Principles of Business Test Preparation
Course Introduction
Principles of Business provides an introduction to the foundational concepts and practices essential for understanding the modern business environment. The course explores the structure and functions of businesses, including management, marketing, finance, operations, and human resources. Students will learn about the role of businesses in the economy, ethical considerations, and the impact of globalization. Through case studies and practical examples, the course emphasizes decision-making, problem-solving, and the development of effective business strategies, preparing students for further studies in business or related fields.
Recommended Textbook
Dynamic Business Law The Essentials 3rd Edition by Nancy Kubasek
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3463 Verified Questions
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Chapter 1: An Introduction to Dynamic Business Law
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Q1) Assume a judge writes that she is deciding to enforce a law in question but that her decision does not mean that she sees the law as the morally correct rule.The judge would have leanings in the direction of ______.
A) Legal positivism
B) Natural law
C) Legal realism
D) Conscience reaction
E) Concluding law
Answer: A
Q2) Which of the following refers to the ability to understand the structure of what someone is saying and then apply a set of criteria to evaluate its worth?
A) Absolute skills
B) Critical-thinking skills
C) Cost-benefit skills
D) Reviewability skills
E) Traditional lawyer skills
Answer: B
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Chapter 2: Business Ethics
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Sample Questions
Q1) An ethical theory that urges managers to take those actions that provide the greatest pleasure after having subtracted the pain or harm associated with the action in question is called ______.
A) Deontology
B) Utilitarianism
C) Kantian ethics
D) Absolutism
E) Ethical relativism
Answer: B
Q2) Utilitarianism is a form of consequentialism.
A)True
B)False
Answer: True
Q3) Business ethics is the application of ethics to the special problems and opportunities experienced by business people.
A)True
B)False
Answer: True
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Chapter 3: The Uslegal System
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Sample Questions
Q1) Which of the following is true regarding trials in Japan?
A) The Japanese trial system has juries that function similar to juries in America.
B) The discovery process in the Japanese court system is much simpler than that in America.
C) Trial involves a series of discrete meetings between the parties and the judge.
D) Known evidence must be automatically exchanged without request or order of the court.
E) Only civil penalties may be imposed in civil cases for parties violating judicial orders.
Answer: C
Q2) The challenge to the juror who said that they could not be fair is referred to as a[n]
A) Peremptory challenge
B) Challenge for cause
C) Stipulated challenge
D) Fairness challenge
E) Approved challenge
Answer: B
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Page 5
Chapter 4: Alternative Dispute Resolution
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Sample Questions
Q1) Will Jill likely be bound by the arbitration provision that she can only receive $150 in damages?
A) Yes, she signed the agreement.
B) She will likely be bound only if the company can show that it has not made a substantial profit in the past 12 months.
C) If an arbitration award on that basis is appealed, a federal district judge would likely find the provision unenforceable.
D) She can avoid the provision if she testifies that she did not read it before signing the agreement.
E) She will likely be bound unless she can show that the company made a misrepresentation to her.
Q2) Negotiation is a bargaining process in which disputing parties interact informally,but only with lawyers,to attempt to resolve their dispute. A)True B)False
Q3) An arbitrator is more likely to issue a compromise decision than a judge. A)True B)False
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Chapter 5: Constitutional Principles
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Q1) Which of the following requires that courts in all states uphold contracts and public acts of every state thereby protecting wills,divorce decrees,and judgments in civil courts?
A) The full faith and credit clause
B) The privileges and immunities clause
C) The commerce clause
D) The contract clause
E) The Bill of Rights clause
Q2) What does the Fifth Amendment's takings clause reference?
A) The right of the government to take private property for public use without paying compensation to the owner.
B) The requirement that the government pay the owner just compensation if the government wants to take private property for public use.
C) The right of the government to put individuals in jail for up to ten days without a hearing.
D) The right of the government to put individuals in jail for up to five days without a hearing.
E) The requirement that the government compensate an owner for anything destroyed during a search.
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Chapter 6: International and Comparative Law
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Q1) Which of the following is true regarding the enforceability of foreign judgments in the United States?
A) Foreign judgments are entitled to full faith and credit.
B) Foreign judgments are entitled to full faith, but not credit.
C) Foreign judgments are neither entitled to full faith and credit, nor are they evidence of the justice of the plaintiff's claims.
D) Foreign judgments are not entitled to full faith and credit, but are only evidence of the justice of the plaintiff's claims.
E) By statutory law, foreign judgments must be disregarded in the U.S.
Q2) Which of the following should Tara consider with regard to trade agreements between the U.S.and Mexico?
A) The North American Free Trade Agreement
B) The Central American Free Trade Agreement
C) The Tri-Country Free Trade Agreement
D) The Multi-Country Free Trade Agreement
E) The Accessibility Trade Agreement
Q3) The United States is not a party to the Central American Free Trade Agreement.
A)True
B)False
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Page 8
Chapter 7: Crime and the Business Community
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Sample Questions
Q1) Which of the following is true regarding the Fourteenth Amendment?
A) It is part of the Bill of Rights.
