Management and Business Law
Final Exam
Course Introduction
Management and Business Law explores the fundamental principles of managing organizations alongside the legal frameworks that influence business operations. The course provides students with an understanding of essential management concepts, including planning, organizing, leading, and controlling, while emphasizing the importance of ethical and legal considerations in managerial decision-making. Key topics include contract law, employment law, corporate governance, dispute resolution, and the regulatory environment affecting businesses. Through case studies and real-world scenarios, students develop the ability to recognize legal risks, understand legal documents, and apply management strategies within the boundaries of the law, preparing them for responsible and effective leadership in the business world.
Recommended Textbook
Dynamic Business Law The Essentials 4th Edition by Nancy Kubasek
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Chapter 1: An Introduction to the Fundamentals of Dynamic Business Law
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Q1) The Stolen Book.Betty tells Susan that Bob stole her business law book from her car.The next day Susan confronts Bob and slaps him for stealing her book.Bob has Susan arrested for slapping him.Susan sues Bob for damages in the amount of the book and for maliciously having her arrested.Claiming that she lied,Bob sues Betty for defamation.The prosecution by the government against Susan for slapping Bob involves which of the following?
A)Public law
B)Private law
C)Administrative law
D)Both public and private law
E)Comprehensive law
Answer: A
Q2) If someone commits an act against the public,he or she will be violating what type of law?
A)Civil law
B)Criminal law
C)Procedural law
D)Civil law and procedural law,but not criminal law
E)Civil law,criminal law,and procedural law
Answer: B
Page 3
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Chapter 2: Business Ethics and Social Responsibility
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Q1) Explain the WH process of ethical decision-making.
Answer: With regard to the WH framework,students should reference who is involved,meaning stakeholders; the reason decisions are made,referencing values; and how decisions are made,referencing ethical guidelines such as the Golden Rule.
Q2) An ethical ________ is a problem about what a firm should do for which no clear,right decision is available.
A)construct
B)postulate
C)standard
D)dilemma
E)hypothesis
Answer: D
Q3) Ethical standards are uniform globally.
A)True
B)False
Answer: False
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Chapter 3: The Uslegal System and Alternative Dispute Resolution
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Q1) Billy,a witness to a motor vehicle accident,is gravely ill with cancer.Pat,who was injured in the accident,would like to preserve Billy's testimony for trial in case he dies before the trial date.What should Pat do?
A)Send interrogatories to Billy.
B)Take Billy's deposition.
C)Send a request to admit to Billy that the accident was the defendant's fault.
D)Have a pretrial conference with the judge and Billy.
E)There is nothing Pat can do to preserve Billy's testimony for trial.
Answer: B
Q2) Venue is determined by:
A)State statute.
B)The trial judge.
C)The trial jury.
D)The United States Constitution.
E)Case law.
Answer: A
Q3) Quasi in rem jurisdiction is also known as attachment jurisdiction.
A)True
B)False
Answer: True
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Chapter 4: Administrative Law
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Q1) Which of the following is involved when an agency is referred to as a "captured" agency?
A)A belief that agency officials are unduly influenced by past ties to the industry regulated by the agency.
B)A belief that agency officials are unduly influenced by their political party.
C)A belief that agency officials are unduly influenced by politicians in the state in which the agency is located.
D)A belief that agency officials are unduly influenced by politicians in states most affected by the regulations established by the agency.
E)A belief that agency officials are unduly influenced by the desires of the United States Congress.
Q2) List and describe the steps involved in hybrid rule making.
Q3) Which of the following is a federal independent agency?
A)The Commodity Futures Trading Commission
B)The Veterans Administration
C)The Occupational Safety and Health Administration
D)The International Development Corporation Agency
E)The National Aeronautics and Space Administration
Q4) List the stages and requirements of informal agency rule making.
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Chapter 5: Constitutional Law
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Q1) Which of the following is relevant in determining whether a particular government statute violates the Establishment Clause?
A)Whether the statute has a secular legislative purpose.
