Principles of Business Law Exam Review
Course Introduction
Principles of Business Law introduces students to the fundamental concepts, principles, and legal frameworks that govern business activities. The course covers topics such as contract law, the structure and types of business organizations, agency relationships, employment law, intellectual property, and the regulatory environment. Through case studies and real-world examples, students learn how laws impact business decisions and operations, develop a foundational understanding of legal terminology, and cultivate the analytical skills necessary to identify and address legal issues in a business context. This course is essential for those seeking to understand the legal responsibilities and risks within the modern business landscape.
Recommended Textbook
Business Law Today Comprehensive 9th Edition by Roger LeRoy
Miller
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45 Chapters
3172 Verified Questions
3172 Flashcards
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Chapter 1: The Legal Environment
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Sample Questions
Q1) Refer to Fact Pattern 1-1.Bellamy's opinion is
A)a concurring opinion.
B)a dissenting opinion.
C)a majority opinion.
D)a per curiam opinion.
Answer: A
Q2) In Ben v.City Car Dealership,a state supreme court held that a minor could cancel a contract for the sale of a car.Now a trial court in the same state is deciding Daphne v.Even Steven Auto Deals,Inc.,,a case with similar facts.Under the doctrine of stare decisis,the trial court is likely to
A)allow the minor the Daphne case to cancel the contract.
B)disregard the Ben case.
C)order the minor in the Daphne case to cancel the contract.
D)require the minor in the Daphne case to fulfill the contract.
Answer: A
Q3) A defendant is a person against whom a lawsuit is brought.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Constitutional Law
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Sample Questions
Q1) The First Amendment protects symbolic speech.
A)True
B)False
Answer: True
Q2) Brad stands in front of Rustler's Round-Up Café,shouting "fighting words" that are likely to incite Rustler's patrons to respond violently.The First Amendment protects such speech
A)all of the time.
B)none of the time.
C)only if it is noncommercial.
D)only if it is symbolic.
Answer: B
Q3) Jon,a law enforcement official,monitors Kelsey's Internet activities-e-mail and Web site visits-to gain access to her personal financial data and student information.This may violate Kelsey's right to
A)equal protection of the law.
B)privacy.
C)procedural due process.
D)substantive due process.
Answer: B
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Chapter 3: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) A business firm may have to comply with the laws of any jurisdiction in which it actively targets customers.
A)True
B)False
Answer: True
Q2) Owen,in Pennsylvania,and Quik Jobs,Inc.,in Maryland agree to have their dispute resolved in arbitration according to the law of Virginia.This is a ground for a court to A)do nothing.
B)review the merits of the dispute.
C)review the sufficiency of the evidence.
D)set aside the award.
Answer: A
Q3) The verdict in a summary jury trial is binding.
A)True
B)False
Answer: False
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Page 5
Chapter 4: Torts and Cyber Torts
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Sample Questions
Q1) Frank slips and falls on Guy's Harbor Tour Boat and is injured.Frank files a suit against Guy's for $500,000.If Frank is 20 percent at fault and Guy's is 80 percent,under the "50 percent rule" comparative negligence principles,Frank would recover A)$0.
B)$250,000.
C)$400,000.
D)$500,000.
Q2) A party cannot recover damages for severe emotional distress absent a showing of physical injury.
A)True
B)False
Q3) To determine whether a duty of care has been breached,a judge asks how he or she would have acted in the same circumstances.
A)True
B)False
Q4) Consent is a defense to an allegation of assault,but not battery.
A)True
B)False
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Chapter 5: Intellectual Property and Internet Law
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Sample Questions
Q1) Standard Corporation can not claim a trademark in the phrase "Quality Is Standard" if the phrase
A)has a secondary meaning.
B)is descriptive.
C)is generic.
D)means nothing.
Q2) Hawk Corporation begins making and selling motorcycles in 2000 under the mark "Hawk." Ten years later,Hawk.com,Inc.,a different company selling medical equipment and supplies,begins to use "hawk" as part of its URL and registers it as a domain name.Can Hawk Corporation stop Hawk.com's use of "hawk" If so,what must the motorcycle-maker show
Q3) Gas Up,Inc.,designs,makes,and sells a fuel injection system that copies Hybrid Corporation's design without Hybrid's permission.This is most likely
A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)a theft of trade secrets.
