Management and Law Exam Practice Tests
Course Introduction
Management and Law explores the intersection of business management principles and legal frameworks governing organizations. The course provides students with foundational knowledge of laws relevant to business operations, including contracts, employment, intellectual property, and regulatory compliance, while simultaneously developing practical management skills such as strategic planning, decision-making, and leadership. Through case studies and real-world examples, students learn to navigate legal challenges in organizational settings, understand ethical responsibilities, and apply legal reasoning in managerial decision-making to reduce risk and drive sustainable business success.
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Business Law Today Comprehensive 11th Edition by
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Page 2
Roger LeRoy Miller
Chapter 1: The Legal Environment
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Q1) Remedies in equity include injunctions.
A)True
B)False
Answer: True
Q2) Kevin is a judge hearing the case of Local Dispatch Co. v. National Transport Corp.
Applying the relevant rule of law to the facts of the case requires Kevin to find previ-ously decided cases that,in relation to the case under con-sidera-tion,are
A)as different as possible.
B)as similar as possible.
C)at odds.
D)exactly identical.
Answer: B
Q3) The branch of law dealing with the definition and enforcement of all private or public rightsis
A)administrativelaw.
B)civil law.
C)constitutional law.
D)federallaw.
Answer: B
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Page 3
Chapter 2: Constitutional Law
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Q1) Bob,the president of Commerce & Trade,Inc.,claims that certain actions by the federal government and the state of Delaware infringe on rights guaranteed by the Bill of Rights. All of these rights limit
A)none of the choices.
B)the federal government.
C)private citizens and corporations.
D)the states.
Answer: B
Q2) Lake City enacts an ordinance that bans the distribu-tion of all printed materials on city streets. Mackensie opposes the city's latest "revenue-enhancing" measure and wants to protest by distributing handbills. In her suit against Lake City,a court would likely hold the ban on printed materials to be
A)constitutional under the First Amendment.
B)not subject to the U.S. Constitution.
C)unconstitutional under the commerce clause.
D)unconstitutional under the First Amendment.
Answer: D
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Chapter 3: Courts and Alternative Dispute Resolution
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Q1) Tyler,a citizen of Utah,files a suit in a Utah state court against Veritas Sales Corporation,a Washington state company that does business in Utah. The court has original jurisdiction,which means that
A)the case is being heard for the first time.
B)the court has a unique method of deciding whether to hear a case.
C)the court has unusual procedural rules.
D)the subject matter of the suit is interesting and new.
Answer: A
Q2) Discovery is the process of obtaining information from an opposing party before trial.
A)True
B)False
Answer: True
Q3) Only a defendant may file a motion for summary judgment.
A)True
B)False
Answer: False
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Chapter 4: Tort Law
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Q1) Under the doctrine of strict liability,if there is no fault,there is no liability.
A)True
B)False
Q2) Ladd throws a rock intending to hit Minh but misses and hits Nasir instead. On the basis of the tort of battery,Nasir can sue
A)Ladd.
B)Minh.
C)the rightful owner of the rock.
D)no one.
Q3) Bette backs out of City Parking Garage,colliding with Dill's car. Dill may recover $7,500 to cover the cost of the repairs if Bette failed to act as
A)a blameless person.
B)a faultless person.
C)a careless person.
D)a reasonable person.
Q4) To commit an intentional tort,a person must have an evil or harmful motive.
A)True
B)False
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Chapter 5: Product Liability
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Q1) Sellers are required to take precautions against every conceivable misuse of a product.
A)True
B)False
Q2) AgriGro,Inc.,sells hybrid seed to farms and other agricultural enterprises. Brandon buys and plants AgriGro seed on his Country Farm,but no crop grows because the seed is defective. Brandon sues AgriGro for product liability based on negligence. To win,Brandon must show that
A)AgriGro sold the seed to Brandon.
B)Brandon knew and appreciated the risk caused by the defect.
C)Brandon suffered damage caused by the defect.
D)the "defect" was a commonly known danger.
Q3) Meds Company,Oral Med Corporation,and Pharma,Inc.,are drug makers. In a suit against all of these parties in which market-share li-ability is imposed,most likely to be liable are
A)none of these parties.
