legislative processes, and the relationship between law, ethics, and justice. Students will explore key legal concepts such as rights, duties, and liabilities, and examine major areas of law such as constitutional, criminal, civil, and administrative law. Through case studies and real-world examples, the course develops analytical skills and a critical awareness of legal issues that impact individuals and communities.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
4463 Verified Questions
4463 Flashcards
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Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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Sample Questions
Q1) Which school of jurisprudential thought emphasizes using law as a tool for market efficiency while solving legal disputes?
A)the Critical Legal Studies School of jurisprudence
B)the Command School of jurisprudence
C)the Sociological School of jurisprudence
D)the Law and Economics School of jurisprudence
Answer: D
Q2) Differentiate between the Historical School of jurisprudence and the Sociological School of jurisprudence.
Answer: The Historical School of jurisprudence believes that the law is an aggregate of social traditions and customs that have developed over the centuries.It believes that changes in the norms of society will gradually be reflected in the law.To these legal philosophers,the law is an evolutionary process.
While,the Sociological School of jurisprudence asserts that the law is a means of achieving and advancing certain sociological goals.The followers of this philosophy,known as realists,believe that the purpose of law is to shape social behavior.Sociological philosophers are unlikely to adhere to past law as precedent.
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Page 3
Chapter 2: Courts and Jurisdiction
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Sample Questions
Q1) A change of venue may be requested in order to find a jury that is not prejudiced.
A)True
B)False
Answer: True
Q2) ________ hears appeals from trial courts.
A)The highest state court
B)A court of record
C)An inferior trial court
D)An intermediate appellate court
Answer: D
Q3) ________ refers to jurisdiction that allows a plaintiff who obtains a judgment in one state to try to collect the judgment by attaching property of the defendant located in another state.
A)In rem jurisdiction
B)In personam jurisdiction
C)Private jurisdiction
D)Quasi in rem jurisdiction
Answer: D
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Chapter 3: Judicial, alternative, and Online Dispute Resolution
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Sample Questions
Q1) What is the purpose of a pretrial hearing?
A)requesting the other party to produce all documents relevant to the case
B)assessing the factual accuracy of the deposition of witnesses
C)instructing the judge to decide the case without a jury
D)facilitating the settlement of a case before it goes to trial
Answer: D
Q2) The appealing party in an appeal is called a(n)________.
A)appellate
B)appellee
C)respondent
D)petitioner
Answer: D
Q3) The process of bringing,maintaining,and defending a lawsuit is generally referred to as litigation.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Constitutional Law for Business and
E-Commerce
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Sample Questions
Q1) Which of the following is an instance of a decision involving the Equal Protection Clause being made on the basis of a rational basis test?
A)The government requires only men above the age of 18 to volunteer for military service.
B)The government establishes a trust fund to provide financial aid to minority groups.
C)A state government employs measures to improve living conditions in the reservations.
D)The government provides subsidies to farmers but not to carpenters or lumberjacks.
Q2) Strict scrutiny tests are applied to classifications that do not involve a suspect or protected class.
A)True
B)False
Q3) Why is it unconstitutional for a state government to ban products imported from a foreign country,despite that country engaging in activities not condonable by that state?
Q4) How is the federal government divided? Why are checks and balances necessary? Explain with instances.
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Chapter 5: Intentional Torts and Negligence
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Q1) ________ is a doctrine that raises a presumption of negligence and switches the burden to the defendant to prove that he or she was not negligent.
A)Res ipsa loquitur
B)Negligence per se
C)Doctrine of proximate cause
D)Doctrine of comparative negligence
Q2) A homeowner is liable for negligence per se if he or she fails to repair a damaged sidewalk in front of his or her home and a pedestrian who trips on the unrepaired sidewalk is injured.
A)True
B)False
Q3) Which of the following best describes the tort of battery?
A)unauthorized and harmful or offensive physical contact with another person that causes injury
B)an action that arouses reasonable apprehension of imminent harm
C)oral or written defamation of another person's character
D)intentional confinement or restraint of another person without that person's consent
Q4) How is assault different from battery?
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Chapter 6: Product and Strict Liability
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Sample Questions
Q1) Any alteration or modification of a product after it leaves the seller's possession can make the seller strictly liable for injuries caused by the product.
A)True
B)False
Q2) A pharmaceutical company has disclosed a list of side effects of its new prescription drug.A consumer who takes the drug in the right doses suffers from one of these side effects and sues the company for product liability.Which of the following would be the pharmaceutical company's defense in this lawsuit?
A)The consumer was injured due to a supervening event.
B)The consumer had assumed the disclosed risks when purchasing the drug.
C)The side effects suffered by the consumer were generally known dangers of the drug.
D)The consumer abnormally misused the drug.
Q3) What are product defects? What are the most common defects that will allow plaintiffs to recover for strict liability?