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Chapter 6: Criminal Law
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Sample Questions
Q1) Susan is the president of United Food Corporation,a wholesale grocery company.An inspection by Tim,a government agent,uncovers unsanitary conditions caused by Val,a United employee,in the United warehouse.Will,a United vice president,assures Tim that the situation will be corrected,but nothing is done,which a later inspection reveals.Susan knows nothing about any of this.Can United be convicted of a crime in these circumstances Can Susan be held personally liable
Q2) A suspect cannot be tried twice in the same court for the same crime.
A)True
B)False
Q3) Mike is arrested at a warehouse in North Industrial Park.A government prosecutor issues a formal charge against Mike for receiving stolen property.This charge is A)an arraignment.
B)an indictment.
C)an information.
D)an inquisition.
Q4) Criminal liability depends on the performance of a prohibited act.
A)True
B)False
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Page 8
Chapter 7: Cyber Crime
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Sample Questions
Q1) In cyberspace,thieves are as subject to physical limits as they are in the "real" world.
A)True
B)False
Q2) A hacker is someone who uses one computer to break into another.
A)True
B)False
Q3) Impersonating a victim to make provocative comments online is vishing.
A)True
B)False
Q4) Harvey puts up a guitar for bids on eWay,a Web auction site.Faith makes the highest bid and sends the payment,which Harvey receives,but he does not send the guitar to her.This is online
A)auction fraud.
B)puffery.
C)retail fraud.
D)frustration but not fraud.
Q5) The full extent of cyber crime is well known. A)True
B)False
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Chapter 8: Ethics and Business Decision Making
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Sample Questions
Q1) Corporate ethical policies must be clearly communicated to be effective.
A)True
B)False
Q2) Halley,a lawyer on the staff of International Group,applies the utilitarian theory of ethics in business contexts.Utilitarianism focuses on
A)moral values.
B)religious beliefs.
C)the consequences of an action.
D)the nature of an action.
Q3) A common ethical dilemma faced by the management of General Holdings Corporation involves the effect that its decision will have on A)one group as opposed to another.
B)the firm's competitors.
C)the government.
D)the U.S.Chamber of Commerce.
Q4) Ethical reasoning is the process through which an individual rationalizes whatever action he or she chooses to take.
A)True
B)False
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Chapter 9: Nature and Classification
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Sample Questions
Q1) Vernon claims that his contract with Ulani is voidable.If their contract is avoided
A)both parties are released from it.
B)both parties must fully perform their obligations under it.
C)a wholly different contract is agreed to.
D)a wholly different contract is imposed "as if" the parties had agreed.
Q2) An executory contract is one that has been fully performed.
A)True
B)False
Q3) GR8 Marketing Company and Hot Tunes,Inc.,sign a document that states GR8 agrees to create a marketing campaign for Hot and Hot agrees to pay GR8 for the service.GR8 and Hot have
A)an executed contract.
B)an express contract.
C)an implied-in-fact contract.
D)a quasi contract.
Q4) Plain language laws regulate some types of contracts to require "legalese."
A)True
B)False
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Chapter 10: Agreement in Traditional and E-Contracts
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Sample Questions
Q1) The UETA covers only e-records and e-signatures relating to a transaction.
A)True
B)False
Q2) Magic Math Corporation makes business accounting software,which is packaged with a shrink-wrap agreement.National Distribution Company distributes the software to retailers,including an Office Stuff store,where Peg buys a package of it.The parties to the shrink-wrap agreement are
A)Magic Math and National Distribution only.
B)Magic Math and Peg only.
C)Magic Math,National Distribution,Office Stuff,and Peg.
D)Office Stuff and Peg only.
Q3) A partnering agreement reduces the likelihood that a dispute will arise under a contract.
A)True
B)False
Q4) A "sale" of software generally involves a right to use the software and a passage of ownership rights in the software to the buyer.
A)True
B)False
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Chapter 11: Consideration
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Sample Questions
Q1) Refer to Fact Pattern 11-1.Dave's discount is legally sufficient consideration
A)because it is a promise of something of value.
B)only if Dave adds a cash rebate.
C)only if Eva uses it.
D)under no circumstances.
Q2) Joel contracts to hire Huong for one year to tend the orchids in his commercial greenhouse but reserves the right to cancel the employment on one month's notice at any time after Huong begins work.This promise is A)enforceable.
