Principles of Business Law Review Questions https://quizplus.com/study-set/3656 45 Chapters 3172 Verified Questions
Principles of Business Law Review Questions Course Introduction Principles of Business Law provides students with a foundational understanding of the legal framework essential to operating and managing businesses. The course covers key topics such as the nature and sources of law, contract formation and enforcement, business organizations, agency relationships, employment law, and the regulation of commercial transactions. Through the examination of real-world case studies and legal scenarios, students develop practical skills in identifying and addressing legal issues, understanding compliance requirements, and making informed business decisions within the bounds of the law. This course equips learners with the knowledge necessary to navigate legal challenges in both domestic and international business environments.
Recommended Textbook Business Law Today Comprehensive 9th Edition by Roger LeRoy Miller
Available Study Resources on Quizplus 45 Chapters 3172 Verified Questions 3172 Flashcards Source URL: https://quizplus.com/study-set/3656
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Chapter 1: The Legal Environment Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72747
Sample Questions Q1) How judges apply the law to specific disputes may depend in part on their personal philosophical views. A)True B)False Answer: True Q2) Under Ohio's state constitution,the Ohio Environmental Protection Agency issues a new rule,the Polk County Commission approves a new property tax measure,and the professors and students at Ohio Law School publish the results of their most recent legal research.Sources of law do not include A)the measures approved by local governing bodies. B)the results of legal scholars' research. C)the rules issued by state administrative agencies. D)the states' constitutions. Answer: B Q3) A state constitution is supreme within the state's borders so long as it does not conflict with the U.S.Constitution or a federal law. A)True B)False Answer: True To view all questions and flashcards with answers, click on the resource link above. Page 3
Chapter 2: Constitutional Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72748
Sample Questions Q1) Adult Shoppe in Beach City sells a variety of publications,including child pornography.Beach City enacts an ordinance prohibiting the sale of such materials.This ordinance is most likely A)an invalid restriction of individuals' privacy. B)an unconstitutional restriction of speech. C)a violation of adults' rights to enjoy certain privileges. D)constitutional under the First Amendment. Answer: D Q2) The Bill of Rights protects individuals against types of interference by the states. A)True B)False Answer: True Q3) Any person can ask for copies of any information on that person contained in federal government files. A)True B)False Answer: True To view all questions and flashcards with answers, click on the resource link above.
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Chapter 3: Courts and Alternative Dispute Resolution Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72749
Sample Questions Q1) Negotiation is the most complex form of alternative dispute resolution. A)True B)False Answer: False Q2) Ula wants to initiate a suit against Valley Farms by filing a complaint.The complaint should include A)an explanation to refute any defense the defendant might assert. B)a motion for summary judgment. C)a motion to dismiss. D)a statement of the facts necessary to show Ula is entitled to relief. Answer: D Q3) Sid files a suit against Tina.Before going to trial,the parties,with their attorneys,meet to try to resolve their dispute.A third party helps them to reach an agreement.This is A)arbitration. B)litigation. C)mediation. D)negotiation. Answer: C To view all questions and flashcards with answers, click on the resource link above. Page 5
Chapter 4: Torts and Cyber Torts Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72750
Sample Questions Q1) Clyde enters Desert Decathlon,an athletic competition in which Clyde has often competed.Regarding the risk of injury,Clyde assumes the risks A)attributable to the Decathlon in any way. B)different from the risks normally associated with the Decathlon. C)greater than the risks normally associated with the Decathlon. D)normally associated with the Decathlon. Q2) Under the "danger invites rescue" doctrine,a person who tries to rescue another individual from harm is liable for any injuries to the individual. A)True B)False Q3) For purposes of establishing negligence,causation in fact exists if an injury would have occurred even without the defendant's act. A)True B)False Q4) Self-defense is a defense to negligence. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 5: Intellectual Property and Internet Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72751
Sample Questions Q1) Ross e-mails Super Snowboard Company's marketing campaign to Winter Sports Corporation,Super's competitor,without its permission.This is A)copyright infringement. B)patent infringement. C)trademark infringement. D)a theft of trade secrets. Q2) Joey reproduces Mina's copyrighted work without paying royalties.Joey is most likely excepted from liability for copyright infringement under the "fair use" doctrine if A)Joey copies the entire work. B)Joey distributes the copies freely to the public. C)Joey's use has no effect on the market for Mina's work. D)Joey's use is for a commercial purpose. Q3) It is possible to copyright an idea. A)True B)False Q4) A marketing technique can be a trade secret. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 7
Chapter 6: Criminal Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72752