B) Its safeguards only apply at the federal level.
C) It is not a part of the Bill of Rights and it extends federal guarantee of due process and most constitutional protections to all states.
D) It is a part of the Bill of Rights, its protections apply at the federal level, and its protections also apply at the state level.
E) It is a part of the Bill of Rights, and its protections apply only at the federal level.
Q2) Which of the following is a person who illegally accesses or enters another person's or a company's computer system to obtain information or to steal money?
A) Backer
B) Reacher
C) Hacker
D) Trespasser
E) Illicit user
Q3) List and discuss the three tests discussed in the text used for determining the viability of the insanity defense.
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Chapter 8: Tort Law
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Q1) A(n)_________ occurs when one person places another in fear or apprehension of an immediate,offensive bodily contact.
A) Battery
B) Assault
C) Assault and battery
D) Negligence
E) Strict responsibility
Q2) Under a conditional privilege,a party will not be held liable for defamation unless the false statement was made _______.
A) with actual malice
B) negligently
C) in print
D) publicly
E) to an employer
Q3) Tort law is primarily state law.
A)True
B)False
Q4) List the three objectives of tort law and discuss whether you believe that additional tort reform should occur.
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Chapter 9: Negligence and Strict Liability
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Q1) Which of the following is true regarding contributory negligence?
A) The defense was once available in a few states but is not available in any state today.
B) It is available in all states today.
C) It was outlawed by a federal statute.
D) It was once available in all states but has been replaced in some states by the defense of comparative negligence.
E) It was once available in all states and has been replaced in some states by the defense of assumption of risk.
Q2) Assume a jurisdiction has a law that all residential swimming pools must have a fence that is at least six feet tall surrounding the swimming pool.Cindy has a pool in her backyard; but it was built only a few months ago,and Cindy has not had the extra money with which to build the fence.Unfortunately,one of the neighborhood children goes swimming in the pool and drowns.The parents of the child sue Cindy.Discuss how they would likely go about proving their case and the elements that would be required.
Q3) Identify and explain the elements of negligence.
Q4) Identify and discuss the two separate elements of causation and how they are applied.
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Chapter 10: Product Liability
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Sample Questions
Q1) Without considering any statements made by either the salesperson or Sally regarding uses for the boat,what type of warranty did the seller make by merely selling the boat?
A) The sale itself constituted an implied warranty of merchantability but not an express warranty or a warranty of fitness for a particular purpose.
B) The sale itself constituted a warranty of fitness for a particular purpose but not an express warranty or an implied warranty of merchantability.
C) The sale itself constituted an express warranty but not an implied warranty of merchantability or a warranty of fitness for a particular purpose.
D) The sale itself constituted both an express warranty and a warranty of fitness for a particular purpose but not an implied warranty of merchantability.
E) The sale itself constituted both an express warranty and an implied warranty of merchantability but not an express warranty.
Q2) Define and describe the three commonly used theories of recovery in product liability cases and set forth the two common elements that a plaintiff must generally show in order to prevail under a product liability theory.
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Page 12
Chapter 11: Liability of Accountants and Other Professionals
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Q1) Generally,unless engaged to detect __________,an accountant is not a fraud detector unless the fraud is uncovered in the course of exercising reasonable care and skill.
A) Negligence
B) Misfeasance
C) Malfeasance
D) Fraud
E) Malpractice
Q2) The reasonably foreseeable users test holds an accountant liable to any third-party who was or should have been foreseen as a possible user of the accountant's work product and did,in fact,use and rely upon that work product for a proper business purpose.
A)True
B)False
Q3) What must be proven in order to recover damages under Section 10(b)of the Securities Exchange Act of 1934 and the corresponding SEC Rule 10b-5?
Q4) Which of the following must be shown in order to establish a violation of Section 20(a)of the Securities Exchange Act?
Q5) Discuss the defenses available to an accountant charged with negligence.
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Chapter 12: Intellectual Property
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Sample Questions
Q1) Which of the following is a mark affixed to a good,its packaging,or its labeling?
A) Product trademark
B) Collective mark
C) Certification mark
D) Service mark
E) Physical activity mark
Q2) When a patent is issued for an object,it gives its holder the exclusive right to produce,sell,and use the object of the patent for __________ years from the date of application.
A) Ten
B) Twenty
C) Thirty
D) Forty
E) Fifty
Q3) Marcy is unhappy because a play she wrote and has a copyright on has been placed on the Internet.She hears that you are taking business law and asks what she can do in remedying the situation and suing Internet service providers.What would you tell her? Reference the federal law involved and its pertinent provisions.
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Chapter 13: Introduction to Contracts
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Sample Questions
Q1) Which of the following is the most likely measure of recovery when a quasi-contract is involved?
A) The amount set forth in the contract.
B) The fair market value of the matter involved.
C) The wholesale price of any good involved.
D) The amount sought by the plaintiff in the Complaint.
E) Damages will be computed the same way as they are computed for any other contract.
Q2) Quasi-contracts are actual contracts.