B)illusory.
C)unliquidated.
D)unforeseen.
Q3) Courts typically consider the adequacy of consideration. A)True
B)False
Q4) Risks ordinarily assumed in business do not constitute consideration for the modification of a contract.
A)True
B)False
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Chapter 12: Capacity and Legality
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Sample Questions
Q1) A covenant not to compete is never enforceable.
A)True
B)False
Q2) Through fraudulent means,Roy induces Sal to sign a contract to invest with him her profits from Tasty Café.When Sal learns the truth,she may
A)do nothing with respect to the contract.
B)enforce the contract only.
C)enforce the contract or recover the money paid.
D)recover the money paid only.
Q3) Dante enters into a contract with Rosalinda,who does not have contractual capacity.Dante can enforce the contract if Rosalinda
A)does not choose to avoid the contract.
B)is a minor.
C)can obtain the funds to pay for the benefits of the contract.
D)is intoxicated or men?tally incompetent.
Q4) A contract to commit a crime is a contract and therefore enforceable.
A)True
B)False
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14
Chapter 13: Voluntary Consent
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Sample Questions
Q1) A contract is always enforceable even if one party is aware that the other party made a mistake of fact.
A)True
B)False
Q2) A mutual mistake of fact has no effect on the enforceability of a contract.
A)True
B)False
Q3) Metro City and Nu Hi-way Construction Company enter into a construction contract that includes six pages of detailed estimates.Later Metro,whose engineer compiled the figures,discovers that some numbers were added incorrectly,but Nu refuses to make changes.Metro may
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 economic duress.
Q4) A mistake of fact can only be bilateral.
A)True
B)False
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Chapter 14: The Statute of Fraudswriting Requirement
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Sample Questions
Q1) An integrated contract is the final embodiment of the terms of an agreement.
A)True
B)False
Q2) Crestview Properties.Inc.,and Deft Investment Corporation enter into a contract for a sale of land.To be enforceable,the contract must be in writing if the land is valued at A)more than $500.
B)more than $5,000.
C)more than $50,000.
D)any price.
Q3) Pablo and Melia enter into an oral contract for Pablo's sale to Melia of a laptop computer for $400.Assuming the terms can be proved,the contract is enforceable by A)the seller or the buyer.
B)the manufacturer of the laptop.
C)any third party who overheard the parties making the agreement.
D)none of the choices.
Q4) The Statute of Frauds requires that fraud must be proved by a writing.
A)True
B)False
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Page 16
Chapter 15: Performance and Discharge
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Sample Questions
Q1) If a contract requires performance to the personal satisfaction of a party,the party must in all cases be personally satisfied.
A)True
B)False
Q2) To rescind a contract,the parties must make a second agreement that includes consideration.
A)True B)False
Q3) Clyde contracts with Deephole Excavation,Inc.,to dig an agricultural pond on his farm.Deephole is to keep the excavated gravel in payment.Clyde's neighbor Earl challenges the dig as an illegal gravel pit.A court orders the digging to stop.Clyde's contract with Deephole is A)breached.
B)discharged.
C)not affected.
D)suspended.
Q4) The most common way to discharge a contract is by performance.
A)True B)False
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Chapter 16: Breach and Remedies
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Sample Questions
Q1) Rural Utility,Inc.,enters into a contract with Shovel Excavation Service to dig up,replace,and rebury Rural's cables in a certain location.Rural advances Shovel 10 percent of its cost.If the parties rescind the contract,Shovel's refund of the payment would be
A)a penalty.
B)liquidated damages.
C)restitution.
D)specific performance.
Q2) Normally,when a nonbreaching party has been damaged by a breach of contract,he or she has a duty to mitigate those damages.
A)True
B)False
Q3) Earl holds 1,000 pounds of perishable fruit in storage for Fresh Food Corporation.Fresh Food does not pay for the storage.Earl sells the fruit to Green Grocers,Inc.This sale represents A)a breach of contract.
B)a mitigation of damages. C)rescission and restitution.
D)specific performance.
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Page 18
Chapter 17: Third Party Rights
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Sample Questions
Q1) Trudy and Uri enter into a contract for the sale of Trudy's house for which Uri agrees to pay her $250,000.Uri wants to transfer his right to the ownership of the house to Val,his niece.This transfer generally
A)cannot be prohibited.