Sample Questions Q1) Yvon is charged with the crime of theft for taking Zach's briefcase,which Yvon mistakenly thought was hers.A mistake of fact is a defense A)if the fact was not reasonably made known to the public. B)if the mistake negates the mental state necessary to commit a crime. C)if the perpetrator was intoxicated. D)under any circumstances. Q2) A suspect cannot be tried twice in the same court for the same crime. A)True B)False Q3) Thinking about killing someone constitutes the crime of attempted murder. A)True B)False Q4) Kino sees a DVD player on the porch of Lulu's house,takes the player to his home,and tells everyone he owns it.Maya,holding a knife,forces Nick to give her his boom box,and runs away with it.Ollie breaks into Pam's apartment,takes a computer,and leaves.Which of these acts are crimes,and what are the differences among them Q5) Criminal liability depends on the performance of a prohibited act. A)True B)False 8 click on the resource link above. To view all questions and flashcards with Page answers,
Chapter 7: Cyber Crime Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72753
Sample Questions Q1) The full extent of cyber crime is well known. A)True B)False Q2) Jaime operates Internet gambling sites in countries where this is legal.Jaime accepts
e-payments
at
the
sites
and
pays
winnings
through
foreign-based
banks.U.S.federal law bars A)using e-payments at online gambling sites. B)placing bets in countries where Internet gambling is legal. C)paying gambling winnings through foreign-based banks. D)none of the choices. Q3) Stopping crime requires only that it be prohibited. A)True B)False Q4) A complex criminal scheme cannot be initiated on a personal computer in a person's home. A)True B)False Q5) The anonymous nature of technology helps in the prosecution of cyber crime. A)True B)False
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Chapter 8: Ethics and Business Decision Making Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72754
Sample Questions Q1) Ethics is concerned with the fairness or justness of an action. A)True B)False Q2) Some U.S.bribery laws are directed toward accountants. A)True B)False Q3) Managers must apply different standards to themselves than they apply to their employees. A)True B)False Q4) An action may be legal and ethical. A)True B)False Q5) Recreation & Sports Equipment Corporation sells a product that is capable of seriously injuring consumers who misuse it in a foreseeable way.Does the firm owe an ethical duty to take this product off the market What conflicts might arise if the firm stops selling this product Q6) Simply obeying the law does not fulfill all ethical obligations. A)True B)False
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Chapter 9: Nature and Classification Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72755
Sample Questions Q1) Livewire Company and Kitchen Products,Inc.,sign a document that states Livewire agrees to design a Web page for Kitchen Products,which agrees to pay for the service.Livewire and Kitchen Products have made A)an express contract. B)an implied-in-fact contract. C)an implied-in-law contract. D)a quasi contract. Q2) Employment Sources,Inc.,enters into a contract with Fred.If Fred is a minor,this contract is most likely A)enforceable. B)unenforceable. C)void. D)voidable. Q3) Cody signs and returns a letter from Dora,referring to Dora's Double-D Ranch and its price.When Cody attempts to complete the deal,Dora refuses,claiming that they have no contract.Cody claims they do.What standard determines whether these parties have a contract To view all questions and flashcards with answers, click on the resource link above.
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Chapter 10: Agreement in Traditional and E-Contracts Available Study Resources on Quizplus for this Chatper 71 Verified Questions 71 Flashcards Source URL: https://quizplus.com/quiz/72756
Sample Questions Q1) Wally's Warehouse offers to sell a certain used forklift to Value Lumber Outlet,but it is stolen before Value accepts.Most likely,Wally's must obtain A)a forklift for Value if Wally's insurance covers the loss. B)a forklift for Value if it still wants one. C)nothing for Value because that would extend the time of the offer. D)nothing for Value because the theft termi?nated the offer. Q2) Lively Toys Store and Movin' Products Company (MPC)enter into an e-contract under which MPC agrees to ship a case of electronic,remote-controlled bugs to Lively Toys,which agrees to pay on delivery.The Uniform Electronics Transactions Act (UETA) A)denies the enforcement of such contracts. B)does not apply to such contracts. C)preempts all other laws with respect to such contracts. D)supports the enforcement of such contracts. Q3) Yvon asks Zac,"Do you want to buy one of my fishing rods" This is A)a valid offer. B)not a valid offer because the terms are not definite. C)not a valid offer because Yvon did not state an intent. D)not a valid offer because Zack did not respond. To view all questions and flashcards with answers, click on the resource link above. Page 12
Chapter 11: Consideration Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72757
Sample Questions Q1) Courts typically consider the adequacy of consideration. A)True B)False Q2) An obligation is enforceable only if it is supported by past consideration. A)True B)False Q3) A promise to do something that one has a prior legal duty to do is not consideration. A)True B)False Q4) A release does not require consideration to be legally binding. A)True B)False Q5) Rescission is the dissolution of a contract that returns the parties to the positions they held before the contract. A)True B)False Q6) Inadequate consideration may indicate undue influence. A)True B)False Page 13 To view all questions and flashcards with answers, click on the resource link above.
