Regulation of Business
Chapter Exam Questions
Course Introduction
This course examines the framework of laws and regulations that govern business activities, exploring how governmental agencies, statutes, and judicial decisions impact the operation and obligations of businesses. Key topics include the rationale and history of business regulation, compliance with antitrust and securities laws, consumer protection, environmental regulations, labor standards, and the roles of federal, state, and local authorities. Through analysis of real-world cases and regulatory policies, students gain an understanding of both the legal environment in which businesses operate and the ethical considerations inherent in regulatory compliance.
Recommended Textbook
The Legal Environment of Business Text and Cases 8th Edition by Frank B. Cross
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Page 2
Chapter 1: Business and Its Legal Environment
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Sample Questions
Q1) Lewis is a state court judge.Like other judges,Lewis often refers to secondary sources of law for guidance.These sources include
A)official comments to statute.
B)other states' statutes.
C)state constitutions.
D)the U.S.Constitution.
Answer: A
Q2) In Ben v.City Car Dealership,a state supreme court held that a minor could cancel a contract for the sale of a car.Now a trial court in the same state is deciding Daphne v.Even Steven Auto Deals,Inc. ,,a case with similar facts.Under the doctrine of stare decisis,the trial court is likely to
A)allow the minor to cancel the contract.
B)disregard the previous case.
C)order the minor to cancel the contract.
D)require the minor to fulfill the contract.
Answer: A
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3
Chapter 2: The Court System
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Sample Questions
Q1) The United States Supreme Court has original jurisdiction in rare instances.
A)True
B)False
Answer: True
Q2) To prepare for a trial between Condo Development Corporation and Demo Construction Company,Condo's attorney places Demo's president under oath.An authorized court official makes a record of the attorney's questions and the officer's answers.This is
A)a cross examination.
B)a deposition.
C)e-evidence.
D)an interrogatory.
Answer: B
Q3) The courts can decide whether the other branches of government have acted within the scope of their constitutional authority.
A)True
B)False
Answer: True
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Chapter 3: Alternative and Online Dispute Resolution
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Sample Questions
Q1) Assisted negotiation describes proceedings for minors and other parties who lack contractual "capacity."
A)True
B)False
Answer: False
Q2) Refer to Fact Pattern 3-A1.If Organico and Pleasant Valley have a long-standing business relationship that they would like to continue,a preferred method of settling their dispute may be mediation because
A)the case will be heard by a mini-jury.
B)the dispute will eventually go to trial.
C)the process is not adversarial.
D)the resolution of the dispute will be decided an expert.
Answer: C
Q3) Olivia files a suit against Parker.If this suit is like most cases,it will be
A)dismissed during a trial.
B)dismissed or settled before a trial.
C)resolved only after a trial.
D)settled at a trial.
Answer: B
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Page 5
Chapter 4: Ethics and Business Decision Making
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Sample Questions
Q1) Kennedy Capital Corporation provides other firms with funds to expand operations.If Kenney strictly complies with existing laws,the firm will
A)fulfill all business ethics obligations.
B)fulfill no business ethics obligations.
C)fulfill some business ethics obligations.
D)not need to fulfill any business ethics obligations.
Q2) The minimal acceptable standard for ethical behavior is compliance with the law.
A)True
B)False
Q3) A common ethical dilemma faced by the management of General Holdings Corporation involves the effect that its decision will have on A)one group as opposed to another.
B)the firm's competitors.
C)the government.
D)the U.S.Chamber of Commerce.
Q4) It may be unethical for a company with a product that is outlawed in one country to look elsewhere for a market.
A)True
B)False
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Chapter 5: Constitutional Law
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Sample Questions
Q1) Parker owns and operates Rancho Mirage Corporation,a destination resort in Arizona that features horseback riding and bunkhouse accommodations.The Constitution provides that no person shall be deprived of "life,liberty,or property without due process of law." Included as "legal persons" under this clause are
A)the bunkhouses and other "manmade creations."