A)True
B)False
Q3) Identify and describe the four elements that are necessary for a contract to exist.
Q4) The term "consideration" in relation to contracts involves parties acting in an ethical manner.
A)True
B)False
Q5) Congress passed the Uniform Electronic Transactions Act (UETA).
A)True B)False
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Chapter 14: Agreement
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Sample Questions
Q1) Which of the following is correct regarding the final status of the negotiations between Donna and Charles?
A) Donna rejected Charles' offer by making a counteroffer.
B) Donna did not reject Charles' offer because she merely made an inquiry.
C) Donna cannot accept Charles' offer because he already sold the personal watercraft, and that terminated the offer to her.
D) Donna cannot accept Charles' offer because it was revoked when he sold the hot tub to Everett.
E) Donna cannot accept Charles' offer because she did not do so in her initial conversation with Charles.
Q2) Set forth the ways in which an offer can be terminated.
Q3) Which of the following terms would be considered material terms?
A) Subject matter but not price, quantity, quality, or parties
B) Price and subject matter, but not quantity, quality or parties
C) Quantity, quality, and subject matter, but not price or parties
D) Subject matter, quality, and price, but not quantity or parties
E) Subject matter, price, parties, quality, and quantity
Q4) Set forth the circumstances under which an offer may not be revoked.
Q5) Set forth the elements of an offer under the common law.
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Chapter 15: Consideration
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Q1) Which of the following is true regarding the offer of the reward?
A) It pertained to a bilateral contract that could be accepted only with consideration consisting of a promise.
B) It pertained to a bilateral contract that could be accepted only with consideration consisting of performance.
C) It pertained to a bilateral contract that could be accepted with consideration consisting of a promise or performance.
D) It pertained to a unilateral contract that could be accepted with consideration consisting of a promise.
E) It pertained to a unilateral contract that could be accepted with consideration consisting of performance.
Q2) In your opinion,should the law require that consideration be in an amount similar in value to the item or services being transferred in order for a contract to be enforceable? Discuss why or why not.
Q3) An illusory promise is not a consideration.
A)True
B)False
Q4) What is the preexisting duty rule?
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Chapter 16: Capacity and Illegality
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Q1) A[n] ______ contract is a contract created by a party to an agreement that is presented to the other party on a take-it-or-leave-it basis.
A) Substantively unconscionable
B) Adhesion
C) Outrageous
D) Procedurally unreasonable
E) Unreasonable
Q2) Which of the following is a term for laws that limit the types of business activities in which parties may legally engage on Sundays?
A) Red laws
B) Blue laws
C) True laws
D) Colonial laws
E) Christian laws
Q3) Both a minor and the adult with whom the minor contracted may disaffirm a contract based upon the minor's lack of majority.
A)True
B)False
Q4) Discuss in detail the age of majority in Great Britain.
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Chapter 17: Reality of Assent
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Q1) Which of the following is true if Peter seeks to rescind the contract for the sale of the motorcycle?
A) Peter may rescind the contract on grounds of fraud or on grounds of duress.
B) Peter may rescind the contract on grounds of duress or on grounds of unconscionability.
C) Peter may rescind the contract on grounds of undue influence or on grounds of duress.
D) Peter may rescind the contract on the ground that although he is past the age of majority, he is still a student.
E) Peter may not rescind the contract.
Q2) Which of the following refers to an intentional failure to provide pertinent information about a projected contract?
A) Concealment
B) Nondisclosure
C) Negligence
D) Secretion
E) Entombment
Q3) What must a party prove in order to obtain money damages based on a fraudulent misrepresentation when damages are sought?
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Page 19
Chapter 18: Contracts in Writing
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Q1) Define the term "admission" in relation to contracts under the statute of frauds.Discuss the pros and cons of the rule on admissions,and whether you think courts should recognize admissions.
Q2) The ______ rule is a common law rule that addresses the admissibility of oral evidence as it relates to written contracts.
A) Oral admissibility
B) Oral evidence
C) Parol evidence
D) Frauds evidence
E) Deficient evidence
Q3) In most states,which of the following are exceptions to when the statute of frauds would apply?
A) Admissions, partial performance, and promissory estoppel
B) Partial performance and admissions, but not promissory estoppel
C) Promissory estoppel but not admissions or partial performance
D) Promissory estoppel and partial performance, but not admissions
E) Admissions but not partial performance or promissory estoppel
Q4) Set forth the eight exceptions to the parol evidence rule.
Q5) According to the text,what are the three main purposes of the statute of frauds?
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Chapter 19: Third Party Rights to Contracts
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Q1) Parties not in ______ usually do not have rights to a contract.
A) Acknowledged contract
B) Diverse contract
C) Privity of contract
D) Close contract
E) Privileged contract
Q2) Which of the following is false regarding the rights of an assignee and assignor?
A) Assignees essentially fill in for the assignor as the legal recipient of contractual duties.
B) Assignees acquire the same contractual duties as the assignor had.
C) Assignees are offered more protection than assignors.
D) The obligor may raise any of the same defenses for nonperformance against the assignee that he would have been able to raise against the assignor.