Chapter 12: Capacity and Legality Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72758
Sample Questions Q1) If a contract is illegal,a court will not enforce it. A)True B)False Q2) Jolie signs a contract with Keaton,an unlicensed physician,to perform plastic surgery-a medical procedure.This contract is enforceable by A)Jolie. B)Jolie's medical insurance company. C)Keaton. D)no one. Q3) A covenant not to compete is enforceable only if it is reasonable in duration and geographic area. A)True B)False Q4) Portions of a divisible contract may be enforced. A)True B)False Q5) An exculpatory clause in a residential property lease is always enforceable. A)True B)False 14 click on the resource link above. To view all questions and flashcards withPage answers,
Chapter 13: Voluntary Consent Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72759
Sample Questions Q1) A seller's failure to disclose a serious defect about a product for sale may give rise to an action for fraud. A)True B)False Q2) An innocent party can cancel a fraudulent contract. A)True B)False Q3) Ralph offers to sell Sophie,who is seventeen years of age,a car about which Ralph intentionally
misrepresents
several
material
facts.In
reliance
on
the
misrepresentations,Sophie buys the car.To prove fraud in this transaction,Sophie would have to show that A)Ralph intentionally deceived Sophie. B)Ralph made statements that were obviously exaggerated. C)Sophie does not know anything about cars. D)Sophie is under eighteen years of age. Q4) A unilateral mistake occurs when only one contracting party is mistaken about a material fact. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 15
Chapter 14: The Statute of Fraudswriting Requirement Available Study Resources on Quizplus for this Chatper 68 Verified Questions 68 Flashcards Source URL: https://quizplus.com/quiz/72760
Sample Questions Q1) An oral contract for a sale of land may be enforceable if the contract has been partially performed. A)True B)False Q2) Kirk Custodial Service and Green Energy Company enter into an oral contract under which Kirk agrees to provide custodial service for Green's facilities for two years.This contract is enforceable by A)Kirk. B)Green. C)any interested third party,such as a janitorial supplies provider. D)none of the choices. Q3) There are no exceptions to the Statute of Frauds. A)True B)False Q4) Under the Statute of Frauds,all written contracts are enforceable. A)True B)False Q5) A prenuptial agreement does not have to be in writing to be enforceable. A)True B)False
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Chapter 15: Performance and Discharge Available Study Resources on Quizplus for this Chatper 67 Verified Questions 67 Flashcards Source URL: https://quizplus.com/quiz/72761
Sample Questions Q1) A promise to perform under a contract is never absolute. A)True B)False Q2)
Solid
Toolmakers,Inc.,contracts
to
sell
its
business
to
Titan
Hardware
Corporation.Before either party has performed,rescission of this contract requires A)a mutual agreement to rescind. B)consideration. C)performance by all of the parties. D)an accord and satisfaction. Q3) An intentional variation from a contract prevents substantial performance. A)True B)False Q4) An event must be certain to occur to constitute a contractual condition. A)True B)False Q5) The most common way to discharge a contract is by performance. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 17
Chapter 16: Breach and Remedies Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72762
Sample Questions Q1) Ray breaches his lease with Sunny Properties and vacates the premises six months before the end of the term.In some states,Sunny would have to A)avoid reletting the premises to recover damages from Ray. B)make reasonable efforts to relet the premises to mitigate dam?ages. C)relet the premises to recover damages from Ray. D)sell the premises to recover damages from Ray. Q2) Lava Excavators,Inc.,needs a drill to continue its operations and orders one for $3,000 from Mining Supplies Company.Lava tells Mining that it must receive the drill by Tuesday or it will lose $10,000.Mining ships the drill late.Lava can recover A)$13,000. B)$10,000. C)$3,000. D)$0. Q3) The injury suffered by a nonbreaching party due to the breach of a contract may be remedied by payment of compensatory damages. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 17: Third Party Rights Available Study Resources on Quizplus for this Chatper 68 Verified Questions 68 Flashcards Source URL: https://quizplus.com/quiz/72763
Sample Questions Q1) Reba and Sly enter into a contract by which Reba promises to deliver newly printed marketing brochures to Sly.Reba later transfers her duty under the contract to Troy.Reba is A)a delegator and an obligor. B)a delegator only. C)an obligor only. D)none of the choices. Q2) The assignment of the same contract right to two different parties results in their "splitting the difference." A)True B)False Q3) The rights under a contract for personal service normally can be assigned. A)True B)False Q4) An assignee can compel the obligor to perform. A)True B)False Q5) An assignment of an insurance policy cannot be prohibited. A)True B)False
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Chapter 18: The Formation of Sales and Lease Contracts Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72764