B)the corporation and Parker.
C)horses and other "beings in nature."
D)none of the choices.
Q2) Jen operates Jen's Fruits & Vegetables,a small market stocked entirely with produce grown on her adjacent farm.Under what clause of the Constitution can the federal government regulate Jen's activities What is Jen's best argument against federal regulation of her farm and business
Q3) Mike,an advocate of a certain religion,publishes an article in New Times magazine insisting that Congress base all federal law on his religion's principles.The First Amendment guarantees Mike's freedom of
A)religion only.
B)speech only.
C)the press only.
D)the press,speech,and religion.
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Page 7
Chapter 6: Administrative Law
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Sample Questions
Q1) State regulation,when not preempted,may cover many of the same activities as federal regulation.
A)True
B)False
Q2) The Regulatory Flexibility Act has helped reduce record-keeping burdens for Hometown Gas Company and other small business firms in the area of
A)accounting practices.
B)asset acquisition.
C)hazardous waste management.
D)tax reporting.
Q3) In most instances,an agency is not required to obtain a search warrant before a physical search for evidence is conducted.
A)True
B)False
Q4) Like statutory law,administrative law is created by legislatures.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Sample Questions
Q1) Most cyber crimes are "new" crimes.
A)True
B)False
Q2) Sophie is the president of Tasty Foods Corporation,a wholesale grocery company.An inspection by Uri,a government agent,uncovers unsanitary conditions caused by Vic,a Tasty Foods employee,in the company's warehouse.Will,a Tasty Foods vice president,assures Uri that the situation will be corrected,but a later inspection reveals no such corrections.Sophie knows nothing about any of this.Can Tasty Foods be convicted of a crime in these circumstances Can Sophie be held personally liable
Q3) It is not identity theft to use a fabricated identity to access financial resources online.
A)True
B)False
Q4) Ivan signs Jeb's name,without his authorization,to the back of a check.This is A)no crime.
B)forgery.
C)larceny.
D)robbery.
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Chapter 8: International Law in a Global Economy
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Sample Questions
Q1) Restrictions on imports may include quotas.
A)True
B)False
Q2) Nick,or Nora,or any U.S.citizen,can bring a civil suit in a U.S.court against a foreign entity
A)for a tort allegedly committed in the United States only.
B)for a tort allegedly committed in the United States or overseas.
C)for a tort allegedly committed overseas only.
D)under no circumstances.
Q3) The doctrine of sovereign immunity can immunize a foreign nation from the jurisdiction of U.S.courts.
A)True
B)False
Q4) A foreign state is immune from the jurisdiction of U.S.courts as long as the state is involved in commercial activity in the United States.
A)True
B)False
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Chapter 9: Contract Formation
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Sample Questions
Q1) A unilateral is a promise for an act.
A)True
B)False
Q2) Vicky contracts with Rashad for the delivery of hospice services to benefit Sigmund.This is
A)a delegation.
B)an assignment.
C)a third party beneficiary contract.
D)not an enforceable contract.
Q3) Loren and Kendra enter into a contract for the distribution of Loren's produce to local restaurants for which he agrees to pay Kendra.Kendra transfers her right to payment under the contract to County Bank.This transfer is
A)a delegation.
B)an assignment.
C)a third party beneficiary contract.
D)prohibited.
Q4) Parties are not usually free to bargain as they wish.
A)True
B)False
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Chapter 10: Contract Performance,breach,and Remedies
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Sample Questions
Q1) Most contracts need to be performed to personally satisfy the party to whom performance is owed.
A)True
B)False
Q2) The purpose of the doctrine of election of remedies is to permit a double recovery.
A)True
B)False
Q3) Lark enters into a contract to mine limestone in Milena's quarry,sell it,and share the profits on its sale with Milena.If the duties under this contract are discharged like those under most contracts,the duties will be
A)repudiated.
B)breached.
C)performed.
D)rescinded.
Q4) Special damages are awarded for damage caused by special circumstances beyond a contract.