Q4) What is the purpose of the crashworthiness doctrine?
Q5) Describe the functions of the statute of limitations and the statute of repose.
Q6) Describe how courts can evaluate the adequacy of a product's design.
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Page 8
Chapter 7: Intellectual Property and Cyber Piracy
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Sample Questions
Q1) Intellectual property falls into a category of property known as intangible rights.
A)True
B)False
Q2) The patent term begins to run from the date the patent is issued.
A)True
B)False
Q3) Which of the following is considered to be a part of intellectual property?
A)buildings
B)vehicles
C)business contracts
D)patents
Q4) 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
Q5) Give an account of trademark dilution.
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Chapter 8: Criminal Law and Cyber Crime
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Sample Questions
Q1) The Double Jeopardy Clause of the Fifth Amendment protects persons from
A)evidence procured through unreasonable search and seizures
B)confessions obtained through physical force during an interrogation
C)being tried twice for the same crime
D)being subjected to a heavier penalty or longer imprisonment than originally sentenced
Q2) Crimes committed by businesspersons are referred to as blue-collar crimes.
A)True
B)False
Q3) Discuss identity theft as a cybercrime.
Q4) In a criminal lawsuit,guilt has to be proven beyond any reasonable doubt. A)True
B)False
Q5) Why do governments and defendants enter into plea bargains?
Q6) Extortion of private persons is commonly referred to as blackmail. A)True B)False
Q7) Give an account of the Racketeer Influenced and Corrupt Organizations Act (RIC O)in business law.
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Chapter 9: Nature of Traditional and E-Contracts
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Sample Questions
Q1) A contract is bilateral contract if the offeror's promise is answered with the offeree's promise of acceptance.
A)True
B)False
Q2) If ambiguity is detected while determining the type of a contract,it is presumed to be a bilateral contract.
A)True
B)False
Q3) A contract that has been fully performed on both sides is called an ________ contract.
A)executory
B)executed
C)option
D)executive
Q4) Common law of contracts refers to contract law developed primarily by state courts. A)True
B)False
Q5) How are unjust enrichment and unjust detriment prevented,in the context of contracts?
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Chapter 10: Agreement
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Sample Questions
Q1) Bilateral contracts are accepted only upon the offeree's performance of the required act.
A)True
B)False
Q2) Which of the following is true for an auction without reserve?
A)The bidder is considered the offeror.
B)The seller need not accept the highest bid.
C)The goods on sale cannot be withdrawn.
D)The auctioneer is not allowed to set a minimum bid.
Q3) The offeree must be objectively intended to be bound by the offer for the offer to be effective.
A)True
B)False
Q4) An agreement is created when the offeree receives the offer.
A)True
B)False
Q5) An offeror can revoke his or her offer even after an agreement or acceptance has been reached.
A)True
B)False
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Chapter 11: Consideration and Promissory Estoppel
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Sample Questions
Q1) A promissory estoppel is usually used to provide a remedy to a party who has relied on another party's promise.
A)True B)False
Q2) An out-of-court settlement in exchange for dropping a lawsuit is an example of consideration.
A)True B)False
Q3) Which of the following condition is required for the two companies to enter into a legally enforceable contract?
A)The considerations must be beneficial to both parties involved.
B)The considerations must be detrimental to both parties involved.
C)The considerations must be mentioned in writing in the contract.
D)The considerations must be bargained-for exchange of a service or product.
Q4) An accord is a compromise reached between two parties to settle a claim. A)True B)False
Q5) A consideration need not be of legal value to be enforceable. A)True B)False
13
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) What are licensing statutes?
Q2) The intoxicated person is not legally obligated to return consideration,received under the contract,to the competent party.
A)True
B)False
Q3) The ________ is a legal principle that allows minors to cancel most contracts they have entered into with adults.
A)duty of restoration
B)duty of restitution
C)contract of adhesion
D)infancy doctrine
Q4) Which of the following is true of a minor's right to disaffirm a contract?
A)A minor must reach the age of majority to disaffirm a contract.
B)Contracts that come under the necessaries of life can be disaffirmed by minors.
C)Minors are exempt from duty of restoration during the period of minority.
D)A minor can expressly disaffirm a contract orally or in writing.
Q5) People below the age of majority are considered minors.
A)True
B)False
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Chapter 13: Genuineness of Assent and Undue Influence
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Sample Questions
Q1) During the sale of a house,if the seller does not inform the buyer about construction flaws of the house despite the buyer's enquiry,the seller is liable for fraud by concealment.
A)True
B)False
Q2) Assent of a party to a contract may be manifested in any manner sufficient to show agreement,including conduct.
A)True
B)False
Q3) Which of the following constitutes a mutual mistake of a material fact?
