Regulation of Business Solved Exam Questions
Course Introduction
This course explores the framework of laws, rules, and governmental policies that shape and influence the operation of businesses in modern economies. Students will examine the rationale behind business regulation, including consumer protection, competition law, environmental standards, and workplace safety. The course also considers the roles of regulatory agencies, the processes of compliance, and the impact of regulation on business strategy and innovation. Through case studies and current examples, learners will develop a critical understanding of how regulation balances societal interests with commercial freedoms and the practical challenges organizations face in a regulated environment.
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The Legal Ethical and Regulatory Environment of Business in a Diverse Society 1st Edition by Dawn
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Chapter 1: Introduction to the Business and Ethics
Environment in a Diverse Society
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Q1) Which of the following types of laws is most likely to govern matters such as the court in which a plaintiff should bring the case?
A) Private law
B) Procedural law
C) Substantive
D) Criminal
Answer: B
Q2) What is a bailment? Explain with an example.
Answer: A bailment is the legal relationship created when a person gives possession of property but not title to the property to another for a specific purpose, such as the owner of a car leaving the car-that is, giving over possession-to the car repair shop owner to have the car repaired, or leaving your cat, which is considered your personal property, with your friend to care for while you are out of town on vacation.
Q3) Define law.
Answer: Law is a system of limitations upon our actions imposed by the government to ensure order, safety, predictability and control. Law is the foundation of all of our business relationships and many of our personal ones.
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Chapter 2: Alternative Dispute Resolution
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Q1) What is a mock trial? Explain its advantages.
Answer: A mock trial is an alternative dispute resolution method. An attorney may wish to use this to determine how a jury might react to his or her case. The attorney assembles a mock jury made up of ordinary citizens, presents the case as if in court, and then requests them to make a decision. Hearing the decision and questioning the "jury" about their deliberations can be very instructive for the attorney in deciding how best to proceed with the case and whether to seek a path other than litigation.
Q2) Most often the mediator goes back and forth between the two parties and listens to their concerns and tries to find a way for each to get what he or she wants from the situation. This is known as _____.
A) piggybacking
B) skimming
C) social engineering
D) shuttle diplomacy
Answer: D
Q3) Conciliation involves intervention of a disinterested third party.
A)True
B)False
Answer: False
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Page 4
Chapter 3: The Court System and Legal Process
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Q1) With reference to specialized state level courts, which of the following functions is most likely to be performed by a Court of Claims?
A) Settle matters of support and child custody.
B) Adjudicate questions involving wills and inheritances.
C) Hear suits against the state government.
D) Determine whether minors have committed crimes.
Answer: C
Q2) Trial courts have appellate jurisdiction.
A)True
B)False
Answer: False
Q3) During a trial, when a plaintiff's witness is testifying for the plaintiff, the questions and answers are called _____.
A) closing argument
B) cross-examination
C) opening statement
D) direct examination
Answer: D
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5
Chapter 4: Administrative Law
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Q1) With reference to judicial review, what is a de novo review?
Q2) Discuss the role of the Congress in the context of granting authorities to the administrative agencies.
Q3) Generally, decision of an administrative agency can be challenged in a federal court once the litigant exhausts administrative remedies as set forth under the agency's regulations.
A)True
B)False
Q4) If Congress grants an agency the authority to issue regulations, the agency is said to have _____ authority.
A) quasi-legislative
B) voir dire
C) stare decisis
D) obiter dictum
Q5) The causes leading to creation of administrative agencies often arise from some sort of agitation by the public. Discuss with examples.
Q6) Discuss briefly the Internal Revenue Service (IRS) in the context of administrative law.
Q7) Describe the powers of administrative agencies.
Page 6
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Chapter 5: Contracts and Sales
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Q1) Which of the following will be considered as a valid consideration for a contract?
A) The consideration is not bargained for.
B) The party giving the consideration does not suffer a legal detriment.
C) The party receiving the consideration receives a legal benefit.
D) The consideration is not exchanged between the parties.
Q2) A _____ is a voluntary promise between two or more parties for which the law will provide a remedy for nonperformance.
A) report
B) contract
C) notice
D) memo
Q3) With reference to a valid contract, _____ indicates that the offeror is extending an offer and the offeree is accepting the offer.
A) capacity to enter into a contract
B) mutual assent
C) legality
D) consideration
Q4) Discuss with an example, the mailbox rule.
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Chapter 6: Torts
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Q1) Rita owns an art business called Rita's Art Works. Rita receives a commission to paint a mural on the side of a building downtown. Three of Rita's employees are painting the mural on the building when the scaffold they erected to do the project falls and injures a passerby. Later it was found that the passerby was drunk and accidentally stumbled into the scaffolding causing it to fall. If the passer by sues Rita for negligence, she can avoid liability by using the defense of:
A) self protection.
B) lack of intent to harm.
C) assumption of risk.
D) contributory negligence.
Q2) Discuss assault.