E) When an assignor transfers rights to an assignee, the assignor legally gives up all rights he or she previously had to collect on the contract.
Q3) List and discuss two reasons why notice of assignment should be given.
Q4) Lists four situations under which contractual rights cannot be assigned.
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Page 21
Chapter 20: Performance,Breach of
Contract,discharge,and Remedies
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Q1) The parties' discharge of their obligations by doing what they respectively agreed to do under the terms of the contract is called ____.
A) Discharge by tender
B) Discharge by performance
C) Discharge by finishing
D) Discharge by absolution
E) Discharge by reason
Q2) Which of the following is true regarding the appropriate amount of damages,if any?
A) There are no damages because Willis did not breach the contract.
B) Robert will not have to pay for the house because Willis failed to perform as required.
C) Even though Willis substantially performed, Robert will not have to pay for the house because Willis materially breached the contract.
D) Robert is released from paying for the house because of the anticipatory breach.
E) Any damages awarded would be in the range of $300, the amount it would take to fix the breach.
Q3) List the ways by which a party's contractual obligations can be terminated.
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) When Article 2 is silent on an issue of sales contract formation or interpretation and there is no state statutory law in place on that matter,_____.
A) The common law rules apply
B) The civil law rules apply
C) Federal common law applies
D) Federal statutory law applies
E) The Uniform Sales Act applies
Q2) All states,except Louisiana,follow the ______ common law.
A) English
B) French
C) Italian
D) Spanish
E) German
Q3) Contrast the requirement of consideration for modification of contracts under the common law and under the UCC.
Q4) Land and service contracts are governed by common law,not the UCC.
A)True
B)False
Q5) Discuss when a party may be considered a "merchant" under the UCC.
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Chapter 22: Title,Risk of Loss,and Insurable Interest
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Q1) What does the term "FOB" when used as a shipping term represent?
A) Fee on Board
B) Fee on Basis
C) Freedom of Board
D) Free on Board
E) Free of Basis
Q2) If a buyer and seller execute a contract and the seller subsequently places the goods with a common carrier for delivery to the buyer,the parties have executed a common-carrier delivery contract.
A)True
B)False
Q3) With goods in bailment,when is an insurable interest created?
A) Only when either party has title to the goods
B) When either party has title or a risk of loss, but not under any other circumstances
C) When either party has title, risk of loss, or other economic interest attached to the goods
D) Two days after either party has title to the goods
E) Never - there is no such thing as an insurable interest in a goods-in-bailment contract
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Page 24
Chapter 23: Performance and Obligations Under Sales and Lease Contracts
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Q1) Under the UCC,buyers and lessees are obligated to accept and pay for conforming goods in accordance with the contract.
A)True
B)False
Q2) Which of the following is true regarding the UCC and norms in the industry?
A) The UCC requires that courts consider norms in a particular trade only if consumer goods are involved.
B) The UCC allows courts to consider norms in a particular trade only if the perfect tender rule has been satisfied.
C) The UCC requires that courts consider norms in a particular trade.
D) The UCC does not require that courts consider norms in a particular trade.
E) The UCC requires that courts consider norms in a particular trade only if goods with a unit price of over $500 are involved.
Q3) There are no exceptions to the perfect tender rule.
A)True
B)False
Q4) Course of dealing is another term for course of performance.
A)True
B)False
Page 25
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) Discuss when specific performance is available as a remedy against a seller or lessor when the sale of goods is involved,and what is involved if specific performance is decreed.
Q2) Which of the following are damages identified before the breach occurs?
A) Nominal damages
B) Compensatory damages
C) Reliance damages
D) Liquidated damages
E) Consequential damages
Q3) List the various options discussed in the text that may be available to a buyer/lessee when the seller/lessor is in breach.
Q4) Which of the following may a buyer/lessee do when the seller/lessor delivers nonconforming goods?
A) Reject the goods only
B) Obtain cover only
C) Cancel the contract only
D) Reject the goods, and then obtain cover or cancel the contract
E) Reject the goods and obtain cover, but the buyer may not cancel the contract
Q5) Which of the following must a buyer do in obtaining cover?
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Chapter 25: Warranties
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Q1) What Western law refers to as a warranty is called a[n] _____ in Kazakhstan.
A) Agreement
B) Confirmation
C) Promise estopped
D) Pledge
E) Acknowledgment
Q2) The UCC adopted the common law of warranties.
A)True
B)False
Q3) A sample or model may constitute an express warranty.
A)True
B)False
Q4) Is Donnie correct that the car was sold with an implied warranty of fitness for a particular purpose?
A) Yes, because it was promised that the car would pull the boat.
B) No, because Sally was only engaged in puffing.
C) No, because only the manager can make such a warranty.
D) No, because Sally made only a warranty of merchantability, not a warranty of fitness for a particular purpose.
E) No, because no implications were made.
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Documents used as payments to facilitate commercial transactions were labeled as ______ under article 3 of the UCC.