B)Whether the statute's principal or primary effect either advances or inhibits religion.
C)Whether the statute fosters an excessive government entanglement with religion.
D)Whether the statute has a secular legislative purpose; whether the statute's principal or primary effect either advances or inhibits religion; and also whether the statute fosters an excessive government entanglement with religion.
E)Whether the statute has a secular legislative purpose and whether the statute's principal or primary effect either advances or inhibits religion; but not whether the statute fosters an excessive government entanglement with religion.
Q2) The United States Congress has the power to enact legislation,but the president can veto a law that Congress passes.
A)True
B)False
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Chapter 6: Criminal Law and Business
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Q1) An individual (i.e.,a private party)cannot file a criminal law suit.
A)True
B)False
Q2) A person who illegally accesses or enters another person's or a company's computer system to obtain information or to steal money is known as a(n)________.
A)insider
B)cyber-burglar
C)hacker
D)cyber-trespasser
E)cyber-moonlighter
Q3) Which of the following is a false document or sign of existence used to perpetrate fraud,such as making counterfeit money?
A)False entries
B)False token
C)False pretense
D)A Ponzi scheme
E)Check kiting
Q4) What must a prosecutor show in order for a corporation to be held criminally liable for the acts of an employee?
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Chapter 7: Tort Law
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Q1) Which of the following gives immunity to providers of interactive computer services for liability they might otherwise incur on account of material disseminated by them but created by others?
A)The Internet Communications Act of 2000.
B)The Interactive Computer Services Protection Act of 2004.
C)The Communications Decency Act of 1996.
D)The Internet Communications Protection Act of 1998.
E)The Blog Protection Act of 2001.
Q2) A ________ cause is an unforeseeable event which interrupts the causal chain between the defendant's breach of duty and the damages the plaintiff suffered.
A)subordinate
B)superseding
C)parallel
D)contributory
E)comparative
Q3) Implied assumption of the risk means that the plaintiff implicitly assumed a known risk.
A)True
B)False
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Chapter 8: Real, Personal, and Intellectual Property
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Q1) Under which of the following conditions is a trademark protected under state common law?
A)If it is used interstate
B)If it is used intrastate
C)If it is used commercially
D)If it is used interstate and commercially
E)If it is used interstate and internationally
Q2) To be protected in ________ use,a trademark must be registered with the United States Patent Office under the Lanham Act of 1947.
A)interstate
B)intrastate
C)interstate and intrastate
D)intrastate and international
E)interstate,intrastate,and international
Q3) When a patent is issued for an object,it gives the holder the exclusive right to produce,sell,and use the object of the patent for the life of the holder plus 70 years.
A)True
B)False
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Chapter 9: Introduction to Contracts and Agreement
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Q1) Define a bilateral contract and a unilateral contract,and give an example of each.
Q2) Inez,wishing to sell a used business law book,calls Janice and tells her that if she does not hear from her within twenty-four hours,she will assume that Janice wishes to purchase the book for $50.After the expiration of twenty-four hours,which of the following is correct regarding the status of the proposed book sale?
A)There is no contract because silence,as a general rule,cannot be used to form a contract.
B)There is no contract because the offer was not made in person.
C)There is no contract because the offer was not made in writing.
D)Janice can avoid the legal recognition of a contract,but only if she can prove by a preponderance of the evidence that she did not hear about the offer before the stated expiration time.
E)Janice can avoid the legal recognition of a contract,but only if she can prove beyond reasonable doubt that she did not hear about the offer before the stated expiration time.
Q3) Indicate the ways in which an offer can terminate.
Q4) Define and give an example of an express contract and an implied contract.
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Chapter 10: Consideration
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Q1) Which of the following is a valid Uniform Commercial Code (UCC)rule regarding checks marked "paid-in-full"?
A)If a business inadvertently cashes a check marked "paid-in-full," the business has 30 days from the date it cashed the check to offer repayment in the same amount to the debtor and avoid an accord and satisfaction.