Sample Questions Q1) USA Farms offers to sell Valu Bakeries,Inc.,fifty bushels of wheat.Valu's representative Wendy responds,"We agree to buy fifty bushels only if the wheat is Grade A quality." Wendy's statement is A)a breach of the parties' contract. B)a counteroffer. C)a fulfillment of the parties' contract. D)an acceptance. Q2) A lessee is a party who transfers a right to the possession and use of goods under a lease. A)True B)False Q3) When an offer does not specify a means of acceptance,it can be accepted by any means reasonable under the circumstances. A)True B)False Q4) The UCC imposes a good faith limitation on output contracts. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 20
Chapter 19: Title and Risk of Loss Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72765
Sample Questions Q1) Diners Cafe orders five gallons of corn oil from EZ Distributors,Inc.EZ mistakenly ships olive oil,which Diners keeps,despite the nonconformity.The oil is destroyed in a fire.The loss is suffered by A)Diners and EZ,but not Diners' customers. B)Diners,EZ,and Diners' customers. C)Diners only. D)EZ only. Q2) A contract between Fresh Fruit Corporation and Green Grocer,Inc.,requires Fresh Fruit to deliver goods to Green Grocer's place of business.This is A)a bill of lading. B)a destination contract. C)a shipment contract. D)a warehouse receipt. Q3) A receipt issued by a warehouser for goods stored in a warehouse is a bill of lading. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 20: Performance Breach of Sales Lease Contracts Available Study Resources on Quizplus for this Chatper 70 Verified Questions 70 Flashcards Source URL: https://quizplus.com/quiz/72766
Sample Questions Q1) Garden Field Farms and Haute Gourmet Restaurant,Inc.,enter into a contract for a sale of lettuce before Haute Gourmet declares bankruptcy.Garden Field can stop delivery of the goods in transit A)only if the quantity is at least a carload. B)only if the quantity is at least a planeload. C)only if the quantity is at least a truckload. D)regardless of the quantity. Q2) Summit Supply Company contracts for a sale of medical equipment to Valley Immediate Care Corporation.Summit can enforce its right to payment A)only after Valley has actually inspected the goods. B)only after Valley has had an opportunity to inspect the goods. C)only before Valley has inspected the goods. D)whether or not Valley has had the chance to inspect the goods. Q3) In contracts involving a carrier,a seller can complete performance only through a shipment contract. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 21: Warranties and Product Liability Available Study Resources on Quizplus for this Chatper 70 Verified Questions 70 Flashcards Source URL: https://quizplus.com/quiz/72767
Sample Questions Q1) Imported Carpets Store and Jill enter into a contract for a sale of an Oriental rug.Imported Carpets,a merchant who deals in goods of the kind sold,generally describes the goods,details technical specifications,and shows a sample.Under the UCC,if these are inconsistent A)the general description displaces the sample. B)the general description displaces the technical specifications. C)the sample takes precedence over the general description. D)the sample takes precedence over the technical specifications. Q2) Mountain Bikes,Inc.(MBI),and Nero enter into a contract for a sale of a mountain bike.MBI,a merchant who deals in goods of the kind sold,makes implied and express warranties in connection with the sale.The Magnuson-Moss Warranty Act attempts to prevent deception in warranties by A)displacing the UCC as the primary source of warranty rules. B)making warranties easier to understand. C)prohibiting disclaimers of warranties. D)requiring sellers to give written warranties for consumer goods. Q3) A product is unmerchantable if an accident could arise in connection with the goods. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 23
Chapter 22: Negotiable Instruments: Transferability Liability Available Study Resources on Quizplus for this Chatper 68 Verified Questions 68 Flashcards Source URL: https://quizplus.com/quiz/72768
Sample Questions Q1) An instrument is not defective because it has been previously dishonored. A)True B)False Q2) To pay for a new desk bought at Office Outlet,Pete makes a check payable to "Offs Outlet." A proper indorsement of the check is A)"Office Outlet" only. B)"Offs Outlet" only. C)"Office Outlet" or "Offs Outlet." D)"Pete" only. Q3) To be negotiable,an instrument must be signed in the lower right-hand corner. A)True B)False Q4) 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. To view all questions and flashcards with answers, click on the resource link above. Page 24
Chapter 23: Checks and Banking in the Digital Age Available Study Resources on Quizplus for this Chatper 67 Verified Questions 67 Flashcards Source URL: https://quizplus.com/quiz/72769
Sample Questions Q1) Kip writes a check for $1,000 drawn on Local Bank and presents it to Mira.Mira presents the check for payment to Local Bank,which dishonors it.The party most likely liable to Mira is A)Kip in a civil suit. B)Kip in a criminal prosecution. C)Local Bank in an administrative proceeding. D)neither Kip nor Local Bank. Q2) Certified checks are instruments that have been accepted for payment by the institutions on which they are drawn. A)True B)False Q3) Elmo pays First National Bank $1,000 plus a service fee to draw a check on itself made payable to Go Delivery Service.This is A)a cashier's check. B)a certified check. C)a trade acceptance. D)a traveler's check. To view all questions and flashcards with answers, click on the resource link above.