A) Commerce paper
B) Commercial paper
C) Commerce notes
D) Negotiable instruments
E) Payment notes
Q2) If an instrument is silent as to the time of payment,which of the following is assumed by the UCC?
A) That it is a demand instrument
B) That it is a time instrument
C) That it is a void instrument
D) That it is a voidable instrument
E) That it is a nonnegotiable instrument
Q3) An automated signature satisfies the UCC requirement that the signature of the creator appear in order for an instrument to be negotiable.
A)True
B)False
Q4) Set forth the seven requirements for an instrument to be negotiable.
28
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Chapter 27: Negotiation, Holder in Due Course, and Defenses
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Q1) Which of the following is false regarding the elements a party must meet in order to be considered a holder in due course?
A) The party must be a holder of a complete and authentic negotiable instrument.
B) The holder must take the instrument for value.
C) The holder must take the instrument in good faith.
D) The holder must take the instrument without notice of defects.
E) The holder must either pay for the instrument or receive it as a gift.
Q2) Receiving an instrument as a gift satisfies the requirement of taking an instrument for value.
A)True
B)False
Q3) In the event of a misspelled name,how may the holder endorse the document?
A) Only with the misspelled name.
B) Only with the holder's actual name or the misspelled name.
C) Only with the misspelled name followed by the actual name.
D) With the holder's actual name, with the misspelled name, or with the misspelled name followed by the actual name.
E) Endorsement is impossible in such a situation.
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Chapter 28: Liability,defenses,and Discharge
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Q1) Which of the following results in liability for the principal because the principal approved of an unauthorized agent's signature?
A) Ratification
B) Authorization
C) Acknowledgement
D) Pre-approval
E) Post-approval
Q2) Which of the following is the general rule when it is not possible to determine the status of the signer of an instrument?
A) The party is considered the maker.
B) The party is considered the acceptor.
C) The party is considered the drawer.
D) The party is considered the endorser.
E) The party is considered an accommodation party.
Q3) If an accommodated party pays a note when it is due,the accommodated party can force any accommodation party to contribute based upon the number of accommodation parties that exist.
A)True
B)False
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) The Federal Reserve System consists of ______ central banks.
A) Six
B) Eight
C) Twelve
D) Twenty
E) Thirty
Q2) Under the UCC,if the customer does not notify the bank of an unauthorized signature within ______ after the statement has been made available,she cannot hold the bank liable for the payment.
A) 10 Days
B) 20 Days
C) 30 Days
D) 45 Days
E) 60 Days
Q3) The ______ bank is the bank upon which a check is drawn.
A) Payor
B) Payee
C) Depositary
D) Transfer
E) Acceptor
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Chapter 30: Secured Transactions
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Q1) Transfer of collateral to a secured party is called a[n] ____.
A) Allegiant
B) Pledge
C) Transfer
D) Allonge
E) Release
Q2) According to the UCC,value is consideration.
A)True
B)False
Q3) Which of the following is true regarding a secured party's interest in proceeds?
A) A secured party automatically has an interest in proceeds.
B) A secured party has an interest in proceeds only if the proceeds are taken into the possession of the secured party.
C) A secured party has an interest in proceeds only if a financing statement is filed on the proceeds.
D) A secured party has an interest in proceeds only if the secured party has a signed statement from the debtor granting an interest in proceeds.
E) The secured party may not acquire a security interest in proceeds.
Q4) Set forth the steps that a creditor must take to become a secured party.
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) What does the Federal Consumer Credit Protection Act state regarding how much a debtor's wages may be garnished?
A) That a debtor must be able to keep the 75 percent of his or her weekly net income.
B) That a debtor must be able to keep 30 times the federal minimum wage.
C) That a debtor must be able to keep the greater of the following two options: 75 percent of his or her weekly net income or 30 times the federal minimum wage.
D) Nothing because the Federal Consumer Credit Protection Act does not address garnishment.
E) Nothing because there is no Federal Consumer Credit Protection Act.
Q2) Which of the following is a claim to property by implication of law rather than statute?
A) Broker's lien
B) Common law lien
C) Consummate lien
D) Possessory lien
E) Vendor's lien
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Chapter 32: Bankruptcy and Reorganization
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Q1) Assuming Mindy's mother received more than would have been received through bankruptcy proceedings,which of the following is the most likely result of a claim of preferential payment based upon the payment to the mother?
A) The payment was not preferential because it was made over 90 days before the filing of the bankruptcy petition.
B) The payment was not preferential because it was made over 120 days before the filing of the bankruptcy petition.
C) The payment was not preferential because it was made over 180 days before the filing of the bankruptcy petition.
D) The payment was preferential because it was made to a family member and made within two years of the filing of the bankruptcy petition unless Mindy can establish that she was not insolvent when she made the payment.
E) The payment was preferential on the basis that it was made to a family member within two years of the filing of the bankruptcy petition only if the trustee is able to demonstrate that Mindy was insolvent when she made the payment.
Q2) Set forth the set of procedures that must be taken in every bankruptcy case.
Q3) What are the two general goals of bankruptcy laws as set forth in the text?