A)True
B)False
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Chapter 11: Sales,leases,and E-Contracts
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Q1) If the parties to a sales contract state that a certain remedy is exclusive,then it is the sole remedy.
A)True B)False
Q2) Under a shipment contract,the risk of loss passes to the buyer when the goods are delivered to the carrier.
A)True B)False
Q3) UCC Article 2 applies to sales transactions between all buyers and sellers. A)True B)False
Q4) In most sales,sellers warrant that they have good and valid title to the goods sold. A)True B)False
Q5) A seller has an insurable interest in goods as long as the goods are in existence. A)True B)False
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Page 13
Chapter 12: Torts and Cyber Torts
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Sample Questions
Q1) Driving his sport utility vehicle negligently,Bart crashes into a streetlight.The streetlight falls,smashing through the roof of a house,killing Chris.But for Bart's negligence,Chris would not have died.Regarding the death,the crash is the A)cause in fact.
B)intervening cause.
C)proximate cause.
D)superseding cause.
Q2) After two years of research and an investment of a substantial amount of money,Coast-to-Coast Company (CC)develops a new product that it hopes will produce substantial profits.CC learns that a competitor,National Sales,Inc. ,has made and begun to sell a nearly identical product.CC learns from a reliable source that National paid a CC employee to obtain the plans for CC's product when it was in development.What legal recourse does CC have against National
Q3) A superseding cause is an intervening event that imposes liability on a defendant for injuries caused by the intervening event.
A)True
B)False
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Page 14
Chapter 13: Strict Liability and Product Liability
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Sample Questions
Q1) Grady,an obese individual,files a suit against Fry Fast Food Corporation (FFFC),alleging that FFFC's food is unhealthy because,as Grady knows,it contains high levels of cholesterol and saturated fat.Grady is most likely to A)lose,because Grady assumed the risk when he bought FFFC's food. B)lose,because Grady knows of the food's unhealthiness. C)win,because FFFC's food poses an unhealthy risk to Grady. D)win,because Grady knows of the food's unhealthiness.
Q2) A product liability action may be based on warranty theories.
A)True
B)False
Q3) The types of product defects that have traditionally been recognized in product liability law include inadequate warnings.
A)True
B)False
Q4) An action in strict product liability requires that the product not be in a defective condition when the defendant sells it.
A)True
B)False
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Page 15
Chapter 14: Intellectual Property and Internet Law
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Sample Questions
Q1) Excel Goods,Inc. ,and Finest Products Corporation use the mark "Good Housekeeping Seal of Approval" to certify the quality of their products.Excel and Finest are not in business together and do not own this mark.The mark is
A)a certification mark.
B)a collective mark.
C)a service mark.
D)trade dress.
Q2) International copyright protection exists for computer programs as "intellectual creations."
A)True
B)False
Q3) Exchanging pirated,copyrighted works with others is not infringement unless money is involved.
A)True
B)False
Q4) A personal name is protected under trademark law if it acquires a secondary meaning.
A)True
B)False
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Chapter 15: Creditor-Debtor Relations and Bankruptcy
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Sample Questions
Q1) Tippi believes that she needs to obtain a discharge in bankruptcy through an individual's repayment plan.This proceeding can be initiated by a filing of a petition by A)a creditor.
B)a debtor.
C)a corporation.
D)a partnership.
Q2) A homestead exemption allows a debtor to subtract the value of the family home from the amount of a debt.
A)True
B)False
Q3) Doral,Eduard,and Francesca are co-sureties of Glenda's debt to Hi-Credit Company.Doral pays Glenda's entire debt.Doral's right to seek proportionate payments from Eduard and Francesca is the right of A)contribution.
B)redemption.
C)reimbursement.
D)subrogation.
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Chapter 16: Mortgages Foreclosures After the Recession
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Sample Questions
Q1) Hubert borrows $100,000 from Integrity Mortgage Mart to buy a home.Soon after obtaining the mortgage,Integrity convinces Hubert to refinance.This is
A)a short sale.