B)If a business inadvertently cashes a check marked "paid-in-full," the business has 60 days from the date it cashed the check to offer repayment in the same amount to the debtor and avoid an accord and satisfaction.
C)If a business inadvertently cashes a check marked "paid-in-full," the business has 90 days from the date it cashed the check to offer repayment in the same amount to the debtor and avoid an accord and satisfaction.
D)If a business inadvertently cashes a check marked "paid-in-full," the business has 120 days from the date it cashed the check to offer repayment in the same amount to the debtor and avoid an accord and satisfaction.
E)If a business inadvertently cashes a check marked "paid-in-full," the business has no recourse,and the debt is legally satisfied and discharged.
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Chapter 11: Capacity and Legality
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Q1) John and Joan enter a contract whereby John will feed Joan's cat for $100 while Joan is on vacation.Another part of the contract provides that John will mow Joan's whole yard for the summer for $500.Just before Joan leaves for vacation,John discovers that Joan's cat is not a domesticated cat but is instead a lion rescued from the circus.In the area in which John and Joan live,it is illegal to keep or care for a wild animal such as a lion in a domestic setting.John tells Joan to forget it,that she misrepresented the nature of the animal,and that she can forget about the contract,including the lawn mowing deal.Joan,being a somewhat reasonable person,feels bad about not telling John the whole truth about the cat,and she is willing to compromise on that issue.She does,however,want to enforce the yard mowing agreement.What is her best argument?
Q2) What is the purpose of the minor's right to disaffirm contracts?
A)To reduce the judicial caseload for breach of contract actions
B)To allow minors a windfall in terms of keeping property without paying for it
C)To punish adults who contract with minors
D)To give minors superior bargaining power in negotiating contracts
E)To protect the minor from competent parties that might otherwise take advantage of the minor
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Chapter 12: Reality of Assent
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Q1) Today,nondisclosure is especially likely to provide the basis for rescission when one party has information about a basic assumption of the deal that is unavailable to the other party.
A)True
B)False
Q2) What is the effect of a negligent misrepresentation?
A)It is treated as an ethics violation,and is punishable per se as a white-collar crime.
B)It is treated the same as an innocent misrepresentation.
C)It is treated the same as a fraudulent misrepresentation.
D)It is treated the same as a non-material misrepresentation.
E)It is treated the same as an implied misrepresentation.
Q3) A(n)________ is an erroneous belief about the facts of a contract at the time the contract is concluded.
A)assumption
B)projection
C)abeyance
D)mistake
E)accord
Q4) What is the result of a contract being voidable?
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Chapter 13: Contracts in Writing and Third-Party Contracts
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Q1) Which of the following is true regarding oral assignments?
A)Assignments may not be made orally.
B)The Uniform Commercial Code requires that assignments be in writing when the amount being assigned is greater than $5,000.
C)Assignments are not covered by the statute of frauds.
D)The Uniform Commercial Code requires that assignments be in writing when the amount being assigned is greater than $500.
E)The Uniform Commercial Code requires that an assignment of a right to receive goods be in writing when the value of the goods is $500 or more,and that an assignment of a right to receive a service be in writing when the value of the service is $1,000 or more.
Q2) A delegation occurs when a party to a contract transfers her rights to a contract to a third party.
A)True
B)False
Q3) In order for an assignment to be valid,an assignee must agree to accept the assigned rights.
A)True
B)False
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Chapter 14: Discharge and Remedies
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Q1) Why did equitable remedies come into being?
A)To fashion remedies when existing laws did not provide adequate ones.
B)To fashion substitute remedies for established and adequate legal remedies.
C)To provide a means by which to award nominal damages.
D)To provide a means by which to award consequential damages.
E)To provide a means by which to award liquidated damages.
Q2) Express conditions are usually preceded by which words?
A)Conditioned on or if
B)If or when
C)Provided that,if,or when
D)When or provided that
E)Conditioned on,if,when,or provided that
Q3) When one of the parties to an agreement wants to substitute a different performance for his original duty under the contract,he is seeking a(n)________.