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Page 34
Chapter 33: Agency Formation and Duties
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Q1) Set forth the requirements for a finding of agency by ratification and also the requirements needed for ratification to be effective.
Q2) A gratuitous agent is one who acts without consideration.
A)True
B)False
Q3) An agency relationship may be created only for a lawful purpose.
A)True
B)False
Q4) When must agency agreements be in writing?
Q5) Agency law is primarily federal law.
A)True
B)False
Q6) Which of the following is a person who has a duty to act primarily for another person's benefit?
A) Principal
B) Employer
C) Fiduciary
D) Trustor
E) Benefitor
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Chapter 34: Liability to Third Parties and Termination
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Q1) Which of the following is false regarding agency law in the United Arab Emirates (UAE)?
A) UAE Commercial Transaction Law is relevant in regard to agents.
B) The UAE Civil Code is relevant in regard to agents.
C) Registered agents may seek compensation when an agency ends even if the termination occurs in accordance with the terms of the agency agreement.
D) Only registered agents are entitled to seek compensation in the event of termination.
E) In regard to disputes about compensation of agents, court-appointed experts are usually the entities that are responsible for determining compensation amounts.
Q2) Which of the following refers to an employer's right,if any,to recover from an employee damages the employer paid a third party as a result of the employee's negligence?
A) The right of recompense
B) The right of reimbursement
C) The entitlement to equity
D) The right of indemnification
E) There is no such right
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Chapter 35: Forms of Business Organizations
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Q1) Set forth the advantages and disadvantages of forming a general corporation.
Q2) Cooperatives must be incorporated.
A)True
B)False
Q3) Which of the following is false regarding a general partnership?
A) It is easy to create.
B) Income of the business is personal income.
C) Business losses can be deducted from taxes.
D) The partners are considered agents of the partnership.
E) In most cases partners do not have personal liability for losses.
Q4) Officers of a corporation are hired by the shareholders.
A)True
B)False
Q5) Which of the following would likely be formed by farmers who want to pool certain crops together to ensure that they get a high market price for their crops?
A) A business trust
B) A syndicate
C) A joint venture
D) A joint stock company
E) A cooperative
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Chapter 36: Partnerships: Nature, Formation, and Operation
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Q1) Which of the following entitles a creditor to a partner's profits?
A) A garnishment order
B) A charging order
C) A reimbursement order
D) An accounting order
E) An entitlement order
Q2) In regard to developing countries which of the following is not true regarding offshore partnerships?
A) They combine the strengths of firms that operate in developing countries and firms that operate in countries that are foreign to the developing countries.
B) Firms in developing countries use offshore partnerships to gain international exposure.
C) Firms in developing countries use offshore partnerships to gain technological competence.
D) Foreign firms use offshore partnerships to gain the opportunity to enter developing markets.
E) Offshore partnerships are rarely used for workers because workers from offshore partnerships tend to be highly priced.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) To ensure that a dissolving partner does not create additional liability for the partnership,which of the following is true regarding notice to be provided to a third party that has provided credit to a partnership?
A) There is no requirement that notice be provided because by law, the dissolving partner has no authority to bind the partnership.
B) The third party may be notified through advertisement in the newspaper.
C) The third party may be notified through a general post on the Internet at the partnership's website.
D) The third party must be provided direct verbal or written notice.
E) The third party must be provided written notice based on the statute of frauds.
Q2) Mona and Jill wish to start a partnership to sell hand woven sweaters.Jill's parents would like to invest,but they do not wish to be subject to liability for losses in excess of their capital contribution.Jill's mother tells Mona and Jill that if she invests,she expects to have a significant say in the management of the business.Should Mona,Jill,and Jill's parents enter into a limited partnership with the parents being limited partners,and why or why not? Would a limited liability company be a good option,and why or why not?
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Page 39
Chapter 38: Corporations: Formation and Financing
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Q1) Assuming ABC's corporate status is in place,which of the following is Bernice's best theory,if any,in order to hold Slick personally liable to her?
A) That the corporate veil should be pierced because Slick committed fraud through the corporation.
B) That in equity Slick should be held personally liable.
C) That Slick should be personally liable because of his status as a shareholder.
D) That Slick should be personally liable because he acted on behalf of the corporation in soliciting the funds.
E) Because of ABC's corporate status and her responsibility to investigate the situation, she will not be able to hold Slick personally liable to her.
Q2) Which of the following adopts corporate bylaws?
A) Directors
B) Shareholders
C) Officers
D) Incorporators
E) Promoters
Q3) List the two implied corporate powers set forth in the text.
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Chapter 39: Corporations: Directors, Officers, and Shareholders
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Q1) For which of the following may a director generally be removed?
A) At the will of the president.
B) In the discretion of the shareholders upon majority vote.
C) In the discretion of the shareholders upon a two-thirds vote.
D) In the discretion of other directors upon a majority vote.
E) For cause.
Q2) Which of the following is true regarding how directors are chosen during incorporation?
A) Prior to incorporation, either the incorporators appoint them or the corporate articles name them.