B)the party with the largest market share.
C)all of these parties.
D)the parties whose market shares are equal.
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Page 7
Chapter 6: Intellectual Property Rights
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Q1) iMeeMine Inc. develops a new mobile phone that the company names "Call Mee." iMeeMine can obtain trademark protection for
A)the phone.
B)the "newness" of the device.
C)the name "Call Mi."
D)none of the choices.
Q2) In 2015,Kelly writes Like the Wind,a novel about marathoners and ultra marathoners. Kelly does not register the work with the appropriate government office. Under federal copyright law,Kelly's work is protected
A)for ten years.
B)for twenty years.
C)for the life of the author plus seventy years.
D)not at all.
Q3) Anyone who writes a book has automatic international copyright protection-even in nations that are not parties to international agreements relating to intellectual property rights.
A)True
B)False
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Chapter 7: Internet Law, social Media, and Privacy
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Q1) No federal court has held that digitally sampling a copyrighted sound recording of any length constitutes copyright infringement.
A)True
B)False
Q2) "Dawn" is a song included in the sound track of "eDay," a movie produced and distributed by FasTrac Corporation. The song features a digital sampling of a few seconds of the guitar solo of one of George Harrison's copyrighted sound recordings without permission. Does this digital sampling constitute copyright infringement on the part of FasTrac? Explain.
Q3) Using another's trademark in a meta tag does not normally constitute trademark infringement,even if it is done without the owner's permission.
A)True
B)False
Q4) A claim of trademark dilution requires proof that consumers are likely to be confused by a connection between the unauthorized use and the mark.
A)True
B)False
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Chapter 8: Criminal Law and Cyber Crime
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Q1) One element that normally must exist for a person to be convicted of a crime is the performance of a prohibited act.
A)True
B)False
Q2) Falsifying public records or altering a legal document is larceny.
A)True
B)False
Q3) Benito accesses Creditline Bank's computer system without authority to obtain protected financial and credit records.Under federal law,this is
A)a felony if it was done for a commercial purpose.
B)a felony if Creditline brings a civil suit against Benito.
C)not a crime.
D)a crime but not a felony.
Q4) Under the exclusionary rule,illegally obtained evidence may not be included in any criminal prosecution.
A)True
B)False
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Chapter 9: Business Ethics
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Q1) The legality of an action is always clear.
A)True
B)False
Q2) In ethical terms,a cost-benefit analysis is an assessment of the negative and positive effects of alternative actions on individuals.
A)True
B)False
Q3) Business owners' misbehavior has no negative consequences for their business.
A)True
B)False
Q4) Sometimes,there is no "good" answer to the ethical questions that arise.
A)True
B)False
Q5) Acting in good faith gives a business firm a better chance of defending its actions in court.
A)True
B)False
Q6) An action may be legal but not ethical.
A)True
B)False
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Chapter 10: Nature and Classification
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Q1) Bo signs a lease with Capri Apartments to lease a studio apartment for the next year for $650 per month. Daisy signs on Capri's behalf. Bo and Capri have
A)no contract.
B)an express contract.
C)an implied contract.
D)a simple contract.
Q2) Home & Barn Construction,Inc.,contracts with Idyll Farms to build a new dairy barn on Idyll's property for which Idyll agrees to pay.The elements of this,and any other,contract include
A)the parties' capability.
B)consideration.
C)necessity of purpose.
D)theprice.
Q3) A bilateral contract comes into existence at the moment promises are exchanged.
A)True
B)False
Q4) All contracts include an implied covenant of good faith and fair dealing.
A)True
B)False
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Chapter 11: Agreement
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Q1) An offeree's power of acceptance is terminated when the offeror dies unless the offer is irrevocable.
A)True
B)False
Q2) Archway Architects,Inc.,makes travel arrangements online and stores the confirming documents and receipts on its servers. Under the UETA,"information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form" is
A)an e-contract.
B)a shrink-wrap agreement.
C)a partnering agreement.
D)a record.