B)a subprime mortgage.
C)loan flipping.
D)steering and targeting.
Q2) The initial interest rate is the part of a purchase price that is paid up front in cash. A)True
B)False
Q3) Consumer Mortgage Loans provides Demi with a mortgage to buy a home.Under the terms,Demi can choose to pay only the interest portion of the monthly payments and forgo paying of the principal for five years.This is
A)a fixed-rate mortgage.
B)an adjustable-rate mortgage.
C)an interest-only mortgage.
D)a violation of the law.
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18
Chapter 17: Sole Proprietorships, franchises, Partnerships
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Q1) In a general partnership,all partners have equal rights in managing the partnership.
A)True
B)False
Q2) A sole proprietorship lacks continuity on the death of the proprietor.
A)True
B)False
Q3) Echo enters into an agreement with Deep Pan Pies,Inc. ,to operate a franchise in Centre City.Later,Deep grants franchises to others within the city.Echo files a suit to close them.If the court rules in Echo's favor it will most likely be on the ground that
A)Deep violated the antitrust laws.
B)Deep violated the implied covenant of good faith and fair dealing.
C)Echo paid a franchise fee.
D)Echo was the first Deep franchisee in Centre City.
Q4) In a sole proprietorship,the proprietor shares the burden of any losses or liabilities incurred by the business enterprise with the government.
A)True
B)False
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Chapter 18: Limited Liability Companies and Limited Partnerships
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Q1) Flip is a member of Great States Trucking LLC.Flip's relationship to Great States ends,but the firm continues to do business.This is
A)dissociation.
B)dissolution.
C)winding up.
D)wrongful.
Q2) Maury,Neil,and Ogden want to form a limited partnership to manage their Picture
This photo studio.Their firm must have
A)at least one general partner and one limited partner.
B)at least two general partners.
C)at least two limited partners.
D)no general partners.
Q3) Normally,a dissociated member of an limited liability company (LLC)has the right to force the LLC to dissolve.
A)True
B)False
Q4) A limited liability company can be taxed as a partnership.
A)True
B)False
20
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Chapter 19: Corporations
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Sample Questions
Q1) Wild & Scenic River Tours,Inc. ,is a corporation.Wild & Scenic has the implied power to A)issue stocks and bonds.
B)execute contracts and negotiable instruments.
C)buy and sell (or lease)property.
D)perform all acts reasonably appropriate and necessary to accomplish its corporate purposes.
Q2) Directors have a right to participate in all board of directors' meetings. A)True
B)False
Q3) Reba is a director of Quantum Mechanix Corporation.Reba's rights,as a director,do not include a right to A)indemnification.
B)inspection.
C)participation.
D)self-dealing.
Q4) Shareholders are the ultimate authority in every corporation. A)True B)False
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Chapter 20: Agency
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Sample Questions
Q1) Acts of a purported agent in and of themselves can create an agency by estoppel.
A)True
B)False
Q2) Jill introduces Kelly to her friends as "my associate." Kelly purports to act as Jill's agent in several business transactions with those friends.If Jill is liable for Kelly's actions,it will be under
A)the doctrine of estoppel.
B)the equal dignity rule.
C)the fiduciary principle.
D)the good faith statute.
Q3) Agency relationships normally are consensual.
A)True
B)False
Q4) Apparent authority arises from what the principal makes clear to the agent.
A)True
B)False
Q5) A principal who authorizes an agent to commit a tort is not liable to persons or property injured thereby.
A)True
B)False
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Chapter 21: Employment Relationships
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Sample Questions
Q1) Borealis Power Company is subject to mandatory workers' compensation laws in the states in which it does business.Chad and Dex work for Borealis as part of a crew that travels to remote locations to repair downed power lines and other damaged equipment.At a distant site,Chad is injured in an accident that is entirely Dex's fault.Chad files a claim for workers' compensation.Should the claim be granted What would be Borealis's best defense against it
Q2) Ewa is a current employee of Financial Accounting,Inc.Gomer,a former Financial employee who is currently unemployed,collects unemployment compensation.This is provided by a tax on
A)Ewa and Gomer only.