B) Prior to incorporation, either the incorporators appoint them or by a majority vote of the shareholders.
C) Prior to incorporation, directors may only be named through the incorporators appointing them.
D) Prior to incorporation, directors may only be named by the corporate articles naming them.
E) Prior to incorporation, directors may only be named by the president appointing them.
Q3) What are the requirements for being a director?
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Chapter 40: Corporations: Mergers, Consolidations, and Termination
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Q1) Two security services,ABC Security and R.Knight Security,propose to merge.Each corporation has fewer than 10 shareholders.The proposed merger receives majority shareholder approval.Richard,a minority shareholder who owns 10% of the stock in Knight Security,however,is very much opposed to the merger.He tells the other shareholders in Knight Security that unless they convince him otherwise,he will block the merger.What are Richard's rights as a dissenting shareholder,and does he have the power to block the merger?
Q2) When voluntary dissolution procedures are initiated,which of the following must occur first?
A) The directors must file articles of dissolution with the secretary of state.
B) The directors must notify the local court with jurisdiction over any claims.
C) The officers must resign.
D) The directors must resign.
E) The court must appoint a receiver.
Q3) In a hostile takeover situation,what does the term "going private" reference?
A) A leveraged buyout
B) A management buyout
C) An approved buyout
D) A corporate buyout
E) A closely managed buyout
Page 42
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) A person who violates the 1933 Securities Act can be fined but not sent to jail.
A)True
B)False
Q2) Which of the following is the term for the document referenced by Robbie to be provided to the SEC that will be used as an advertising tool to potential investors who can rely on it to decide whether they should buy securities?
A) An advertising statement
B) A prospectus
C) An inventory
D) A proposed income statement
E) A securities advertisement
Q3) Under the 1933 act,any security offered or sold to a permanent resident of the single state where the issuer of the security resides and does business is exempt.
A)True
B)False
Q4) What is a proxy solicitation and how is it regulated by the SEC?
Q5) Set forth the four major responsibilities of the SEC as set forth in the text.
Q6) Set forth what a registration statement filed with the SEC generally contains.
Q7) Set forth the Howey three-part test for determining if a security exists.
Page 43
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Chapter 42: Employment and Labor Law
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Q1) Which of the following interprets and enforces the National Labor Relations Act?
A) The Federal Union Board
B) The Collective Bargaining Board
C) The National Labor Relations Board
D) The Mandatory Negotiations Board
E) The Federal Labor Oversight Board
Q2) Which of the following is required by federal law in regard to holidays?
A) That employees be allowed to either be off or be paid double for 1 holiday per year.
B) That employees be allowed to either be off or be paid double for 2 holidays per year.
C) That employees be allowed to either be off or be paid double for 3 holidays per year.
D) That employees be allowed to either be off or be paid double for 4 holidays per year.
E) Employees are not guaranteed any holidays off or any extra pay for working holidays under federal law.
Q3) Leave provided under the Family and Medical Leave Act must be paid leave.
A)True
B)False
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Chapter 43: Employment Discrimination
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Q1) The issue of whether a hostile work environment exists is only considered by the courts in the area of harassment based upon gender.
A)True
B)False
Q2) Which of the following is false regarding the status of women in Saudi Arabia?
A) Women are not allowed to drive.
B) Women constitute only 25 percent of Saudi Arabia's workforce.
C) The law limits the industries in which women can be employed.
D) Women are forbidden to receive business licenses if they may have to interact with males or government officials.
E) Places of employment are segregated by sex.
Q3) Which of the following is the difference between the amount of money the plaintiff earned since the discriminatory act and the amount of money she or he would have earned had the discriminatory act never occurred?
A) Front pay
B) Statutory pay
C) Back pay
D) Mandated pay
E) Employment-based pay
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Chapter 44: Administrative Law
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Q1) Which of the following are the most common types of rule making done by agencies?
A) Formal and hybrid
B) Informal and hybrid
C) Formal and informal
D) Informational and informal
E) Informational and formal
Q2) The primary type of rule making used by administrative agencies is informal rule making.
A)True
B)False
Q3) When is the exemption from rule-making procedures known as "impracticable,unnecessary,or contrary to the public interest" most commonly used and what must the agency do if this avenue is chosen?
Q4) Administrative law consists of procedural,but not substantive,rules.
A)True
B)False
Q5) Set forth the steps involved in formal rule making.
Q6) Set forth the stages of informal rule making.
Q7) Set forth the steps involved in hybrid rule making.
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Chapter 45: Consumer Law
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Q1) Canada's cigarette labeling requirements are less strict than those in the U.S.
A)True
B)False
Q2) Which of the following is false regarding the Telephone Consumer Protection Act of 1991?
A) It forbids telephone solicitation using an automatic telephone dialing system.
B) It forbids telephone solicitation using a prerecorded voice.
C) It makes it illegal to transmit advertisements via fax unless the recipient agrees to the fax transmission.
D) Only the Federal Communications Commission can take action to enforce the act.
E) If a telemarketer willfully violates the act, the court can decide to triple the amount owed to the consumer.