B)cannot be allowed.
C)can be prevented.
D)can be circumvented.
Q2) Olivia contracts for the sale of this year's strawberry crop to Phoenix,with payment to go to Rural Cooperative Association.The contract reserves to Olivia and Phoenix the right to modify its terms.Rural Cooperative's right to payment is
A)not affected by the reservation.
B)subject to any change that Olivia and Phoenix make.
C)limited only if Rural Cooperative agrees to any changes.
D)terminated by the reservation.
Q3) All rights can be assigned.
A)True
B)False
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19
Chapter 18: The Formation of Sales and Lease Contracts
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Sample Questions
Q1) The rules governing firm offers apply to all merchants.
A)True
B)False
Q2) Article 2 of the UCC governs contracts for sales of services.
A)True
B)False
Q3) Regional Products,Inc.,agrees to sell to Quantity Dealers Corporation a certain amount of goods but no mention is made of where the goods are to be delivered.In general,the UCC requires that the delivery take place at
A)a neutral place of business halfway between the parties' locations..
B)a UCC-designated warehouse.
C)Regional's place of business.
D)Quantity's place of business.
Q4) A contract between parties residing in different countries is subject to United Nations Convention on Contracts for the International Sale of Goods.
A)True
B)False
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Chapter 19: Title and Risk of Loss
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Sample Questions
Q1) EZ Equipment Corporation leases six forklifts to Fresco Refining Company,but as the forklifts are delivered,they are lost in an explosion.Under the UCC,the parties' rights and obligations with respect to the loss depend on the concept of A)physical possession.
B)product liability.
C)risk of loss.
D)title.
Q2) Under a destination contract,the risk of loss passes to the buyer when the goods are duly delivered to the carrier.
A)True
B)False
Q3) When a buyer agrees to buy goods held by a bailee,unless otherwise explicitly agreed,the risk of loss passes to the buyer when the price is paid.
A)True
B)False
Q4) Fungible goods are goods that cannot be delivered by physical transport.
A)True
B)False
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21
Chapter 20: Performance Breach of Sales Lease Contracts
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Sample Questions
Q1) Text Publishers,Inc.,contracts for a sale of textbooks to University Bookstores,Inc.Vital Shipping Corporation,the carrier,transports the books to Warehouse Storage Company.Text's right to stop delivery is lost when University's rights to the goods are acknowledged by
A)the appropriate government agency only.
B)Vital Shipping only.
C)Vital Shipping or Warehouse Storage.
D)Warehouse Storage only.
Q2) Sid and Tony enter a contract for a sale of Sid's collection of electric guitars.Before the time for performance,Sid tells Tony that he does not want to deliver the guitars.Anticipatory repudiation is
A)a breach of contract.
B)a compromise between two parties who are unable to perform.
C)a remedy available only to a breaching party.
D)a remedy available only to a nonbreaching party.
Q3) An installment contract is breached if a buyer accepts any nonconforming goods.
A)True
B)False
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Chapter 21: Warranties and Product Liability
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Sample Questions
Q1) Open Country,Inc.,makes grills,camp ovens,and other outdoor cooking appliances.Under the Restatement (Third)of Torts: Products Liability,Open Country could be liable for a warning defect if there is a foreseeable risk of harm posed by one of its products and
A)the omission of a warning renders the product not reasonably safe.
B)there is a reasonable alternative design.
C)there is a lack of care in making of the product.
D)none of the choices.
Q2) A product is unmerchantable if an accident could arise in connection with the goods.
A)True
B)False
Q3) Pharma Company,Oral Meds Corporation,and Narco,Inc.,are drug makers.Medico Company and Lab Source,Inc.,are drug distributors.In a suit against all of these parties in which market-share liability is imposed,most likely to be liable are
A)neither the distributors nor the manufacturers.
B)the distributors and the manufacturers.
C)the distributors only.
D)the manufacturers only.
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Page 23
Chapter 22: Negotiable Instruments: Transferability Liability
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Sample Questions
Q1) Quincy draws a check payable to "Replay Stadium" to buy two season tickets to the next year's State College football games.This instrument is
A)a bearer instrument.
B)an order instrument.
C)valid but nonnegotiable.
D)void.
Q2) Opal asks Paolo,who does not understand English,to sign what Opal says is an application to open a bank account.In fact,the "application" is a note.If sued on the note by an HDC,Paolo's best defense would be
A)extreme duress.