A)Martha selling her house to Graham and hiding the fact that its first floor is damaged
B)Martha and Graham agreeing on the sale of a house, both referring to different houses
C)Graham buying a house from Martha without asking her details of damages
D)Martha selling Graham an old vase for $20, both of them unaware that it is a valuable antique collectible
Q4) How is a mistake different from fraud?
Q5) What should be shown to prove fraud?
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Page 15
Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) Jonas enters into an oral contract with Chelsea to lease his house to her for $100,000.Chelsea pays him $100,000 and moves in.A month later,Jonas learns that his state requires contracts for the lease of goods with payments of $1,000 or more to be in writing.Which of the following options does either party have now?
A)Jonas can evict Chelsea as the contract does not comply with the Statute of Frauds and is hence void.
B)The contract cannot be rescinded by either party as it has already been executed.
C)Chelsea can rescind the contract on the grounds of noncompliance with the Statute of Frauds.
D)Jonas can rescind the contract on the grounds of noncompliance with the Statute of Frauds.
Q2) The ________ says that agents' contracts to sell property covered by the Statute of Frauds must be in writing to be enforceable.
A)merger clause
B)common law of contracts
C)doctrine of equity
D)equal dignity rule
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Chapter 15: Third-Party Rights and Discharge
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Sample Questions
Q1) A contract between a retailer and a supplier provides that payment is due upon delivery of goods by the supplier.The retailer's duty to pay and the supplier's duty to deliver constitutes ________.
A)an implied condition
B)a condition precedent
C)a condition subsequent
D)concurrent conditions
Q2) A reasonable person test is a subjective test that applies to contracts involving personal taste and comfort.
A)True
B)False
Q3) In a case of assumption of duties,the delegatee is not liable for nonperformance.
A)True
B)False
Q4) In the United States,sales contracts and contracts for the payment of money are not assignable.
A)True
B)False
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Sample Questions
Q1) Consequential damages are unforeseeable damages.
A)True
B)False
Q2) An award of ________ orders the breaching party to perform the acts promised in a contract.
A)reformation
B)injunction
C)restitution
D)specific performance
Q3) When a party commits an anticipatory breach,the nonbreaching party ________.
A)must wait until the performance was due before suing
B)is immediately discharged from his or her own duties
C)cannot seek damages because he or she received advance notice of the breach
D)loses his or her right to sue after the due date for performance is reached
Q4) Which of the following statements is true of nominal damages?
A)They are also known as compensatory damages.
B)Only damages above $1,000 can qualify as nominal damages.
C)Most courts favor nominal damages lawsuits.
D)They are awarded even when a breach did not result in financial loss.
Q5) How are compensatory damages awarded for construction contracts?
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Chapter 17: Digital Law and E-Commerce
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Sample Questions
Q1) The CAN-SPAM Act does not regulate spam sent to Americans from other countries.
A)True
B)False
Q2) The ECPA provides that stored electronic communications may not be accessed by the party or entity providing the electronic communication service.
A)True
B)False
Q3) Which of the following is true of the World Wide Web?
A)Only businesses-not individuals-can have their own websites.
B)Individuals need not register with a service provider to access the web.
C)A website can have several online addresses.
D)Each website must have a unique online address.
Q4) The term ISP refers to users who disguise computer viruses as executable programs and send them across the Internet.
A)True
B)False
Q5) How does an electronic agent react to a counteroffer? Explain with an illustration.
Q6) Briefly explain the working of an e-license.
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) Which of the following is true of consideration for modifying a sales or lease contract under the Uniform Commercial Code?
A)An agreement modifying a contract needs no consideration to be binding.
B)Modifying a contract requires consideration from the offeree's side.
C)An offeror who modifies a contract must do so by providing reasonable consideration.
D)The party providing the consideration must complete it within three months of acceptance.
Q2) Under the UCC,an agreement sufficient to constitute a contract for the sale or lease of goods may be found even though the moment of its making is undetermined.
A)True
B)False
Q3) A person who transfers the right of possession and use of goods under a lease is known as the ________.
A)lessor
B)lessee
C)seller
D)consignee
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Chapter 19: Title to Goods and Risk of Loss
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Sample Questions
Q1) The ________ bears the risk of loss during transportation in a destination contract.
A)buyer
B)seller
C)carrier
D)shipper
Q2) Which of the following is true for the shipping term F.O.B.(free on board)point of shipment?
A)It requires the seller to bear the expense and risk of loss until the goods are tendered to the buyer at the place of destination.
B)It refers to a pricing term that includes the cost of the goods and the costs of insurance and freight.
C)It requires the seller to bear the expense and risk of loss of the goods until delivery has been tendered.
D)The buyer bears the shipping expense and risk of loss while the goods are in transit.
Q3) Acceptance of nonconforming goods is a breach of contract by the buyer.