B)Ewa,Financial,and Gomer.
C)Financial only.
D)none of these parties.
Q3) Employer who willfully violates safety regulations can be prosecuted under state criminal laws.
A)True
B)False
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Chapter 22: Employment Discrimination
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Q1) United Company replaces Vera,a forty-five-year-old employee,with Wendy.Vera files a suit against United under the Age Discrimination in Employment Act of 1967.To establish a prima facie case,Vera must show,among other things,that she is
A)deserving of higher pay than Wendy.
B)generally more dependable than Wendy.
C)older than Wendy.
D)qualified for the position.
Q2) Refer to Fact Pattern 22-1A.Erasmus files a suit against Drain-Pro under the Civil Rights Act of 1964,claiming reverse discrimination.To support this claim,Erasmus must show that he is a member of A)a protected class.
B)a majority group.
C)an employers' association.
D)a union.
Q3) State employers are not immune from private suits brought by employees under the Age Discrimination in Employment Act of 1967.
A)True
B)False
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Chapter 23: Immigratiion and Labor Law
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Q1) Sol believes that he has suffered as a result of Tom Turkey Processing,Inc.'s hiring of illegal immigrants.Sol has a direct cause of action against Tom Turkey under A)no current law.
B)the Immigration Act of 1990.
C)the Immigration Reform and Control Act of 1986.
D)the National Labor Relations Act of 1935.
Q2) Boz,a clerk for a Cheezy Burger,Inc. ,restaurant goes out on strike with the other employees.After the strike,Boz must be given his job back if there is still work at the restaurant and the strike was
A)a lawful economic strike.
B)an "excuse" for a few days off.
C)an unjustified strike.
D)an unlawful "practice" strike.
Q3) An employer must verify a prospective worker's eligibility for employment in the United States and abroad.
A)True
B)False
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Chapter 24: Consumer Protection
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Q1) Kip opens an account at a Lotsa Goodies Store,and buys a digital music player and other items,but makes no payments on the account.To collect the debt,Mako,the manager,contacts Kip's parents.This violates
A)no federal law.
B)the Fair and Accurate Credit Transactions Act.
C)the Fair Debt Collection Practices Act.
D)the Truth-in-Lending Act.
Q2) Labels on fresh meat must indicate where the food originated.
A)True
B)False
Q3) Va-Va-Voom Products,Inc. ,engages in deceptive advertising when it markets its product Weight-No-More as able to help consumers lose weight in their sleep.Va-Va-Voom is ordered to include in all future advertising of Weight-No-More the statement,"This product will not cause anyone to lose weight while sleeping." This is
A)a counteradvertising order.
B)a multiple product order.
C)a "cooling-off" law.
D)a validation notice.
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26
Chapter 25: Environmental Law
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Q1) States have the primary responsibility for enforcing the permit system for point-source water pollution control.
A)True
B)False
Q2) Before being transported,hazardous waste generated by Xtreme Industries,Inc. ,must be properly labeled and packaged under the Resource Conservation and Recovery Act by
A)the federal Environmental Protection Agency.
B)the local Resource Conservation and Recovery Committee.
C)the state Environmental Regulatory Commission.
D)Xtreme Industries,Inc.
Q3) The Clean Water Act includes special provisions for toxic chemicals and for oil spills.
A)True
B)False
Q4) The Environmental Protection Agency can regulate a substance that poses an imminent hazard but cannot prohibit the use of a substance altogether.
A)True
B)False
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Chapter 26: Real Property Land-Use Control
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Q1) A state cannot regulate the overall appearance of a community.
A)True
B)False
Q2) Buster conveys one square block in Center City "to Diana for life,then to Center City." For Diana,this creates
A)a fee simple absolute.
B)a leasehold estate.