Q3) An offer terminates automatically when the time specified in the offer has passed. A)True
B)False
Q4) An offer does not need to be communicated to the offeree to become effective. A)True
B)False
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Chapter 12: Consideration
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Q1) Centre City Properties,Inc.,owns and manages a warehouse. DIY Home Improvement Stores agrees to lease the warehouse for six years. Under the lease,DIY is obligated to pay all of the utility costs. Two years into the term,DIY asks Centre City to modify the lease to provide that the utility costs will be split equally between them. The landlord agrees,but later decides it does not want to share the costs and refuses to pay. Is Centre City bound to its agreement to share the utility costs? Why or why not?
Q2) Under a contract with Valley Vineyard,Walsh begins grading a terraced hillside for the planting of grapes. Halfway through the project,Walsh asks for $5,000 over the contract price,claiming an increase in the "cost of doing business." Valley agrees but later refuses to pay. Valley's agreement to pay more is
A)unenforceable because Walsh's performance was a preexisting duty.
B)unenforceable because Valley's promise was illusory.
C)enforceable.
D)unenforceable because Walsh's request modified the contract.
Q3) Legal sufficiency of consideration is the same as adequacy of consideration.
A)True
B)False
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Chapter 13: Capacity and Legality
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Q1) A contract entered into by a minor is voidable at the option of either of the contracting parties.
A)True
B)False
Q2) Nelson,a minor,misrepresents his age when agreeing to a contract to buy a restored,antique soda vending machine from Old Is New Again,Inc. Ordinarily,Nelson can disaffirm the contract
A)only if he can prove that the seller did not know his true age.
B)only if he can prove that the seller knew his true age.
C)under any circumstances.
D)under no circumstances.
Q3) When a minor disaffirms a contract,he or she must return whatever he or she received as a result of the contract.
A)True
B)False
Q4) Contracts in restraint of trade generally are enforceable because they positively affect public policy.
A)True
B)False
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Chapter 14: Voluntary Consent
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Q1) A threat to exercise a legal right,such as the right to sue someone,ordinarily constitutes duress.
A)True B)False
Q2) Duress is a defense to the enforcement of a contract,but not a ground for rescission of a contract.
A)True B)False
Q3) Creighton applies to BigData Corporation for a position as a software engineer. Creighton has no training in computers or programming and no background as an engineer. After Creighton is hired,BigData learns the truth. BigData can A)not rescind the contract.
B)rescind the contract on the basis of fraud.
C)rescind the contract on the basis of mistake.
D)rescind the contract on the basis of unconscionability.
Q4) Reformation occurs when a court alters the terms of a contract to reflect the true intent of the parties.
A)True B)False
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Chapter 15: The Statute of Fraudswriting Requirement
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Q1) A prenuptial agreement must be in writing to be enforceable.
A)True
B)False
Q2) Elaine offers Francie$1 millionto invest in a start-up business venture if Francie marries Elaine's son Guinn. This promise is enforceable
A)only if it is in writing.
B)only if the venture is not likely to succeed or fail within one year
C)only if Guinn agrees to marry Francie.
D)under no circumstances.
Q3) A contract must be in writing to be enforceable if the contract makes per-formance possible within any definite period of time.
A)True
B)False
Q4) Oral evidence to "fill in the gaps" of a contract with incomplete terms can be introduced at a trial.
A)True
B)False
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Chapter 16: Performance and Discharge
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Q1) Emil enters into a contract to buy Foley's cultivated bottomland if County AgriCredit will lend Emil the funds to pay for the land. Emil's duty to perform is A)absolute.
B)conditional.
C)substantial.
D)commercially impracticable.
Q2) A novation occurs when there is a substitution,by agreement,of a new contract for an old one,with the rights under the old one being terminated.
A)True
B)False
Q3) A contract for a work of art is a personal contract. A)True
B)False
Q4) A condition is a qualification in a contract based on a future event that is certain to occur.
A)True
B)False
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Chapter 17: Breach and Remedies
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Q1) River Vista Inc. enters into a contract with Stable Realty Management to manage and maintain River Vista's commercial real estate. Their contract provides that neither party can recover damages for a non-fraudulent or unintentional breach. This is
A)a limitation-of-liability clause.
B)an exculpatory clause.