A)accord and satisfaction
B)novation
C)substituted contract
D)mutual rescission
E)addendum
Q4) List the ways by which a party's contractual obligations can be terminated.
Page 16
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Chapter 15: Formation and Performance of Sales and Lease Contracts
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Q1) A goods-in-________ contract involves goods that are in some kind of storage,so the seller cannot transfer physical possession of them.
A)consignment
B)abeyance
C)equity
D)subrogation
E)bailment
Q2) The Uniform Commercial Code does not require a contract modification to be supported by new consideration.
A)True
B)False
Q3) A firm offer must be ________.
A)oral and indefinitely revocable
B)oral and irrevocable for up to one year
C)in writing and indefinitely revocable
D)in writing and irrevocable for up to three months
E)in writing and irrevocable for up to one year
Q4) List five situations in which a buyer receives only voidable title in a contract for the sale of goods transaction.
17
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Chapter 16: Sales and Lease Contracts: Performance, Warranties,
and Remedies
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Q1) In terms of sale of goods transactions in the United States,which of the following is true regarding disclaimer of the warranty of merchantability?
A)The disclaimer must be in writing in order to be enforceable.
B)Some states require the term merchantability to be used in the disclaimer.
C)The disclaimer may be made either orally or in writing.
D)The disclaimer must be in writing,and some states require the term merchantability to be used in the disclaimer.
E)The disclaimer may be made either orally or in writing,and some states require the term merchantability to be used in the disclaimer.
Q2) Uniform Commercial Code Section 1-205(1)defines ________ as previous commercial transactions between the same parties.
A)trade dress
B)course of dealing
C)commercial equity
D)usage of trade
E)course of performance
Q3) Should the perfect tender rule be rejected and replaced with a concept of substantial performance?
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Chapter 17: Negotiable Instruments: Negotiability and Transferability
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Q1) The bank upon which a check is drawn is the ________ bank.
A)payor
B)payee
C)depositary
D)certifying
E)acceptor
Q2) Who may endorse an instrument made payable to a legal entity such as a partnership?
A)The president
B)The chief executive officer
C)The chief financial officer
D)The treasurer
E)Any authorized representative
Q3) According to the Uniform Commercial Code,which of the following are considered banks?
A)Savings and loans
B)Credit unions
C)Trust companies
D)Savings and loans,trust companies,and credit unions
Page 19
E)Savings and loans and credit unions,but not trust companies
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Chapter 18: Holder in Due Course, Liability, and Defenses
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Q1) What are the conditions for a drawer or endorser to become liable?
Q2) Real defenses apply to ________,while personal defenses do not apply to ________.
A)all parties; holders in due course
B)holders; holders in due course
C)holders; endorsers
D)all parties; holders
E)all parties; endorsers
Q3) Which of the following is true regarding negotiable instruments in England?
A)Promissory notes can be negotiated between parties.
B)Checks can be negotiated between parties.
C)Bills of exchange can be negotiated between parties.
D)Promissory notes,checks,and bills of exchange can be negotiated between parties.
E)Promissory notes and checks can be negotiated between parties,but bills of exchange cannot.
Q4) List the requirements a party must meet in order to be considered a holder in due course.
Q5) Should the law recognize holder in due course status and its protections? Explain your response.
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Chapter 19: Secured Transactions and Bankruptcy
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Q1) According to the Uniform Commercial Code,a financing statement should include
A)the names and addresses of all the parties involved
B)the names and addresses of all the parties involved and a description of the collateral
C)the names and addresses of all the parties involved,a description of the collateral,and the signature of the debtor
D)the name of the financing bank and the name of the debtor,and a description of the collateral
E)the name of the financing bank,the signature of the debtor,a description of the collateral,and the details of the loan repayment schedule
Q2) If an individual was a debtor in a bankruptcy case that was dismissed within 180 days of the current case,the individual is generally not eligible to be a debtor under Chapters 7,11,or 13.
A)True
B)False
Q3) Bankruptcy law is state law.