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Chapter 24: Security Interests in Personal Property Available Study Resources on Quizplus for this Chatper 70 Verified Questions 70 Flashcards Source URL: https://quizplus.com/quiz/72770
Sample Questions Q1) Dag is the secured party in a secured transaction with Elmo.In this transaction,Dag A)has a security interest. B)owes payment. C)owes performance. D)owns collateral. Q2) Summit Credit Corporation lends funds to Toby,a consumer,to apply to the cost of a sport utility vehicle (SUV),which is the collateral for the loan.An enforceable security interest also requires A)a written agreement and Summit's possession of the SUV. B)a written agreement or Summit's possession of the SUV. C)the vehicle seller's acknowledgement of the loan in writing. D)Toby's possession of the SUV. Q3) When a secured debt is paid,the secured party must file a termination statement regardless of the goods' classification. A)True B)False Q4) To create an enforceable security interest,the secured party must give value. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 26
Chapter 25: Other Creditors Remedies and Suretyship Available Study Resources on Quizplus for this Chatper 67 Verified Questions 67 Flashcards Source URL: https://quizplus.com/quiz/72771
Sample Questions Q1) If a debtor will not pay a judgment,a creditor can only resort to "self-help" to collect. A)True B)False Q2) Rhonda's debt to Skyler is past due.Skyler brings a legal action against A to collect the debt.To ensure that a judgment in Skyler's favor will be collectible,Skyler asks the court to order the seizure of Rhonda's property.Exempt from such an order in most states would be A)all of Rhonda's real property. B)as much of Rhonda's real property as Rhonda opts to exempt. C)none of Rhonda's real property. D)Rhonda's family home in its entirety or up to a specified amount. Q3) A pipe in Gert's house springs a leak.Gert contracts with Holly's Plumbing & Construction Company to repair the pipe and fix the damage to Gert's house.Gert pays 10 percent of the price in advance.Holly's does the work,but Gert refuses to pay the rest of the price.What can Holly's do,and how is it done Q4) A creditors' composition agreement is usually held to be unenforceable. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 27
Chapter 26: Bankruptcy Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72772
Sample Questions Q1) An individual's repayment plan under Chapter 13 can be initiated only by the debtor's filing of a voluntary petition. A)True B)False Q2) Ollie files a petition in bankruptcy.At the moment of filing A)an automatic stay goes into effect. B)Ollie's debts are discharged. C)Ollie's petition is dismissed. D)Ollie's property is distributed to his creditors. Q3) If,within a certain time after a discharge,it is discovered that a debtor concealed property to defraud a creditor,the discharge may be revoked. A)True B)False Q4) A bankruptcy court may deny a discharge based on the debtor's conduct. A)True B)False Q5) A debtor need not be insolvent to file for bankruptcy relief. A)True B)False 28 click on the resource link above. To view all questions and flashcards withPage answers,
Chapter 27: International Law in a Global Economy Available Study Resources on Quizplus for this Chatper 68 Verified Questions 68 Flashcards Source URL: https://quizplus.com/quiz/72773
Sample Questions Q1) WiFi Corporation,a U.S.firm,signs a contract with Bueno Computadores,Ltd.,an Argentinean firm,for a shipment and payment for WiFi's goods.This is A)a distribution agreement. B)a joint venture. C)direct exporting. D)licensing. Q2) The Foreign Sovereign Immunities Act spells out the particulars of what constitutes a commercial activity. A)True B)False Q3) China and India form an agreement to govern their commercial exchanges with one another.This is A)a bilateral agreement. B)a lateral agreement. C)a multilateral agreement. D)a unilateral agreement. Q4) Restrictions on exports may include tariffs. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 29
Chapter 28: Agency Relationships in Business Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72774