A)True
B)False
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21
Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Sample
Questions
Q1) Destination contracts are an example of noncarrier delivery.
A)True
B)False
Q2) ________ is a rule which provides that an action for breach of any written or oral sales or lease contract must commence within four years after the cause of action accrues.
A)Perfect tender rule
B)Specific performance decree
C)Replevin
D)Statute of limitations
Q3) A(n)________ is a sales contract that requires the seller to deliver goods to the buyer's place of business or another specified location.
A)consignment contract
B)option contract
C)shipment contract
D)destination contract
Q4) Acceptance of a part of any commercial unit is acceptance of the entire unit.
A)True
B)False
Q5) When does a buyer have the right to cancel a sales or lease contract?
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Chapter 21: Warranties
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Sample Questions
Q1) A retailer is not liable for the express warranties made by manufacturers of goods it sells.
A)True
B)False
Q2) A warranty that guarantees that a defective product will be repaired or replaced free during the warranty period is known as a(n)________.
A)implied warranty
B)full warranty
C)disclaimer warranty
D)limited warranty
Q3) That "goods must be fit for the ordinary purposes for which they are used," would be an example of a(n)________.
A)implied warranty
B)explicit warranty
C)statement of opinion
D)stamp of approval
Q4) Implied warranties are expressly stated in the sales or lease contract.
A)True
B)False
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Chapter 22: Creation of Negotiable Instruments
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Sample Questions
Q1) Rubber-stamps are not recognized as signing instruments under the Uniform Commercial Code (UCC).
A)True
B)False
Q2) Security posted by a promissory note maker to the lender for repayment of money is known as collateral.
A)True
B)False
Q3) Acceptance of drafts can be done orally.
A)True
B)False
Q4) Which of the following statements is true of a negotiable instrument?
A)It should be signed by the payee.
B)It need not state a fixed amount of money.
C)It should not require any undertaking other than the payment of money.
D)It can be either written or oral.
Q5) In a certificate of deposit,the depositor is the payee.
A)True
B)False
Q6) List and briefly explain the functions of a negotiable instrument.
Page 24
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Chapter 23: Holder in Due Course and Transferability
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Q1) An instrument that is refused payment when presented for payment is called a
A)blank instrument
B)restrictive instrument
C)demand instrument
D)dishonored instrument
Q2) Nonrestrictive indorsements contain instructions from the indorser.
A)True
B)False
Q3) A special indorsement does not specify to whom the indorser intends the instrument to be payable.
A)True
B)False
Q4) Where the name of the payee is misspelled,the indorsement becomes invalid.
A)True
B)False
Q5) What is the difference between a holder and holder in due course?
Q6) An instrument containing a qualified indorsement can be further negotiated.
A)True
B)False
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Chapter 24: Liability, defenses, and Discharge
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Q1) Martha draws a check payable to the order of Stella.Stella indorses the check to Karen.But Leslie steals the check from Karen,forges Karen's indorsement,and cashes the check at a liquor store.Who is liable on the check?
A)the liquor store
B)Martha
C)Stella
D)Leslie
Q2) A contract made by a person who has not yet been adjudicated to be mentally incompetent is considered void.
A)True
B)False
Q3) A presentment is a demand for the acceptance of a dishonored instrument.
A)True
B)False
Q4) Adjudicated mental incompetence is a universal defense that can be raised against holders and HDCs.
A)True
B)False
Q5) 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) A(n)________ is an order by the drawer to the drawee bank to pay a specified sum of money from the drawer's checking account to the named payee (or holder).
A)ordinary check
B)promissory note
C)bill of exchange
D)credit memo
Q2) When a customer deposits a check into a checking account for collection,the depository bank does not have to pay the customer the amount of the check until the check "clears."
A)True
B)False
Q3) Which of the following statements is true of certified checks?
A)Banks are obligated to certify checks for amounts greater than $10,000.
B)Certified checks are payable at any time from the date they are issued.
C)A drawer can stop payment on a certified check if it is indorsed.
D)Banks can charge a fraction of the check value as a fee for certifying it.
Q4) A stop-payment order can be issued either by the drawer or the payee.
A)True
B)False
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) Credit that does not require any collateral to protect the payment of the debt is referred to as ________.
A)unsecured credit
B)secured credit
C)fair credit
D)equal credit
Q2) A ________ is an instrument that gives a creditor a security interest in the debtor's real property that is pledged as collateral for a loan.
A)credit report
B)letter of credit
C)remittance advice
D)deed of trust
Q3) A ________ is a judgment of a court that permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan.
A)deficiency judgment
B)garnishment
C)lien release
D)foreclosure judgement
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Page 28
Chapter 27: Secured Transactions
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Q1) A purchase money security interest is an interest that a creditor automatically obtains when he or she extends credit to a consumer to purchase consumer goods.