B)fraud in the execution.
C)fraud in the inducement.
D)mistake.
Q3) To be negotiable,an instrument must be payable in money.
A)True
B)False
Q4) A drawer is primarily liable on an instrument.
A)True
B)False
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Chapter 23: Checks and Banking in the Digital Age
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Q1) An oral stop payment order is valid for thirty days.
A)True
B)False
Q2) A bank is obligated to pay an uncertified check presented less than six months from its date.
A)True
B)False
Q3) Clyde issues a check payable to Discount Mart.Elle,Discount's cashier,forges the store's indorsement and deposits the check in her bank account.Clyde's bank,First State Bank,pays the check.Clyde can recover from
A)Elle,but not First State Bank.
B)First State Bank,which cannot recover from Elle.
C)First State Bank,which can recover from Elle.
D)no one.
Q4) Generally,the funds represented by a deposited local check must be available for withdrawal within one business day.
A)True
B)False
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25
Chapter 24: Security Interests in Personal Property
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Q1) Expert Capital Company and Frugal Financial Bank are secured parties with security interests in property owned by Grande Corporation.Between these security interests,the first to be filed or perfected has priority over other filed or perfected security interests in A)most circumstances.
B)no circumstances.
C)states that have not adopted Article 9 of the UCC.
D)states that require a security agreement to be signed and dated by the creditor.
Q2) When two conflicting security interests are unperfected,the first to attach has priority.
A)True
B)False
Q3) A description of collateral as "all the debtor's assets" is too general to reasonably identify the subject of a security agreement.
A)True
B)False
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Chapter 25: Other Creditors Remedies and Suretyship
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Q1) Loni delivers her Mazda to be repaired at Nile's Body Shop.She agrees to pay cash.Nile repairs the car,but Loni refuses to pay the bill.Nile tells Loni that he will keep the car until she pays.This is
A)a judicial lien.
B)a mechanic's lien.
C)an artisan's lien.
D)a violation of most states' laws.
Q2) All of a debtor's pay can be garnished.
A)True
B)False
Q3) An attachment is a court-ordered seizure and taking into custody of property before the securing of a judgment for a past-due debt.
A)True
B)False
Q4) If a surety pays the debt owed to a creditor,then the surety acquires any rights that the creditor had against the debtor.
A)True
B)False
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Chapter 26: Bankruptcy
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Q1) Tippi believes that she needs to obtain a discharge in bankruptcy through an individual's repayment plan.This proceeding can be initiated by a filing of a petition by A)a creditor.
B)a debtor.
C)a corporation.
D)a partnership.
Q2) Seth files a petition for bankruptcy.Seth must include with the petition A)proof of each creditor's claim.
B)a list of creditors and the amount of the debt owed to each.
C)all of his debit and credit cards to be disposed of by the court. d an affidavit testifying to his having read the Bankruptcy Code.
Q3) Before obtaining a discharge in bankruptcy,a consumer-debtor must attend a consumer education course (unless such a course is unavailable).
A)True
B)False
Q4) To falsify information on official bankruptcy schedules is a crime.
A)True
B)False
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28
Chapter 27: International Law in a Global Economy
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Q1) A foreign citizen can bring a civil suit in a U.S.court for a violation of a treaty of the United States.
A)True
B)False
Q2) Secure Investments,Inc.,a U.S.firm,expands into international markets through a joint venture.In this situation,Secure owns
A)all of the operation,and its profits and liabilities.
B)all of the operation,and none of its profits and liabilities.
C)none of the operation,and none of its profits and liabilities.
D)part of the operation,and shares its profits and liabilities.
Q3) Antidumping duties are the responsibilities of international environmental polluters.
A)True
B)False
Q4) A foreign citizen can bring a civil suit in a U.S.court for a violation of a treaty of the United States.
A)True
B)False
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Chapter 28: Agency Relationships in Business
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Q1) Bud approves on behalf of Cody-but without authorization-a contract with Dik to build a new silo.Cody does not ratify the contract.Later,Dik tries to enforce the deal.This attempt will be
A)partly successful.
B)partly unsuccessful.
C)totally successful.
D)totally unsuccessful.
Q2) A principal is liable for harm caused to a third party by an agent who commits a tort while acting in the scope of his or her employment.