C)a life estate.
D)an easement.
Q3) Metes and bounds is the traditional term for the negotiations that result in a transfer of real property.
A)True
B)False
Q4) The owner of a fee simple absolute has the right to use property for whatever purpose he or she sees fit.
A)True
B)False
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28
Chapter 27: Antitrust and Monopoly
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Q1) Mango Corporation believes that Melon Corporation engages in anticompetitive behavior in an attempt to drive Mango,its chief competitor,out of the market.Antitrust laws can be enforced against Melon by A)only a disinterested third party.
B)Congress.
C)Mango.
D)none of the choices.
Q2) Only the U.S.Department of Justice can prosecute violations of all of the antitrust laws.
A)True
B)False
Q3) Midwest Agri-Products Corporation offers to sell its sugar substitute to Nice Candies,Inc. ,only if Nice Candies agrees to buy all the corn it needs from Midwest Agri-Products,even though there are other corn sellers from whom Nice Candies could buy.This is
A)an exclusive-dealing contract.
B)a tying arrangement.
C)price discrimination.
D)price fixing.
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Chapter 28: Antitrust and Restraints of Trade
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Q1) Minimum resale price maintenance agreements are subject to analysis under the rule of reason.
A)True
B)False
Q2) For purposes of price discrimination,identical products sold under different labels are deemed to be of like quality.
A)True
B)False
Q3) Finely Engineered Parts Corporation (FEPC)and Great Gears & Gauges,Inc.(3G),are competitors selling certain machine parts that are otherwise generally unattainable in their geographic market.This market includes the states of California,Oregon,Washington,and Idaho.FEPC and 3G agree that FEPC will no longer sell in California and that 3G will no longer sell in Oregon,Washington,and Idaho.Have FEPC and 3G violated any antitrust law If so,which one Explain.If they had divided their market by type of customer rather than geographic are,would the result be the same Why or why not
Q4) A price fixing agreement is analyzed under the rule of reason.
A)True
B)False
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Chapter 29: Investor Protection and Corporate Governance
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Q1) State corporation statues set up the legal framework for corporate governance.
A)True
B)False
Q2) Start-Up Enterprises,Inc. ,completes its registration process and begins advertising the availability of its new issue of securities.Start-Up places a tombstone ad in the financial papers.This ad tells prospective investors
A)about investing.
B)about the company.
C)where to buy the securities.
D)where to obtain a prospectus.
Q3) State securities laws apply mainly to intrastate transactions.
A)True
B)False
Q4) Flo-Thru Plumbing Corporation is poised to issue securities that,under the Securities Act of 1933,are "exempt." This means that the securities can be sold
A)on the basis of a material omission or misrepresentation.
B)on the basis of nonpublic information.
C)within any six-month period by certain insiders.
D)without being registered.
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Chapter 30: Part I: The Foundations
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Q1) Sustainability-economic development that meets the needs of the present without compromising the ability of future generations to meet their needs-is directly addressed by
A)no U.S.statute or other nation's law.
B)U.S.federal environmental laws.
C)other nations' laws but no U.S.statute.
D)international law only.
Q2) Ethical behavior on the part of Plastics Products Company may be inhibited by A)clear ethical standards.
B)collective decision making.
C)legislative determinations of what represents society's best interest.
D)managers' dissent to unethical decisions.
Q3) In a brief filed in Lea's suit against Mica in a state court,Neil,Lea's attorney,cites,Ole!
Cafe v.Pan Foods Corp. ,an unpublished opinion.With respect to the persuasiveness of unpublished opinions,most states
A)allow their courts to consider such opinions.
B)do not allow their courts to consider such opinions.
C)impose certain hierarchical rankings.
D)require their courts to consider such opinions.
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Page 32
Chapter 31: Part II: The Public and International Environment
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Q1) DrugCo,Inc. ,makes and markets Evenflo,a prescription drug.Food and Drug Administration (FDA)rules require ads for prescription drugs to disclose all of the potential negative side effects.Display ads on the Web are not amenable to such lists.Thus to comply with FDA rules,on the Web DrugCo should run
A)a general,disease-related search ad.