A)True
B)False
Q2) In a three-party secured transaction,the party that purchases the goods or services is known as the buyer-secured creditor.
A)True
B)False
Q3) Gregory borrows $200,000 from Mountain Bank to purchase a plot of land,and Mountain Bank perfects its security interest.Gregory defaults on the loan,and owes an outstanding balance of $80,000.His house has gone down in value to $160,000 at the time of default,but he has other personal assets to satisfy the debt.Which of the following is a course of action for Mountain Bank to recover the debt after foreclosing on the loan?
A)proceed to judgment against Gregory
B)file a financing statement
C)release a termination statement
D)proceed to repossess the collateral
Q4) What is a deficiency judgment? Explain,and provide some examples.
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Page 29
Chapter 28: Bankruptcy and Reorganization
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Q1) A(n)________ provides for the reduction of a debtor's debts.
A)extension
B)liquidation
C)limitation
D)composition
Q2) 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
Q3) Which of the following is true of a Chapter 13 petition?
A)It can be filed by all individual debtors, irrespective of their income.
B)The petitioner need not demand an extension or composition.
C)To qualify for Chapter 13, the debts must primarily be consumer debt.
D)Creditors can file a Chapter 13 petition claiming payment from a debtor.
Q4) The bankruptcy courts are part of the federal court system.
A)True
B)False
Q5) All creditors must file a proof of interest before a bankruptcy proceeding.
A)True
B)False
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Chapter 29: Agency Formation and Termination
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Q1) Agency relationships created against public policy are void and unenforceable.
A)True
B)False
Q2) An agent who has negligently or intentionally failed to perform his express duties is liable under tort law.
A)True
B)False
Q3) Constructive notice is not valid against strangers who assert claims of apparent agency.
A)True
B)False
Q4) List the circumstances that can lead to termination by impossibility of performance.
Q5) An agency by ratification occurs when a principal ratifies an authorized act.
A)True
B)False
Q6) An agent does not owe a duty to notify the principal of important information he learns concerning the agency.
A)True
B)False
Page 31
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Principals do not control the means by which independent contractors achieve results.
A)True
B)False
Q2) ________ occurs where a principal is liable for an agent's tortious conduct because of the employment contract between the principal and agent,not because the principal was personally at fault.
A)Vicarious liability
B)Negligence
C)Liability with fault
D)Misrepresentation
Q3) If an agent reveals confidential information of a principal to a third party,one of principal's courses of action may be to obtain an injunction against the third party.
A)True
B)False
Q4) The agent is not liable on the contract in a fully disclosed agency.
A)True
B)False
Q5) Briefly explain the liability for an independent contractor's torts.
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) Software developers and other computer professionals generally cannot claim overtime pay under federal law.
A)True
B)False
Q2) ________ occurs when an employee has a non-forfeitable right to receive pension benefits.
A)Vesting
B)Easement
C)Anti-lapse
D)Reconciliation
Q3) The EB-1 visa is a visa that allows U.S.employers to employ in the United States foreign nationals who possess exceptional qualifications for certain types of employment.
A)True
B)False
Q4) What is the employer's advantage in offering workers' compensation?
A)The employer need not pay for workers' compensation insurance.
B)The employer is exempt from having to offer paid medical leave.
C)The employer can avoid a lawsuit by an injured worker.
D)The employer can offer lower basic pay to workers.
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Chapter 32: Labor Law
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Q1) The Worker Adjustment and Retraining Notification (WAR N)Act is a federal act that requires employers with 100 or more employees to give their employees 60 days' notice before engaging in certain plant closings or layoffs.
A)True
B)False
Q2) The inaccessibility exception is a rule that permits employees and union officials to engage in union solicitation on company property if the employees are beyond reach of reasonable union efforts to communicate with them.
A)True
B)False
Q3) Which of the following federal statutes that regulate labor-management relationships cover airline carriers?
A)Norris-LaGuardia Act
B)National Labor Relations Act
C)Railway Labor Act
D)Landrum-Griffin Act
Q4) List and explain the strikes that are illegal under federal law.
Q5) Briefly outline and explain the process of collective bargaining.
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Chapter 33: Equal Opportunity in Employment
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Questions
Q1) The jurisdiction of the Equal Employment Opportunity Commission (EEOC)is restricted to investigating charges of discrimination based on sex.
A)True
B)False
Q2) ________ discrimination occurs when an employer treats a specific individual less favorably than others because of that person's race,color,national origin,sex,or religion.
A)Disparate-treatment
B)Disparate-impact
C)Favored-treatment
D)Unfair-impact
Q3) The Civil Rights Act of 1866 is unconcerned with national origin employment discrimination.
A)True
B)False
Q4) Employers are never strictly liable to any of their employees who might have suffered sexual harassment at the workplace.