A)True
B)False
Q3) A fiduciary relationship involves trust and confidence.
A)True
B)False
Q4) In considering the scope of an agent's implied authority,the test is whether the agent reasonably believed that he or she had the authority.
A)True
B)False
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Chapter 29: Employment, immigration, and Labor Law
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Q1) Federal labor law protects employees' right to join labor unions.
A)True
B)False
Q2) An employer may hire an illegal immigrant if the employer files a special form.
A)True
B)False
Q3) A closed shop is a firm that rejects union membership as a condition of employment.
A)True
B)False
Q4) Healthy Harvest Company runs a candy and fruit processing and packaging plant.Most of Healthy Harvest's business is done during holiday seasons,especially between Halloween and New Year's Day,and in the spring.The company hires a large temporary workforce during its busiest times.Occasionally,a position opens for an individual with highly specialized skills,particularly to operate and maintain the company's inventory and sales control systems.Can Healthy Harvest hire noncitizens for its temporary,seasonal work Can the company hire a noncitizen with special skills for certain jobs If so,what procedures must the employer follow in both situations to do this hiring If not,how can Healthy Harvest be assured that it is hiring only citizens
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Chapter 30: Employment Discrimination
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Q1) United Industrial Corporation gives preferential treatment in hiring and promotion to the members of all protected classes.This treatment results in discrimination against members of the majority.This is
A)a bona fide occupational practice.
B)a business necessity.
C)constructive discharge.
D)reverse discrimination.
Q2) An employer must modify its job-application process so that those with disabilities can compete for jobs with those who do not have disabilities.
A)True
B)False
Q3) Rail Systems Equipment Corporation discharges Porter,who sues Rail Systems for employment discrimination under Title VII.The defendant learns that Porter lied on his job application and argues that,had it known of the lie,it would have fired him.This is
A)an affirmative action defense.
B)a bona fide occupational qualification defense.
C)a business necessity defense.
D)no defense.
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32
Chapter 31: Sole Proprietorships and Private Franchises
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Q1) In a chain-style business operation,a franchise operates under a franchisor's trade name.
A)True
B)False
Q2) A franchisor cannot impose quality standards on a franchisee.
A)True
B)False
Q3) A sole proprietorship's income is taxed as the owner's personal income.
A)True
B)False
Q4) Starting a sole proprietorship is easier and less costly than starting any other form of business.
A)True
B)False
Q5) In determining whether a franchisor acted in good faith in terminating a franchise relationship,a court would balance the rights of both parties.
A)True B)False
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Chapter 32: All Forms of Partnerships
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Q1) In a family limited liability partnership,only persons related to each other may be partners.
A)True
B)False
Q2) The extent of implied authority is generally broader for agents than for partners.
A)True
B)False
Q3) General principles of agency law pertain to a partner's authority to bind a partnership in contract.
A)True
B)False
Q4) A limited partner who gives a general partner advice on matters relating to the management of the partnership cannot be liable as a general partner.
A)True
B)False
Q5) A corporation can be a partner.
A)True
B)False
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Chapter 33: Limited Liability Companies Special Business
Forms
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Q1) In a limited liability company,members do not have to participate in its management.
A)True
B)False
Q2) The dissociation of a member of a limited liability company in violation of the operating agreement is legally wrongful.
A)True
B)False
Q3) Jin,Karlo,and other consumers form Metro Purchasing Cooperative.This form of business organization makes it possible for these individuals to
A)avoid personal liability for the acts of the cooperative.
B)obtain an exemption from state laws governing corporations.
C)pay no taxes on their business income.
D)pool their resources to gain an advantage in the market.
Q4) A limited liability company is required to have an operating agreement.
A)True
B)False
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Chapter 34: Corporate Formation and Financing
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Q1) A court will not pierce the corporate veil of a corporation that is merely too "thinly" capitalized.
A)True
B)False
Q2) A close corporation cannot operate as an S corporation.
A)True
B)False
Q3) To qualify as a professional corporation,Medical Clinic,P.C.,
A)must be a corporation formed by professionals.
B)must grant all shareholders voting rights.
C)must have at least thirty-five shareholders.
D)all of the choices.
Q4) Express powers of a corporation can be found in the law of the state of incorporation.
A)True B)False
Q5) Generally,there is a uniform body of national corporate law.