C)a liquidated damages clause.
D)a quasi contract.
Q2) The measure of compensatory damages often varies by type of contract.
A)True
B)False
Q3) Mother & Daughter Jewelers breaches its lease with Longview Mall and vacates the premises six months before the end of the term. In some states,Longview would have to
A)avoid reletting the premises to recover damages.
B)use reasonable means to find a new tenant to mitigate dam-ages.
C)relet the premises to recover any damages.
D)sell the premises to recover any damages.
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Chapter 18: Third Party Rights
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Q1) A transfer of contract rights to a third party is an assignment.
A)True
B)False
Q2) Leon contracts to install automatic watering troughs in Kendall's dairy barn. When Leon becomes seriously ill,he contracts with Jake to install the troughs. Jake is unreliable and never shows up to do the work. Kendall can sue
A)no one.
B)Jake only.
C)Leon only.
D)Jake or Leon.
Q3) Bea takes out a life insurance policy with Vida Insurance Corporation that names her spouse Wendell as the beneficiary. This is
A)a delegation.
B)an assignment.
C)a third party incidental beneficiary contract.
D)a third party intended beneficiary contract.
Q4) Contract duties are not assigned-they are delegated.
A)True
B)False
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Chapter 19: International Law in a Global Economy
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Q1) Confiscation occurs when a government seizes private property for an illegal purpose or without just compensation.
A)True
B)False
Q2) Michael,a citizen of Ireland,and Nina,a citizen of the United States,enter into a contract. When Nina breaches the contract,Michael obtains an award of damages in an Irish court. He asks a U.S. court to enforce the award. The U.S. court defers to and enforces the Irish court's decree. This is
A)a travesty of justice.
B)theact of state doctrine.
C)thedoctrine of sovereign immunity.
D)theprinciple of comity.
Q3) Franchising is a form of licensing.
A)True
B)False
Q4) The primary goal of the North American Free Trade Agreement is to eliminate tariffs among the United States,Canada,and Mexico.
A)True
B)False
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Chapter 20: The Formation of Sales and Lease Contracts
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Q1) Under the UCC,a sale is the passing of title from a seller to a buyer for a price.
A)True
B)False
Q2) Jamie is redoing his kitchen and decides he needs a floor sander to complete the job. Jamie tells Rachel,his neighbor,that he needs a floor sander. Rachel tells Jamie to call Home Repair Rentals,Inc. Home Repair Rentals leases Jamie a floor sander. In this transaction the lessor is
A)Jamie.
B)Rachel.
C)Home Repair Rentals.
D)both Jamie and Rachel.
Q3) Medico Inc. enters into a contract to sell medical supplies to New Hospital Corporation,which sells some of the items to Physicians Clinic,which later sells them to Oscar,a patient and consumer. Article 2 of the UCC applies to the sales transactions betwee
A)all buyers and sellers.
B)Medico and New Hospital only.
C)New Hospital and Physicians Clinic only.
D)Physicians Clinic and Oscar only.
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Page 22
Chapter 21: Title and Risk of Loss
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Q1) A buyer has an insurable interest in identified goods only if he or she has title to the goods.
A)True
B)False
Q2) Even if goods are not identified to the contract,the title and risk of loss can still pass from the seller to the buyer.
A)True
B)False
Q3) If a sale involves crops that are to be harvested within twelve months,identification takes place when the seeds for the crops are harvested.
A)True
B)False
Q4) If a lessor is a merchant,the risk of loss passes to a lessee when the lessee takes physical possession of the goods.
A)True
B)False
Q5) Under the UCC,the risk of loss is necessarily determined by title.
A)True
B)False
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Chapter 22: Performance and Breach of Sales and Lease Contracts
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Q1) Fuel Connector Products,Inc.,agrees to sell Go-Flo,Inc.,a certain quantity of hose couplings and fittings,but the contract does not specify a place of delivery. Go-Flo is expected to pick up the goods. The place of delivery is
A)Fuel Connector's place of business.
B)Go-Flo's place of business.
C)the current location of the hose couplings and fittings.
D)the U.S. Postal Service office nearest to Go-Flo's place of business.