A)True
B)False
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) Which of the following best describes an entrepreneur?
A)a person who forms and operates a business
B)a person who invests in an existing business
C)a person who lends capital to a new business
D)a person who derives a profit from a new or an existing business
Q2) General partners have unlimited personal liability for the debts and obligations of the partnership.
A)True
B)False
Q3) No federal or state government approval is required for creating a sole proprietorship.
A)True
B)False
Q4) A plaintiff must name the partnership and all of the partners as defendants in a lawsuit in order to pursue a claim for ________.
A)multiple liability
B)joint liability
C)limited liability
D)unlimited personal liability
Q5) Explain how a sole proprietorship is taxed.
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) In most states,the formation,operation,and termination of limited partnerships are regulated by the Revised Uniform Limited Partnership Act.
A)True
B)False
Q2) 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.
Q3) 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
Q4) Explain,with an example,the sharing of profits and losses in a limited partnership.
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Chapter 36: Corporate Formation and Financing
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Q1) A corporation is dissolved upon the effective date of the articles of dissolution.
A)True
B)False
Q2) A corporate name cannot contain the word University if it is not authorized to conduct the business of granting undergraduate and graduate degrees.
A)True
B)False
Q3) Judicial dissolution of a corporation can be instituted by the attorney general of the state of incorporation if the corporation ________.
A)procured its articles of incorporation through fraud
B)did not pay its franchise fee
C)failed to file an annual report
D)failed for 60 days to maintain a registered agent in the state
Q4) Incorporators cannot become shareholders of the corporation they are associated with.
A)True
B)False
Q5) Explain how articles of incorporations may be amended.
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Page 38
Chapter 37: Corporate Governance and the
Sarbanes-Oxley Act
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Q1) A buy-and-sell agreement allows shareholders to sell their shares to people other than fellow shareholders or the corporation.
A)True
B)False
Q2) One of the powers of a shareholder is his or her right to elect the board of directors.
A)True
B)False
Q3) Describe the doctrine of piercing the corporate veil.
Q4) A system in which each shareholder votes the number of shares he or she owns on candidates for each of the positions open is known as cumulative voting.
A)True
B)False
Q5) If a fraud is committed by a member of the board of directors of a corporation,a written notice to the corporation from individual shareholders is not required to bring a derivative lawsuit.
A)True
B)False
Q6) What is self-dealing?
Page 39
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) State antitakeover statutes apply to ________.
A)corporations that are incorporated in the state
B)foreign corporations that operate in the state
C)U.S. corporations incorporated in other states operating in the state
D)corporations that export to the state
Q2) Which of the following is true of proxies?
A)Proxies are not permitted to be submitted electronically.
B)Proxies are signed by a corporation and sent to shareholders.
C)Directors or officers of a corporation cannot hold proxies.
D)Corporations are permitted to solicit proxies from shareholders.
Q3) What is a similarity between a branch office and a subsidiary of a multinational corporation?
A)Both are considered separate legal entities.
B)Both have limited liability shields with the parent company.
C)Both can be setup in a foreign land to run the parent company's business.
D)Both are wholly liable for their torts.
Q4) A corporation that uses subsidiary corporations to operate in more than one country cannot be termed as a multinational corporation.
A)True
B)False
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) A member of a manager-managed LLC (limited liability company)who is not a manager owes no fiduciary duty of loyalty or care to the LLC or its other members.
A)True
B)False
Q2) In a manager-managed LLC (limited liability company),it is necessary that the manager is a member of that LLC.
A)True
B)False
Q3) The income or losses of a Limited liability company (LLC)flow through to the members' individual income tax returns,which avoids double taxation.
A)True
B)False
Q4) Profits and losses from a Limited liability company (LLC)do not have to be distributed in the same proportion.
A)True
B)False
Q5) Explain the process that exempts members of an LLC (limited liability company)from double taxation.
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) 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.
Q2) The Federal Trade Commission (FTC)does not require the registration of the disclosure document with the FTC prior to its use.
A)True
B)False
Q3) YouKnow Inc.is a corporation that creates educational resources.It grants Middlewest Public School the right to exclusively use its online encyclopedias for three years,for a fee.In this arrangement,YouKnow Inc.is the ________.
A)donor
B)trustee
C)grantor
D)licensor
Q4) Explain the concept of joint venture as a business arrangement in brief.
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Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) Which of the following is true of exempt securities?
A)Only the federal government can issue exempt securities.
B)Once a security is exempt, it is exempt forever.
C)An exemption notice must be filed with SEC every time the exempt security is transferred.
D)Exempt securities cannot be traded publicly.
Q2) ________ is a provision of the Securities Act of 1933 that imposes civil liability on persons who intentionally defraud investors by making misrepresentations or omissions of material facts in the registration statement.