Q3) The Can-Spam Act prohibits sending consumers e-mail messages with no option concerning whether they receive messages in the future.
A)True
B)False
Q4) What is required by the Telemarketing Sales Rule of 1995?
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Chapter 46: Environmental Law
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Q1) Which of the following is false regarding the management of nonhazardous solid waste?
A) The federal government sets national standards for municipal solid waste landfills.
B) The federal government provides technical assistance to the states for the management of nonhazardous waste.
C) The federal government provides financial assistance to the states for the management of nonhazardous waste.
D) The federal government requires that each state has a solid waste management plan that must include provisions for encouraging resource conservation or recovery.
E) Managing nonhazardous solid waste is the responsibility of the federal government, not the states.
Q2) Which of the following describes goals of the Clean Water Act?
A) Technology-driven
B) Technology-forcing
C) Application-assuming
D) Invention-dependant
E) Technology-dependant
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Chapter 47: Antitrust Law
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Q1) In attempting to establish a violation of the Sherman Act,what type of trade violation would the government most likely allege?
A) A vertical restraint
B) A horizontal restraint
C) A corresponding restriction
D) An agreed restriction
E) A rule-of-reason restriction
Q2) What must be shown in order to establish a violation of Section 1 of the Sherman Act?
Q3) Contrast traditional antitrust theories with the Chicago School theories.
Q4) A business arrangement in which stock owners appoint beneficiaries and place their securities with trustees who manage the company and pay a share of their earnings to the stockholders is referred to as a trust.
A)True
B)False
Q5) What does a judge consider when conducting a rule-of-reason analysis?
Q6) Set forth and describe the three specific types of injuries under the Robinson-Patman Act.
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Chapter 48: The Nature of Property, Personal Property, and Bailments
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Q1) Which of the following describes the type of gift,if any,at issue?
A) A gift causa mortis
B) A gift inter vivos
C) A gift inter mortis
D) A gift causa vivos
E) There was no gift because Tina did not realize the ring's value.
Q2) Which of the following is false under Italian Property Law?
A) There is a difference between physical possession and a mental intention to possess.
B) For immovable property, the potential owner must possess the property for no less than 20 years before full ownership can occur.
C) For movable property, the potential owner must possess the property for no less than 10 years before full ownership can occur.
D) Immovable property includes anything attached to the ground, such as trees, buildings, homes, and arenas.
E) Registration is not required for any movable property.
Q3) List and describe the three types of documents of title governing bailments.
Q4) Describe how e-commerce has inspired improvements in Internet postal technology.
Page 50
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Chapter 49: Real Property
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Q1) A[n] ______ is an irrevocable right to use some part of another's land for a specific purpose without taking anything from it.
A) Appurtenance
B) Profit
C) Easement
D) Fixation
E) Joint use
Q2) The ______ deed carries no warranties,and the grantor simply conveys whatever interests he or she holds.
A) Quitclaim
B) Special warranty
C) Approved
D) General warranty
E) Specific
Q3) Real property is commonly referred to as "realty."
A)True
B)False
Q4) As set forth in the text,describe a cooperative including typical rules of governance and the penalty if a member violates the rules.
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Chapter 50: Landlord-Tenant Law
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Q1) Historically,why was a landlord not responsible for ensuring that leased premises were tenantable?
A) Because judges favored lessors.
B) Because the standard of living was lower.
C) Because land was viewed as the more important element being leased.
D) Because it was believed that the free economy should take care of such matters.
E) Because of the large need for premises to lease.
Q2) A definite-term lease is also known as a[n] ______.
A) Limited-term-lease
B) Term-for-years
C) Applied-term-lease
D) Exact-term-lease
E) Approved-term-lease
Q3) When may a landlord be found guilty of negligence per se for code violations?
Q4) A rent escalation clause is typically found in short-term leases.
A)True
B)False
Q5) Set forth the elements required for the existence of a landlord-tenant relationship.
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Chapter 51: Insurance Law
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Q1) A policy of title insurance is an example of which of the following types of insurance?
A) Business loss
B) Profit loss
C) Commercial
D) Economy
E) Economic
Q2) Which of the following types of insurance protects members of specific professions from liability associated with their professional acts?
A) Business liability
B) Licensed
C) Trained liability
D) Professional liability
E) Consumer
Q3) The government spends large amounts on social insurance.
A)True
B)False
Q4) What is an incontestability clause in a policy of insurance,and what is its effect?
Discuss whether you believe that ethically these clauses should be required of insurers.
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Chapter 52: Wills and Trusts
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Q1) Which of the following occurs when a testator relied on false statements when he or she made a will?
A) Undue influence
B) Fraud
C) Negligence
D) Recklessness
E) Misinformation
Q2) List four reasons discussed in the text as to why individuals engage in estate planning.
Q3) A ______ is a gift of real property by will.
A) Behest
B) Grant
C) Bestowment
D) Devise
E) Bequeath
Q4) Usually,express trusts are written and are called trust instruments or agreements.
A)True
B)False
Q5) What are the four requirements needed for a valid will?
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