Q2) A product is unmerchantable if an accident could arise in connection with the goods.
A)True
B)False
Q3) Quade is an expert in twentieth-century art. Rachel visits Quade's gallery,seeking to buy artwork as an investment. Quade shows her a painting that in his opinion is by Picasso. Quade's statement is
A)an express warranty.
B)an implied warranty.
C)a warranty of title.
D)puffery.
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Chapter 23: Negotiable Instruments
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Q1) A holder cannot become an HDC if he or she has notice of any claim to the instrument or defense against it.
A)True
B)False
Q2) O'Malley negotiates an order instrument to Phil by
A)anassignment of O'Malley's rights under a contract.
B)adelivery to Phil with any necessary indorsement.
C)making an unconditional promise to pay.
D)presenting it in response to a demand by Phil.
Q3) Fanny signs a note "payable to the order of Guaranty Bank." Guaranty indorses the note in blank and negotiates it to Haji,who sells it to Iona. Liability associated with the transfer of the note from Haji to Iona is
A)conceptual.
B)contractual.
C)signature.
D)warranty.
Q4) A symbol can serve as a valid signature.
A)True
B)False
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Chapter 24: Banking in the Digital Age
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Q1) Franco buys a sound system from Georg at Georg's garage sale. Franco writes Georg a check for $250 to pay for the system. Georg is
A)none of the choices.
B)the drawee.
C)the drawer.
D)the payee.
Q2) Gary writes a check drawn on Hilltop Bank for $400 "payable to Ivan" on May 1. Gary dies on May 3. Ivan presents the check to the bank on May 5. Unaware of Gary's death,the bank
A)mustcertify the check.
B)may pay the check.
C)must consult with Gary's heirs before paying the check.
D)can do nothing until Ivan claims an interest in the account.
Q3) Keanu presents an instrument that states "pay to the order of Laura" to MegaBank for payment. This instrument is the most common type of negotiable instrument,which is A)a certificate of deposit.
B)a check.
C)a note.
D)a payment via a mobile device.
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Page 26
Chapter 25: Security Interests and Creditors Rights
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Q1) Federal law alone governs garnishment actions.
A)True
B)False
Q2) Quotient Financial Corporation is a secured party with a security inter-est in property owned by Retail Sales Company. Perfection of this secu-rity in-ter-est may not protect Quotient Financial against the claim of A)a bank.
B)a buyer in the ordinary course of business.
C)a subsequent lien creditor.
D)a trustee in bankruptcy.
Q3) Sara needs $1,500 to buy textbooks and other school supplies. Tomas agrees to loan Sara $1,500,accepting as collateral Sara's car. They put their agreement in writing and sign it. Sara keeps possession of the car. Does Tomas have an enforceable security interest? How can Tomas let other creditors know of his interest in the car?
Q4) A guarantor is secondarily liable on an obligation.
A)True
B)False
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Chapter 26: Bankruptcy
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Q1) An order for relief in a bankruptcy proceeding amounts to a discharge of the debts of the party petitioning for bankruptcy protection.
A)True
B)False
Q2) Before filing for bankruptcy,a consumer-debtor must receive credit counseling.
A)True
B)False
Q3) Milos files a petition in bankruptcy. His dischargeable debts include
A)domestic-support obligations.
B)student loans unless the lender would suffer undue hardship.
C)court costs,trustee fees,and attorney's fees associated with the bankruptcy.
D)unsecured credit-card debt.
Q4) Lenders Bank provides Mark with a mortgage to buy a home. The rate of interest is fixed for five years and then adjusts annually. This is
A)a fixed-rate mortgage.
B)an adjustable-rate mortgage.
C)a workout agreement.
D)a violation of the law.
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Chapter 27: Agency Relationships in Business
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Q1) Refer to Fact Pattern 27-2. Cuisine Cateringis
A)a disclosed principal.
B)an apparent agent.
C)an undisclosed principal.
D)a partially disclosed principal.
Q2) Employment laws apply only to the employer-employee relationship.
A)True
B)False
Q3) A principal does not have the right to control an agent's conduct in matters entrusted to the agent.