A)True
B)False
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Chapter 20: Agency and Liability to Third Parties
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Q1) A gratuitous agent is one who acts without consideration.
A)True
B)False
Q2) Persons who are not employees but who are hired by employers to perform certain tasks are known as:
A)Gratuitous agents
B)Independent contractors
C)Agents by estoppel
D)Agents by ratification
E)Employee contractors
Q3) What does the Latin phrase respondeat superior mean?
A)Let the superior speak
B)Let the agent speak
C)Let the employee speak
D)Let all speak
E)Let all be responsible
Q4) An agent's obligation to act in the interest of the principal is known as the duty of performance.
A)True
B)False
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Chapter 21: Forms of Business Organization
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Q1) A limited partnership and a limited liability partnership refer to the same type of business organization.
A)True
B)False
Q2) What is a written agreement that creates a partnership called?
A)Articles of incorporation
B)Articles of partnership
C)Articles of organization
D)Partnership prospectus
E)Certificate of partnership
Q3) A written agreement is required to create a partnership.
A)True
B)False
Q4) In a ________ partnership,all the partners' liability for professional malpractice is limited to the partnership.
A)general
B)limited
C)professional
D)limited liability
E)stop-loss
Page 23
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Chapter 22: Corporations: Formation and Organization
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Q1) Directors and officers have a fiduciary duty of care.
A)True
B)False
Q2) ________ directors are outside directors who do not have business contacts with the corporation.
A)Approved
B)Certified
C)Statutory
D)Presumptive
E)Unaffiliated
Q3) Promoters raise capital for an infant corporation by making subscription agreements with subscribers.
A)True
B)False
Q4) In a tender offer,the aggressor offers target shareholders a price below the current market value of the stock.
A)True
B)False
Q5) Discuss the rights of corporations under the United States Constitution's Bill of Rights.
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Chapter 23: Securities Regulation
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Q1) ________ regulate(s)securities transactions.
A)The Securities Act of 1933
B)The Securities Exchange Act of 1934
C)The Anti-Fraud Securities Act of 2001
D)The Securities Act of 1933,the Securities Exchange Act of 1934,and the Anti-Fraud Securities Act of 2001
E)The Securities Act of 1933 and the Securities Exchange Act of 1934,but not the Anti-Fraud Securities Act of 2001
Q2) Investment banking firms that purchase securities from the issuing corporation with the intent to sell them to brokerage houses are known as ________.
A)underwriters
B)venture capitalists
C)jobbers
D)accredited purchasers
E)stock intermediaries
Q3) The Securities Act of 1933 offers a simplistic definition of a security.
A)True
B)False
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Chapter 24: Employment and Discrimination Law
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Q1) Which of the following is true regarding whether a customer's sexual harassment of an employee may result in employer liability under Title VII of the Civil Rights Act of 1964?
A)An employer cannot be held liable in such cases because the employer has no control over the customer.
B)An employer is liable as a matter of law in such cases because the employer has an absolute duty to provide a work environment that is free of harassment.
C)An employer may be held liable in such cases if the employer knew that the customer repeatedly harassed the employee,yet the employer did nothing to remedy the situation.
D)An employer may be held liable in such cases,but only if quid pro quo harassment is involved.
E)An employer may be held liable in such cases,but only if disparate-impact harassment is involved.
Q2) Set forth the definition of sexual harassment as stated by the Equal Employment Opportunity Commission (EEOC)and accepted by the United States Supreme Court.
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Chapter 25: Consumer Law
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Q1) State consumer protection laws prohibiting used-car fraud are known as ________ laws.
A)orange
B)prune
C)lemon
D)onion
E)garlic
Q2) Puffing is the practice of advertising with claims that mislead or could mislead a reasonable consumer.
A)True
B)False
Q3) When an advertisement is true but incomplete,it is ________.
A)constructive fraud
B)fraud in the factum
C)a Rule 10b(5)violation
D)a Rule 10b(6)violation
E)a half-truth
Q4) How can the Federal Trade Commission protect consumers if most companies within one industry are using the same unfair or deceptive practices?
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