B)an ad for Evenflo without a list of side effects.
C)a tweet.
D)no ads.
Q2) Lauren,a basketball coach at State University,schemes to fraudulently obtain scholarships for her team's players.This is most likely
A)honest-services fraud,a federal crime.
B)a violation of collegiate athletic rules but no crime.
C)a breach of university rules but no civil or criminal wrong.
D)unethical but no crime.
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Chapter 32: Part III: The Commercial Environment
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Q1) The Anti-Counterfeiting Trade Agreement is most likely to establish an international governing body to be
A)subject to the World Intellectual Property Organization.
B)under the auspices of the World Trade Organization.
C)part of the Internet Corporation for Assigned Names and Numbers.
D)separate and distinct from existing groups.
Q2) Iowa enacts a statute that requires a label on a video game to warn parents when "the range of options available to a player include killing and maiming the image of a human being." Gamemakers file a suit against the state to block the statute's enforcement.Based on the decision of a California court in a case involving a similar statute,the court in this case is most likely to rule that the statute
A)extends restrictions on sex-based content to violence in video games.
B)violates the First Amendment's guarantee of freedom of speech.
C)imposes market-share liability on makers of violent video games.
D)replaces the voluntary rating system currently in use.
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34
Chapter 33: Part IV: The Business Environment
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Q1) Kirby is a manager of Jumpstart Fitness LLC,a limited liability company.Jumpstart is formed in a state that imposes fiduciary duties on LLC managers.Kirby owes these duties to
A)Jumpstart's members.
B)Jumpstart's suppliers.
C)Jumpstart's customers.
D)none of the choices.
Q2) Beyond Gamez,Inc. ,a video game retailer based in California,does business in all fifty states exclusively online.According to New York state tax law,an out-of-state online retailer must collect and remit state taxes to New York if the retailer
A)plans to establish a substantial physical presence in New York.
B)targets a potential marketing base in New York.
C)maintains a Web site accessible in New York.
D)pays a party within New York to solicit business for its products.
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Chapter 34: Part V: The Employment Environment
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Q1) AgriEquip Service & Supply,Inc. ,sends Merilyn an e-mail in which AgriEquip offers to employ her for certain hours and a specific amount of money over a limited period of time.She responds with a counteroffer that reduces the hours and increases the money.AgriEquip e-mails an acceptance.Merilyn performs,but AgriEquip refuses to pay.She files a suit against AgriEquip for breach of contract.The court is most likely to rule that the e-mail
A)showed only an agreement to agree.
B)was an agreement to the essential terms of an employment contract.
C)constituted an unenforceable,non-existent contract.
D)contained a contract but is unenforceable because it is electronic.
Q2) Paisley works for Rick's Air Conditioning & Heating Service.Reasons for holding Rick's liable under the doctrine of respondeat superior for Paisley's tort injuring Nikki do not include the employer's
A)ability to afford Nikki more effective relief.
B)ability to pay for Nikki's injury.
C)control over Paisley.
D)guilt or innocence.
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Page 36
Chapter 35: Part VI: The Regulatory Environment
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Q1) Cool Corporation makes energy-saving air conditioning units.Cool anticipates a change in the demand for its products as a consequence of climate change.One argument in favor of requiring Cool to disclose this information is that it could lead to
A)additional protections under the Sarbanes-Oxley Act of 2002.
B)an increase in the number of shareholder suits against competitors.
C)sound investment decisions by investors.
D)the conversion of Cool from publicly held to privately held.
Q2) Pinpoint Marketing,Inc.(PMI),a credit-reporting agency,sells data about consumers to merchants and others.Consumers have some recourse if PMI
A)realizes a profit from the sales.
B)sells data about consumers who request to be "blacklisted."
C)does not report the data accurately.
D)does not tell consumers when the data is sold.
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