Sample Questions Q1) Based on Nan's conduct,Odel reasonably believes that Poppy has the authority to act on Nan's behalf even though Poppy does not have the actual authority to do so.In this circumstance,Poppy has A)apparent authority. B)express authority. C)implied authority. D)no authority. Q2) Trey,an agent for Uno Music Corporation,executes an unauthorized contract with Variety Recording,Inc.,that is highly advantageous to Uno.Variety withdraws from the deal before Uno ratifies the contract.The contract is A)valid. B)variable. C)void. D)voidable. Q3) A disclosed principal is not liable to a third party for contracts made by the agent acting outside the scope of his or her authority. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 30
Chapter 29: Employment, immigration, and Labor Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72775
Sample Questions Q1)
Socrates
Software
Corporation
wants
to
hire
Tomas,a
noncitizen.To
hire
Tomas,Socrates must petition A)Citizenship and Immigration Services. B)the U.S.Department of State. C)Immigration and Customs Enforcement. D)the National Labor Relations Board. Q2) Doctors Hospital Corporation employs seven thousand workers in seven locations.These employees have the right to A)demand that Doctors Hospital Corporation be a closed shop. B)make "hot-cargo" agreements. C)organize. D)refuse to bargain with Doctors Hospital Corporation. Q3) Employee contributions to pension plans vest immediately. A)True B)False Q4) Certain employers must provide their employees with up to twelve weeks of family or medical leave during any twelve-month period. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 31
Chapter 30: Employment Discrimination Available Study Resources on Quizplus for this Chatper 64 Verified Questions 64 Flashcards Source URL: https://quizplus.com/quiz/72776
Sample Questions Q1) A good business reason for a practice that has a discriminatory effect may permit an employer to avoid liability for discrimination. A)True B)False Q2) To establish a prima facie case of discrimination under the Americans with Disabilities Act of 1990,a plaintiff must show that discriminatory intent motivated an employer's decision. A)True B)False Q3) Lee is seventy years old and Mira is gay.Based on this information,members of protected classes include A)Lee and Mira. B)Lee only. C)Mira only. D)neither Lee nor Mira. Q4) Under current law,an employer cannot adopt an affirmative action plan. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 32
Chapter 31: Sole Proprietorships and Private Franchises Available Study Resources on Quizplus for this Chatper 71 Verified Questions 71 Flashcards Source URL: https://quizplus.com/quiz/72777
Sample Questions Q1) A franchise is a form of business organization. A)True B)False Q2) An owner's license of a formula to make a certain product to an outside party is a franchise. A)True B)False Q3) Leigh wants to go into the business of construction contracting.Among the reasons that would probably convince Leigh to set up his business as a sole proprietorship would be A)its greater organizational flexibility. B)its limited liability. C)its perpetual existence. D)the ease of transferring the business to other family members. Q4) A franchisor cannot impose quality standards on a franchisee. A)True B)False Q5) A sole proprietorship continues in business despite the death of the owner. A)True B)False
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Chapter 32: All Forms of Partnerships Available Study Resources on Quizplus for this Chatper 67 Verified Questions 67 Flashcards Source URL: https://quizplus.com/quiz/72778
Sample Questions Q1) Guy and Hanna do business as G-H Associates.If G-H is a partnership,it is governed by the Uniform Partnership Act A)in the absence of an express agreement. B)in the absence of an implied agreement. C)only in the presence of an express agreement. D)under all circumstances. Q2) On a partner's dissociation,his or her right to participate in the management and conduct of the business terminates. A)True B)False Q3) Jack and Kyra are partners in Law Firm,LLP,a limited liability partnership.Jack supervises Kyra,who negligently fails to appear in court on behalf of Milo,a client.Liability to Milo rests with A)Jack and Kyra. B)Jack only. C)Kyra only. D)neither Jack nor Kyra. To view all questions and flashcards with answers, click on the resource link above.