A)True
B)False
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Chapter 35: Corporate Directors,officers, Shareholders
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Q1) Orin is a shareholder of Pinkwater Corporation.In some states,Orin might incur personal liability for unpaid Pinkwater debts if he
A)accepts a dividend knowing that it was paid from retained earn?ings.
B)buys stock for less than its fair-market value.
C)fails to fulfill his fiduciary duty to the majority shareholders.
D)sells his shares.
Q2) Corporate officers and directors owe no duty to individual shareholders. A)True
B)False
Q3) Rosa and Sean are directors of Tech,Inc.The right of Rosa and Sam to be notified of special meetings of the board is the right to A)compensation.
B)indemnification. C)participation.
D)preemption.
Q4) Incorporators appoint a corporation's first board of directors. A)True
B)False
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Chapter 36: Corporate Acquisitions, takeovers, Termination
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Q1) Motor Parts Corporation offers to buy the stock of NASCAR Products Corporation (NPC).NPC's directors oppose the offer.Orin and other NPC shareholders file a suit,alleging a breach of the directors' fiduciary duties.Most likely,the court will
A)apply the business judgment rule to analyze the directors' acts.
B)dismiss the suit as a non-judicial dispute over "fair value."
C)evaluate the terms of the deal on the basis of antitrust law.
D)order that the shareholders be paid a "premium" for their stock.
Q2) A corporation that is selling all of its assets must obtain approval only from its board of directors.
A)True
B)False
Q3) A target corporation's attempted takeover of an acquiring corporation is referred to as the Pac-Man defense.
A)True
B)False
Q4) In a consolidation,the consolidating corporations become subsidiaries of the new corporation.
A)True
B)False
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Chapter 37: Investor Protection,insider Trading, Corp Gov
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Q1) Refer to Fact Pattern 37-3.Under the Securities Exchange Act of 1934,Fay is most likely
A)liable for insider trading.
B)not liable because Fay did not prevent others from profiting.
C)not liable because Fay did not solicit information from Dhani.
D)not liable because Fay does not work for Eureka.
Q2) Della,an officer for Energy Petrol Corporation (EPC),buys 100 shares of EPC stock.One week later,EPC announces that it will merge with a competitor,Fuel Oil Company,and the price of EPC stock increases.One month later,Della sells her shares for a profit.Under Section 16(b)of the Securities Exchange Act of 1934,Della would not be liable if,after buying the stock,she had waited
A)less than fourteen days to sell it.
B)more than six months to sell it.
C)ninety days to sell it.
D)two months to sell it.
Q3) Securities that are exempt from the registration requirement can generally be sold and resold without being registered.
A)True
B)False
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39
Chapter 38: Administrative Law
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Q1) If a business firm refuses to comply with an agency's request to inspect facilities or business records,the agency must defer to the refusal.
A)True
B)False
Q2) In reviewing the actions of the U.S.Office of Nuclear Energy and other agencies,the courts
A)are usually reluctant to review questions of fact.
B)rarely defer to the technical expertise of administrative agencies.
C)often rule on the merits of policy determinations.
D)never defer to an agency's interpretation of law.
Q3) The U.S.Mine Safety Administration conducts searches of certain businesses.This agency and other administrative agencies can conduct warrantless searches in A)all industries.
B)highly regulated industries.
C)no industries.
D)newly regulated industries only.
Q4) Only experts can submit comments on a proposed administrative rule.
A)True
B)False
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Chapter 39: Promoting Competition
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Q1) Tasty Eatin' Corporation merges with Hasty Burgers,Inc.This merger between firms that compete with each other in the same market is
A)a horizontal merger.
B)an interlocking directorate.
C)a tying arrangement.
D)a vertical merger.
Q2) Size alone determines whether a firm is a monopoly.
A)True
B)False
Q3) A suit is filed against Maxi Corporation,alleging that the firm committed the offense of monopolization.To determine whether Maxi has monopoly power requires looking at A)only Maxi's size.
B)only the relevant geographical market.
C)only the relevant product market.
D)the relevant geographical market and the relevant product market.
Q4) Minimum resale price maintenance agreements are subject to analysis under the rule of reason.
A)True
B)False
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Chapter 40: Consumer Law
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Q1) Labels on fresh meat must indicate where the food originated.