A)True
B)False
Q4) Reynaldo is a delivery driver for Southeast Asian Noodle Company. Reynaldo does exactly what the company tells him. Reynaldo is
A)an employee.
B)an employer.
C)an independent contractor.
D)a principal.
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Page 29
Chapter 28: Employment, immigration, and Labor Law
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Q1) Northwest Energy Company is subject to mandatory workers' compensation laws in the states in which it does business. Odele and Phelpswork for Northwest Energy as part of a crew that travels to remote locations to repair broken pumps and other damaged equipment. At a distant site,Odele is in-jured in an accident that is entirely Phelps's fault. Odele files a claim for workers' compensation. Should the claim be granted? What would be Northwest Energy's best defense against it?
Q2) Analytic Projections,Inc.,a data analysis firm,wants to hire Benazir,a noncitizen. A work visa is most likely to be set aside for a noncitizen if
A)the noncitizen is of "ethnic similarity to the employer's workforce."
B)there is no shortage of qualified U.S. workers capable of doing the work.
C)hiring the worker will not adversely affect the labor force.
D)the noncitizen is a "person with an extraordinary work ethic."
Q3) Trangis an employee of U.S. Natural Gas Company. Under federal law,Trangand other employees have the right to
A)bargain collectively with their employerthrough their representative.
B)insist that their employer require union membership to work.
C)requiretheir employer to contribute financially to their union.
D)refuse to bargain with their employer through their representative.
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Chapter 29: Employment Discrimination
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Q1) Veronica is a repair person for Wind Power Company. The job requires traveling to remote areas to make repairs to windmills,transmission towers,and power stations under any conditions. Veronica has had the job longer than other employees. Veronica applies for a promotion to a supervisory position that requires constant communication with others in the field. Wind Power rejects the application on the ground that Veronica is hearing impaired. Wind Power acknowledges that Veronica is otherwise quali-fied,but asserts that it "needs someone who does not have a hear-ing problem." Veronica files a suit against Wind Power under the Americans with Disabilities Act. What is the issue,and what are the relevant considerations on which its resolution depends?
Q2) Qiana is the only female employee in the maintenance department of Rescue Vehicles Sales & Service Inc. Qiana's supervisor and co-workers tease and play tricks on her so relentlessly that she feels compelled to quit. This is
A)a constructive discharge on the basis of gender discrimination.
B)a harassing discharge on the basis of treatment discrimination.
C)a voluntary discharge on the basis of impact discrimination.
D)none of the choices.
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Chapter 30: Sole Proprietorships and Franchises
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Q1) Restful Inn Motel Corporation wants to terminate its franchise arrangement with Steve's Cabins. Their contract does not provide for notice of termination or set a time for winding up the business. This means that to wind up,Steve's
A)has a reasonable time,with notice.
B)has whatever time Restful Inn determines,with or without notice.
C)is entitled to notice,but nothing more.
D)must close immediately.
Q2) A sole proprietorship offers less flexibility than does a partnership or a corporation. A)True
B)False
Q3) A franchise relationship may be governed by the law covering sales contracts as expressed in Article 2 of the Uniform Commercial Code.
A)True B)False
Q4) The federal government regulates franchising through laws that apply to specific industries.
A)True
B)False
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Chapter 31: All Forms of Partnership
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Q1) In winding up a general partnership,creditors are paid before partners receive their capital contributions.
A)True
B)False
Q2) In a general partnership,the acts of one partner in the ordinary course of business do not subject the other partners to personal liability.
A)True
B)False
Q3) Narib and Olivia are limited partners in Physicians Medical Center,a limited partnership. In terms of the firm's books and information regarding partnership business,Narib and Olivia are entitled to A)access in proportion to their participation in management of the firm.
B)access to the parts that directly relate to their capital contributions. C)no access.
D)complete access
Q4) Most states treat a partnership as an aggregate for most purposes. A)True B)False
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Page 33
Chapter 32: Limited Liability Companies and Special
Business Forms
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Q1) Generally,a dissociated member of a limited liability company (LLC)has the right to buy his or her interest in the LLC from the other members.
A)True
B)False
Q2) Lauren,Marcella,and Norell form a syndicate to buy a professional soccer franchise. This syndicate could be set up as
A)a joint venture.