A)Section 24 of the Securities Act of 1933
B)Section 12 of the Securities Act of 1933
C)Section 11 of the Securities Act of 1933
D)SEC Rule 506
Q3) Which of the following is an example of exempt securities?
A)stock dividends and stock splits
B)IPOs made by multinational corporations
C)securities that have been held by a single investor for longer than a year
D)securities worth $1 million or more
Q4) List the securities exempt from registration with the SEC.
Q5) What is insider trading? How is it regulated in the United States?
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) ________ is a moral theory which holds that individuals must decide what is ethical based on their own feelings about what is right and wrong.
A)Ethical relativism
B)Kantian ethics
C)Utilitarianism
D)Rawls's social justice theory
Q2) Which of the following moral theory matches Steve Templeton's approach in keeping the plant open?
A)Kantian ethics
B)Rawls's social justice theory
C)ethical fundamentalism
D)utilitarianism
Q3) If an action would increase the good of twenty-five people by one unit each and an alternative action would increase the good of one person by twenty-six units,then,according to utilitarianism,the latter action should be taken.
A)True
B)False
Q4) Give an account of the relationship between ethics and law.
Q5) What is theory of moral minimum in social responsibility for businesses?
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) An ALJ's (Administrative law judges)decision is issued in the form of a(n)________.
A)jury instruction
B)petition
C)administrative procedure
D)administrative order
Q2) Explain,in brief,the types of federal administrative agencies with examples.
Q3) Which of the following acts establishes procedures that federal administrative agencies must follow in conducting their affairs?
A)APA
B)SEA
C)UCITA
D)HSA
Q4) A federal administrative agency that proposes to adopt a substantive rule must give interested persons an opportunity to participate in the rule-making process.
A)True
B)False
Q5) Distinguish between general government regulation and specific government regulation.
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Chapter 44: Consumer Protection and Product Safety
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Q1) Section 5 of the Federal Trade Commission (FTC)Act can be used to prohibit unfair and deceptive business practices.
A)True
B)False
Q2) What is the United Nation's Biosafety Protocol for genetically altered food?
Q3) The Health Care Reform Act requires health plans that provide dependent coverage to continue coverage for a dependent child until the child turns 26 years of age.
A)True
B)False
Q4) A manufacturer can be held liable for deceptive labeling or packaging under the Health Care Reform Act.
A)True
B)False
Q5) What are the powers of the Consumer Product Safety Commission? Name some consumer products excluded from the purview of the CPSC.
Q6) The FDA cannot withdraw approval of any previously licensed drug.
A)True
B)False
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Chapter 45: Environmental Protection
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Q1) The filling or dredging of navigable waters and qualified wetlands are prohibited unless a permit has been obtained from the Army Corps of Engineers.
A)True
B)False
Q2) One of the features of the Marine Protection,Research,and Sanctuaries Act is that it
A)requires the oil industry to adopt procedures and contingency plans to readily respond to and clean up oil spills
B)requires a permit for dumping wastes and other foreign materials into ocean waters
C)requires the tanker owner-operator to prove that it is fully insured to cover any liability that may occur from an oil spill
D)issues permits for discharge of dredged or fill material into navigable waters and qualified wetlands
Q3) The third category of the nonattainment areas is labeled "serious."
A)True
B)False
Q4) Give an account of the state environmental protection laws.
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) Which of the following is true with regard to price fixing?
A)Price fixing is a reasonable violation of Section 1 of the Sherman Act.
B)Price fixing is a process seen exclusively among sellers of goods and services.
C)Price fixing is permissible as it helps consumers or protects competitors from ruinous competition.
D)Price fixing also involves fixing the quantity of a product or service to be produced or provided.
Q2) A per se violation of Section 1 of the Sherman Act that occurs when a party at one level of distribution enters into an agreement with a party at another level to adhere to a price schedule that either sets or stabilizes prices is referred to as ________.
A)group boycotts
B)horizontal price fixing
C)resale price maintenance
D)nonprice vertical restraints
Q3) Vertical mergers create an increase in market share because the merging firms serve different markets.
A)True
B)False
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) A ________ is a gratuitous bailment that arises when the bailee is requested to care for the bailor's property as a favor.
A)bailment at will
B)mutual benefit bailment
C)bailment for the sole benefit of the bailee
D)bailment for the sole benefit of the bailor
Q2) A(n)________ statute permits a finder of mislaid or lost property to clear title to the property if certain prescribed legal formalities are met.
A)estate
B)estray
C)lading
D)recording
Q3) Property that an owner has discarded with the intent to relinquish his or her rights in it is known as ________.
A)real
B)lost
C)mislaid
D)abandoned
Q4) What is a warehouse receipt?