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Chapter 33: Limited Liability Companies Special Business Forms Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72779
Sample Questions Q1) For federal jurisdictional purposes,a limited liability company can choose to be treated like a corporation. A)True B)False Q2) High Pointe LLC's members include Irvin.For purposes of holding title to property,High Pointe is A)an aggregate of Irvin and the other members. B)a natural person in the members' "family." C)a legal entity apart from the owners. D)a non-participating third party. Q3) Vela and other farmers in Washington County form a business organization to provide,without profit,an economic service to its members.This is A)a business trust. B)a cooperative. C)a corporation. D)a joint stock company. Q4) The beneficiaries of a business trust are personally liable for its obligations. A)True B)False
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Chapter 34: Corporate Formation and Financing Available Study Resources on Quizplus for this Chatper 68 Verified Questions 68 Flashcards Source URL: https://quizplus.com/quiz/72780
Sample Questions Q1) Ivy and Justin want to form and do business as Kayak Adventures Corporation.A corporation can be owned by A)natural persons only. B)artificial persons only. C)artificial or natural persons. D)neither "artificial" nor "natural" persons. Q2) Convenience Mart,Inc.,is a close corporation.Convenience Mart is A)eligible to make public offerings of securities. B)exempt from filing a certificate of incorporation. C)generally allowed to restrict the transfer of its stock. D)taxed in the same manner as a partnership. Q3) A corporation whose shares are held by relatively few persons is a partnership. A)True B)False Q4) The choice of a corporate name is subject to state approval. A)True B)False Q5) Any person who buys common stock acquires voting rights in a corporation. A)True B)False
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Chapter 35: Corporate Directors,officers, Shareholders Available Study Resources on Quizplus for this Chatper 70 Verified Questions 70 Flashcards Source URL: https://quizplus.com/quiz/72781
Sample Questions Q1) Incorporators appoint a corporation's first board of directors. A)True B)False Q2) Rafi,a director of Super Service Station Corporation,does not attend a board meeting for three years.During that time,Twyla,Super's president,makes improper loans that cost the company $100,000.Rafi is most likely A)liable for negligence or mismanagement. B)liable for violation of the business judgment rule. C)not liable because missing meetings is an honest mistake. D)not liable because missing meetings is only poor judgment. Q3) Clifton is a director of Dri-Cleaning Corporation.In this capacity,Clifton has a right of A)accounting. B)loyalty. C)participation. D)service. Q4) For action to be taken during a shareholders' meeting,a forum must be present. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 37
Chapter 36: Corporate Acquisitions, takeovers, Termination Available Study Resources on Quizplus for this Chatper 64 Verified Questions 64 Flashcards Source URL: https://quizplus.com/quiz/72782
Sample Questions Q1) Generally,a corporation that purchases the assets of another corporation is automatically responsible for the liabilities of the selling corporation. A)True B)False Q2) A corporation that is selling all of its assets must obtain approval only from its board of directors. A)True B)False Q3) Ridgeway Sand & Gravel Corporation and Quick-Set Paving Company combine so that all that remains after the papers have been signed is Ridgeway.This is A)a consolidation. B)a merger. C)a purchase of assets. D)a share exchange. Q4) Dissolution is the legal death of the artificial "person" of a corporation. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 37: Investor Protection,insider Trading, Corp Gov Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72783
Sample Questions Q1) Private parties cannot sue violators of the Securities Act of 1933. A)True B)False Q2) Dee,an accountant,does not work for Emergent Company,but wrongfully obtains inside information concerning Emergent.Based on the information,Dee buys and sells Emergent stock for personal gain.The Securities and Exchange Commission prosecutes Dee,arguing that she is liable because she stole information rightfully belonging to another.This argument is A)the blue-sky theory. B)the misappropriation theory. C)the red-herring theory. D)the tipper/tippee theory. Q3) A registration statement must include a financial statement certified by an independent public accounting firm. A)True B)False Q4) Most securities can be resold without registration. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 39
Chapter 38: Administrative Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72784
Sample Questions Q1) Independent regulatory agencies such as the Federal Trade Commission are A)not part of the government's executive branch. B)outside the major departments of the government's executive branch. C)subagencies of executive agencies. D)subject to more executive authority than executive agencies. Q2) A party seeking court review of an administrative action must first exhaust all of his or her administrative remedies before seeking court review. A)True B)False Q3) Every portion of every meeting of a federal administrative agency does not have to be open to public observation. A)True B)False Q4) Administrative agencies cannot make legislative rules,or substantive rules,that are as legally binding as laws that the Congress passes. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 39: Promoting Competition Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72785
Sample Questions Q1) A firm can have market power without violating antitrust law. A)True B)False Q2) Seaside Cannery,Inc.,is one of many producers of canned seafood.Seaside refuses to sell its products to Port Harbor Restaurant Corporation.This refusal is most likely A)an anticompetitive practice in violation of the Clayton Act. B)a per se violation of the Sherman Act. C)a violation of the Sherman Act under the rule of reason. D)not a violation of antitrust law. Q3) An antitrust action is brought against Tri-State Transport Company,alleging the offense of attempted monopolization.To be guilty of this offense,Tri-State's attempt must have A)a dangerous probability of success. B)a deadly guaranty of success. C)a distant possibility of success. D)a distinct improbability of success. Q4) A price-fixing agreement has the potential to lessen competition. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 41