A)True
B)False
Q2) Upson Down Company sells its wares to consumers over the Internet.Upson's site includes an on-screen notice indicating its refund and return policies,where its business is physically located,its legal name,and other details.This is
A)dictated by members of the Good Business Association.
B)mandated by federal law.
C)required by California state law.
D)strictly voluntary.
Q3) Common law judicial decisions that serve to protect the interests of consumers are not classified as consumer law.
A)True
B)False
Q4) Creditors are required to provide consumers with copies of records that can help the consumer prove that an account or transaction is fraudulent.
A)True
B)False
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Chapter 41: Environmental Law
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Q1) The courts have considerably scaled back the Clean Water Act's protection of wetlands.
A)True
B)False
Q2) States may restrict emissions from motor vehicles.
A)True
B)False
Q3) Cities and counties may not restrict emissions from motor vehicles.
A)True
B)False
Q4) An environmental impact statement is required for every major federal action that significantly affects the quality of the environment.
A)True
B)False
Q5) The Environmental Protection Agency sets minimum levels for pollutants in public water systems.
A)True
B)False
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Chapter 42: Liability of Accountants Other Professionals
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Q1) In most courts,accountants can be liable for negligence to any known users of the accountants' financial reports.
A)True
B)False
Q2) Grover Nut Company files a suit against Hud,its former accountant,alleging actual fraud.Grover must prove
A)intent to deceive.
B)misrepresentation of a non-material fact.
C)the lack of an injury.
D)unjustifiable reliance.
Q3) An accountant's liability under the Section 10(b)and Rule 10b-5 of the Securities Exchange Act of 1934 requires privity of contract.
A)True
B)False
Q4) An accountant's working papers are the documents that are used and developed during an audit.
A)True
B)False
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Chapter 43: Personal Property and Bailments
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Q1) Mona asks Ned if she can store her furniture in his garage while she serves a tour of duty with the U.S.Marines Corps.Ned agrees.This is a bailment for
A)neither party's benefit.
B)the parties' mutual benefit.
C)the sole benefit of the bailee.
D)the sole benefit of the bailor.
Q2) Before undergoing surgery that could cause death,Donnelly,a guitarist,gives his of guitars to Cathy.The surgery is successful,and Donnelly does not die.The gift of the guitars is
A)not revoked because it was a gift causa mortis.
B)not revoked because it was a gift inter vivos.
C)revoked because it was a gift causa mortis.
D)not revoked because it was a gift largesse.
Q3) A gift causa mortis is effective only if the donor dies and the donee lives.
A)True
B)False
Q4) A joint tenant's sale of his or her interest terminates the joint tenancy.
A)True
B)False
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Chapter 44: Real Property and Landlord-Tenant Law
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Q1) The implied warranty of habitability does not apply to substantial physical defects that a landlord knows about.
A)True
B)False
Q2) Kailin owns a farm near Manhattan,Kansas,with a farmhouse,barn,and other structures permanently attached.Kailin grows soybeans on the property.A pond lies within the boundaries.Land includes
A)the pond,the soil,and the structures.
B)the pond and the soil only.
C)the soil only.
D)the structures and the soil only.
Q3) Luke owns a farm near Marshalltown,Iowa,with stands of trees serving as windbreaks.Luke grows corn on the property.When Luke sells the farm to Nina,if the contract does not specify otherwise,the sale includes
A)neither the crops nor the trees.
B)the crops and the trees.
C)the crops only.
D)the trees only.
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Chapter 45: Insurance,wills,and Trusts
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Q1) Mena applies for a homeowners' insurance policy on her house with Neighbors Insurance Company through Obie,an agent who works for Neighbors.In this transaction,Obie is
A)an agent for both parties.
B)Mena's agent,and not Neighbors's agent.
C)Neighbors's agent,and not Mena's agent.
D)not an agent.
Q2) Root & Branch Lumber Company obtains a fire insurance policy from Statistical Insurers,Inc.,on a $400,000 warehouse.The policy includes an 80-percent coinsurance clause.Root & Branch insures the property for $320,000.In a fire,the warehouse suffers $200,000 in damage.Root & Branch can recover
A)$400,000.
B)$320,000.
C)$200,000.
D)$80,000.
Q3) A spendthrift trust provides for a beneficiary's transfer of his or her right to future payments of trust funds.
A)True
B)False
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