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Chapter 48: Real Property
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Q1) Karen,Kelsey,Rita,and Lizzi own a large commercial building as concurrent owners.They are tenants with the right to survivorship.Lizzi transfers her one-quarter interest in the building to a private charity organization owned by Stella.Which form of concurrent ownership would allow Karen,Kelsey,and Rita to become the owners of the property following Lizzi's death without the inclusion of the private charity organization run by Stella?
A)a tenancy by entirety
B)a community property
C)a joint tenancy
D)a tenancy in common
Q2) Which of the following defines a remainder as a form of future interest?
A)It is a right of possession that returns to the grantor after the expiration of a limited or contingent estate.
B)It is a right of possession that returns to a third party upon the expiration of a limited or contingent estate.
C)It is a form of concurrent possession of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation.
D)It is a form of concurrent possession that includes the right of survivorship.
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) Which of the following forms of tenancy involves the possession of property without right?
A)tenancy at sufferance
B)periodic tenancy
C)tenancy for years
D)tenancy at will
Q2) The Americans with Disabilities Act applies only to places of public accommodation operated by public entities.
A)True
B)False
Q3) A ________ is a lease where the tenant is responsible for paying the rent,property taxes,utilities,and insurance.
A)net lease
B)gross lease
C)net, net, net lease
D)double net lease
Q4) What is a lease?
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) What kind of insurance would protect Lucy from being sued by the injured employees for this damage?
A)business interruption insurance
B)directors' and officers' insurance
C)workers' compensation insurance
D)key-person life insurance
Q2) In the context of insurance,what does the term premium refer to?
A)the money received from the defaulting party
B)the money paid to the insurance company
C)the money paid to insured after an accidental damage
D)the money paid to insurance brokers as fee
Q3) What are the duties of an insured and insurer?
Q4) Automobile liability insurance covers damages that an insured causes to third parties.
A)True
B)False
Q5) An automobile insurance with the omnibus clause is called an umbrella insurance policy.
A)True
B)False
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Chapter 51: Accountants Duties and Liability
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Q1) Violations of generally accepted accounting principles (GAAPs)or generally accepted auditing standards (GAASs),or International Financial Reporting Standards (IFRSs),if applicable,are prima facie evidence of negligence in any court action.
A)True
B)False
Q2) Why do accountants come under the purview of Section 18(a)of the Securities Exchange Act of 1934?
A)because they often file reports and other documents with the Securities and Exchange Commission (SEC)on behalf of clients
B)because certified public accountants (CPAs)are directly employed by the Securities and Exchange Commission (SEC)
C)because all companies require an accountant's approval before buying securities from the Securities and Exchange Commission (SEC)
D)because securities can only be bought through a certified public accountant (CPA)
Q3) When does an auditor submit a disclaimer of opinion? What is the significance of an auditor's opinion?
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Chapter 52: Wills, trusts, and Estates
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Q1) All trusts are deemed irrevocable at the time of creation.
A)True
B)False
Q2) Which of the following beneficiaries is considered a lineal descendant of the testator?
A)a parent
B)a child
C)a spouse
D)a sibling
Q3) A codicil must be ________.
A)executed before the will has been created
B)read as a separate instrument from the will
C)inclusive of a reference to the will it is amending
D)amended in the presence of the same witnesses who signed the will
Q4) A will that is executed by two or more testators is known as a ________.
A)joint will
B)mutual will
C)reciprocal will
D)nuncupative will
Q5) Who are the beneficiaries of a trust?
54
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Chapter 53: Family Law
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Q1) The ________ is a rule which states that if an engagement is broken off,the person who was given the engagement ring must return the ring,regardless of which party broke off the engagement.
A)fault rule
B)objective rule
C)pro se rule
D)abatement rule
Q2) A mediator is allowed to make decisions for a divorcing couple.
A)True
B)False
Q3) A divorce is the only method for legally terminating a marriage.
A)True
B)False
Q4) An award of child support to be paid to the custodial parent by a noncustodial parent is a fixed amount that cannot be modified with changing conditions.
A)True
B)False
Q5) What are the parent's rights and duties towards their children? What is child neglect?
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Chapter 54: International and World Trade Law
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Q1) What are the implications of the North American Free Trade Agreement (NAFTA)treaty?
Q2) Indonesia,Vietnam,Thailand,and the Philippines are members of the ________.
A)Organization of the Petroleum Exporting Countries
B)Association of Southeast Asian Nations
C)Dominican Republic-Central America Free Trade Agreement
D)North American Free Trade Agreement
Q3) Which of the following is codified in the Foreign Sovereign Immunities Act?
A)the act of state doctrine
B)the principle of restricted immunity
C)the Supremacy Clause
D)the choice of forum clause
Q4) Under the European Union,customs duties have been eliminated among member nations.
A)True
B)False
Q5) The European Union Commission has negligible authority to enact legislations and take enforcement actions compared to the European Union (EU).
A)True
B)False
56
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