B)a corporation.
C)a sole proprietorship.
D)a limited liability company.
Q3) IT Apps,LLC,is a limited liability company. Among its members,a dispute arises that the operating agreement does not cover. The dispute is governed by
A)the applicable state LLC statute.
B)the Uniform Limited Liability Company Act.
C)the principles of partnership law.
D)the federal LLC statutes.
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Chapter 33: Corporate Formation and Financing
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Q1) A corporation has perpetual existence in most states unless the articles of incorporation state otherwise.
A)True
B)False
Q2) Vincento buys 500 shares of common stock in Water Reclamation & Conservation Services,Inc. As a shareholder of record,Vincento owns a proportionate interest with regard to Water Reclamation's A)net assets.
B)control.
C)earnings.
D)all of the choices.
Q3) Rob owns Solar Fuel Corporation. Rob uses Solar Fuel's funds to pay his personal expenses,creates Thermal Power Inc. to engage in the same business as Solar Fuel,transfers Solar Fuel's assets to Thermal Power,and petitions Solar Fuel into bankruptcy. This most likely warrants
A)a bonus to Rob for financial maneuvers.
B)a discharge for Solar Fuel in bankruptcy.
C)a pierce of the corporate veil.
D)a review of Thermal Power's articles of incorporation.
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Page 35
Chapter 34: Corporate Directors, officers, and Shareholders
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Q1) Directors can delegate work to corporate officers and employees.
A)True
B)False
Q2) Mieko is a shareholder of Natural Gas,Inc. Natural Gas uses cumulative voting to elect directors. This means that the number of Mieko's votes is determined by the number of
A)years that Mieko has been a shareholder.
B)members of the board to be elected multiplied by the total number of voting shares that Mieko holds.
C)shareholders present at the shareholders' meeting.
D)shareholders' meetings that Mieko has attended.
Q3) Pat owns one share of stock in Quik Smoothies Corporation,as evidenced by a stock certificate. Because stock is intangible personal property,Pat's ownership of the stock
A)exists independently of the stock certificate.
B)cannot exist without a tangible stock certificate.
C)cannot exist without the original stock certificate.
D)cannot be transferred without the stock certificate.
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Chapter 35: Corporate Mergers, takeovers, and Termination
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Q1) Ingre is a shareholder of Jazz Street Studios,Inc. Ingre could normally exercise appraisal rights if Jazz Street participated in A)a share exchange.
B)none of the choices.
C)a takeover.
D)a winding up.
Q2) When dissolution takes place by voluntary action,the members of the board of directors are responsible for winding up the affairs of the corporation.
A)True
B)False
Q3) The board of directors of each corporation involved must approve a merger. A)True
B)False
Q4) Alice and Bernie pool their money and talents to form Cutting Edge Corporation,a precision tooling company. They are the firm's only shareholders,directors,and officers. After five years of declining home prices,they decide to cease business. Can they simply dissolve their corporation at will? If so,what are the steps in the process?
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Chapter 36: Investor Protection, insider Trading, and Corporate Governance
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Q1) The definition of security in the Securities Act of 1933 does not include instruments commonly known as securities.
A)True
B)False
Q2) "Forward-looking" financial forecasts that turn out to be wrong are not protected against liability for securities fraud.
A)True
B)False
Q3) Securities can be sold after the effective date of the registration statement without restrictions.
A)True
B)False
Q4) Anyone who wrongfully obtains inside information and trades on it for his or her personal gain can be liable under SEC Rule 10b-5.
A)True
B)False
Q5) State securities laws apply mainly to interstate transactions.
A)True
B)False
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Chapter 37: Administrative Law
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Q1) Closed meetings of the U.S. Forest and Wildlife Service and other federal administrative agencies are permitted when
A)the subject of the meeting concerns accusing a person of a crime.
B)open meetings would frustrate the implementation of future actions.
C)the subject of the meeting involves matters relating to future litigation or rulemaking.
D)all of the choices.
Q2) A failure of the Federal Bureau of Investigation to comply with a request under the Freedom of Information Act (FOIA)may be challenged in
A)a federal district court.