Chapter 40: Consumer Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72786
Sample Questions Q1) Creditors attempting to collect debts are generally considered to be debt-collection agencies. A)True B)False Q2) All statutes that serve to protect the interests of consumers are classified as consumer law. A)True B)False Q3) Sweet Treats,Inc.,wants to market a new snack food.On the product's label,standard nutrition facts are A)prohibited. B)required. C)strictly voluntary. D)warranted by the nature of the food. Q4) Labels must use words that are easily understood by the ordinary marketing executive. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 42
Chapter 41: Environmental Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72787
Sample Questions Q1) Refer to Fact Pattern 41-1.The court is most likely to award Sid damages A)if letting the pollution continue is equally as harmful as stopping it. B)if letting the pollution continue is less harmful than stopping it. C)if letting the pollution continue is more harmful than stopping it. D)under no circumstances. Q2) Arkansas enacts pesticide-labeling requirements that are different from federal pesticide law,but that do not permit anything that federal law prohibits.BugOut Corporation,a pesticide maker,files a suit against the state to block the new rules.The court is most likely to rule that A)the federal law and state regulations are mutually compatible. B)the federal law and state regulations cancel each other out. C)the federal law preempts the state regulations. D)the state regulations preempt the federal law. Q3) Under the Marine Protection,Research,and Sanctuaries Act (the Ocean Dumping Act),Bayside Chemical Company may dump its chemical waste into the ocean A)after obtaining a permit. B)before obtaining a permit. C)without a permit. D)not at all. To view all questions and flashcards with answers, click on the resource link above. Page 43
Chapter 42: Liability of Accountants Other Professionals Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72788
Sample Questions Q1) Quentin,an accountant,prepares for Ruff n' Reddy Concrete Corporation a financial statement that omits a material fact.The statement is included in Ruff n' Reddy's registration statement filed with the Securities and Exchange Commission.Timor,who reads the statement,and Ubi,who does not,each buy Ruff n' Reddy stock.Under Section 11 of the Securities Act of 1933,Quentin may be liable to A)neither Timor nor Ubi. B)Timor and Ubi. C)Timor only. D)Ubi only. Q2) Under the Restatement (Second)of Torts,accountants can be held liable for negligence to any third parties. A)True B)False Q3) An attorney may be liable in negligence to any third party who the attorney knows will rely on the attorney's work. A)True B)False To view all questions and flashcards with answers, click on the resource link above.
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Chapter 43: Personal Property and Bailments Available Study Resources on Quizplus for this Chatper 70 Verified Questions 70 Flashcards Source URL: https://quizplus.com/quiz/72789
Sample Questions Q1) Helen owns heavy construction equipment and the tools to service it,as well as office furniture,including computers.Ilya owns a number of patents,trademarks that identify the products made under those patents,and stock in the company that sells those products.Personal property includes the items owned by A)Helen and Ilya. B)Helen only. C)Ilya only. D)neither Helen nor Ilya. Q2) A person acquires title to fungible goods by mixing them. A)True B)False Q3) Ruth gives Seth a computer as a gift.Using the computer,Seth develops a new game,for which he obtains intellectual property protection,and forms Top Games,Inc.,to make and market the game.Seth's acquisition of the game is by A)a bailment. B)accession. C)confusion. D)production. To view all questions and flashcards with answers, click on the resource link above. Page 45
Chapter 44: Real Property and Landlord-Tenant Law Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72790
Sample Questions Q1) Consumer Shops,Inc.,signs a lease for a storefront owned by Downtown Building Company.Unlike a purchaser of real property,Consumer Shops A)acquires only temporary possession of the premises. B)enjoys exclusive possession of the premises. C)holds only temporary title to the premises. D)retains temporary,exclusive possession and title to the premises. Q2)
Chita
owns
the
land
on
which
Downwind
Farm
is
situated,plus
the
farmhouse,barn,and other structures permanently attached to the land.Chita's brother Elvin owns everything else on the farm-implements,seed,and so on.The real property is owned by A)Chita and Elvin. B)Chita only. C)Downwind Farm. D)Elvin only. Q3) A fixed-term tenancy is created when a lease does not specify its duration. A)True B)False Q4) Plant life is not considered to be real property. A)True B)False Page 46 To view all questions and flashcards with answers, click on the resource link above.
Chapter 45: Insurance,wills,and Trusts Available Study Resources on Quizplus for this Chatper 72 Verified Questions 72 Flashcards Source URL: https://quizplus.com/quiz/72791
Sample Questions Q1) If no heirs are found,the property of a decedent is transferred to a charitable organization. A)True B)False Q2) Ginny obtains a health-insurance policy for her family from Hope Insurance Company.The policy includes an incontestability clause.Under such a clause,after a policy has been in force for a specified period or time,such as two or three years A)Ginny cannot contest Hope's insurable interest. B)Ginny cannot contest Hope's refusal to pay a claim under the policy. C)Hope cannot contest Ginny's eligibility for continued coverage. D)Hope cannot contest Ginny's statements in the application. Q3) An executor is a personal representative appointed by a court for a decedent who dies without a will. A)True B)False Q4) Insurance is classified according to the amount of the payment on a claim. A)True B)False To view all questions and flashcards with answers, click on the resource link above. Page 47