B)a hearing before the U.S. Freedom of Information Agency.
C)a meeting with Congress's FOIA subcommittee.
D)a special conference with the president of the United States.
Q3) Every portion of every meeting of a federal administrative agency must be open to public observation.
A)True
B)False
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Chapter 38: Antitrust Law and Promoting Competition
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Q1) A market division by class of customer between rival firms does not violate antitrust law.
A)True
B)False
Q2) It is in society's interest to condemn every firm that acquires a position of power.
A)True
B)False
Q3) When a small number of companies share a large part of a market,the market is concentrated.
A)True
B)False
Q4) Monopoly power may be proved by evidence that a firm used its power to control prices.
A)True
B)False
Q5) Unilateral conduct cannot result in a violation of antitrust law.
A)True
B)False
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Chapter 39: Consumer and Environmental Law
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Q1) In a transaction subject to the Truth-in-Lending Act,the terms of a credit instrument must be fully disclosed.
A)True
B)False
Q2) Credit can be denied on the basis of race.
A)True
B)False
Q3) An information label must be attached to every new car to include the fuel economy estimate for the vehicle.
A)True
B)False
Q4) Mello's Mattress Company advertises a special sale on mattresses on its Web site. The mattresses are normally sold for $1,000,but are advertised on the site for $499. The sale price does not include the shipping cost. Mello's charges $250 for shipping. To avoid claims of Advertising,Marketing,and Sales,Mello's should
A)clearly and conspicuously disclose the shipping cost in its ads.
B)display the shipping cost in small print on Mello's Web page.
C)include the shipping cost on the last page of Mello's Web site.
D)not reveal the shipping cost.
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Chapter 40: Liability of Accountants and Other Professionals
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Q1) Accountants and other professionals do not face liability under the common law for any breach of contract.
A)True
B)False
Q2) Tyson accuses Ulman,an attorney,of committing malpractice. Malpractice is
A)constructive fraud.
B)a defalcation.
C)none of the choices.
D)professional negligence.
Q3) Professionals are required to deliver services but the competency of the services is never an issue.
A)True
B)False
Q4) Hadley,an accountant,accumulates working papers while performing an audit for Ilene. After the audit,these documents belong to
A)Hadley,with Ilene having a right of access to the papers.
B)Ilene,with Hadley having a right of access to the papers.
C)neither Hadley nor Ilene-the papers must be disposed of.
D)the Public Company Accounting Oversight Board.
Page 42
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Chapter 41: Personal Property and Bailments
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Q1) In a bailment of fungible goods,the bailee must return the identical goods given by the bailor.
A)True
B)False
Q2) The owner of the place where property was mislaid becomes the caretaker of the property.
A)True B)False
Q3) Property that is leased from a bailor must be fit for the intended purpose of the bailment.
A)True
B)False
Q4) Warehouse companies are not liable for loss or damage to property resulting from negligence.
A)True B)False
Q5) Constructive delivery is always necessary for gifts of intangible personal property. A)True B)False
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Chapter 42: Real Property and Landlord-Tenant Law
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Q1) If a tenant abandons the premises,in most states a landlord is required to mitigate his or her damages.
A)True
B)False
Q2) To terminate a periodic tenancy. a landlord must give at least one period's notice to the tenant.
A)True B)False
Q3) A tenant can withhold rent for any reason.
A)True B)False
Q4) The government cannot take private property for public use. A)True B)False
Q5) Under the implied warranty of habitability,a tenant impliedly warrants that he or she will "habitate" on the premises during the term of the lease.
A)True B)False
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Chapter 43: Insurance, wills, and Trusts
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Q1) A testator may revoke a will by intentionally tearing it.
A)True
B)False
Q2) Insurance policies are governed by the general principles of contract law.
A)True
B)False
Q3) When there is an ambiguity in an insurance policy,the provision generally is interpreted against the insurance company.
A)True
B)False
Q4) A valid will is one that represents the maker's intention to transfer and distribute his or her property.
A)True
B)False
Q5) An absolute defense against payment exists if the insurer can show that the insured lacked an insurable interest.
A)True
B)False
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