Q3) In the case of battery, the touching may be accomplished by something used by the tortfeasor to accomplish the unpermitted touching.
A)True
B)False
Q4) In order for a statement to be actionable under defamation, it must be untrue.
A)True
B)False
Q5) What is the difference between slander and libel?
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Chapter 7: Property, Real and Personal
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Q1) Which of the following statements is true regarding the life estate interest?
A) The transfer of property taking place as per the life estate interest is known as adverse possession.
B) The holder of a life estate can will the property to someone else.
C) The holder of a life estate owns the property forever.
D) The holder of a life estate only owns the land during the measuring life.
Q2) Describe a will.
Q3) Before the testator's death, the will can be revoked or property dispositions changed as often as the testator wishes.
A)True
B)False
Q4) The grantor can have the transferee hold the land for a period less than the grantee's life. In such a case, it is called a remainder.
A)True
B)False
Q5) What are the three requirements that must be fulfilled to create a valid complete gift?
Q6) What is a mislaid property? Who can claim it?
Q7) What is an adverse possession?
Page 9
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Chapter 8: Business Crimes
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Q1) Which of the following frauds involves someone, usually a corporate insider, buying or selling a security while in possession of inside information?
A) Pyramid scheme
B) Insider trading
C) Perjury
D) Ponzi scheme
Q2) What are the various categories of white collar crimes?
Q3) Ponzi and pyramid schemes are most likely to be examples of _____.
A) fraud against the government
B) health care fraud
C) economic crimes
D) public corruption
Q4) If two or more firms engage in a conspiracy to fix prices, they have formed a(n) _____.
A) oligopoly
B) monopoly
C) oligopsony
D) cartel
Q5) What are the various constitutional rights of business?
Q6) What is price discrimination?
Page 10
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Chapter 9: Secured Transactions and Bankruptcy
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Q1) What are the various advantages of Chapter 13 bankruptcy?
Q2) Discuss the various defenses available to a surety.
Q3) One nationwide rule governs the filing of financing statements for perfecting security interests.
A)True
B)False
Q4) Discuss the significance of the '341' meeting.
Q5) James has taken a loan of $10,000 from a bank with Julia and Robert as his sureties. Once the money becomes due, Julia seeks an order from the court ordering James to pay. In this example, Julia has used her right of ___.
A) reimbursement
B) exoneration
C) contribution
D) subrogation
Q6) What is a secured transaction?
Q7) The refrigerator purchased by a physician to store medicines in her office is classified as a consumer good.
A)True
B)False
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Chapter 10: Agency and Business Organizations
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Q1) Which of the following statements is true regarding a board of directors?
A) The directors have fiduciary duties to the corporation.
B) They are the true owners of the corporation.
C) The board is an agent for the shareholders.
D) The board of directors manages the day-to-day operation of the corporation.
Q2) A partnership is dissolved by court order if:
A) the partnership agreement expires in accordance with the time provided in the agreement.
B) a partner is guilty of conduct prejudicial to the business.
C) a partner dies.
D) the partnership goes bankrupt.
Q3) A(n) _____ is one who acts primarily for the benefit of another.
A) principal
B) fiduciary
C) independent contractor
D) dealer
Q4) In the case of an agency relationship, what are the various reasons due to which termination of authority can occur by operation of law?
Q5) What is ratification?
Q6) Discuss the Foreign Corrupt Practices Act.
Page 12
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Chapter 11: The Employment Relationship and Equal Employment Opportunity
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Q1) According to the Executive Order 11246, those who contract to provide the federal government with goods or services worth _____ or more must conduct an audit of the workplace to determine if there is an underrepresentation of women or minorities in job categories traditionally closed to them.
A) $10,000
B) $30,000
C) $50,000
D) $70,000
Q2) Quid pro quo sexual harassment involves:
A) repeated requests for dates or sexual activity.
B) negative or stereotyped gender-based jokes.
C) display of nude or sexually explicit photos in the workplace.
D) declining workplace benefits such as promotion unless the employee engages in sexual activity with the harasser.
Q3) The Americans with Disabilities Act of 1990 guarantees a job to every disabled person regardless of qualifications.
A)True
B)False
Q4) What is a 706 agency?
13
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Chapter 12: Labor and Management Relations
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Q1) The end product of the negotiations between management and labor will be a(an):
A) arbitration agreement.
B) card check agreement.
C) collective bargaining agreement.
D) agency shop agreement.
Q2) _____ was the first major U.S. labor law statute.
A) The Employee Free Choice Act
B) The National Labor Relations Act
C) The Norris-LaGuardia Act
D) The Taft-Hartley Act
Q3) To prevent unions from discriminating against minorities and women, the NLRA imposes the duty of _____ on unions.
A) fair representation
B) good faith bargaining
C) collective bargaining
D) permissive bargaining
Q4) The Taft-Hartley Act of 1947 was an attempt to curb union abuses and excesses.
A)True
B)False
Q5) Define a bargaining unit?
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Chapter 13: Securities Regulation and Compliance
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Q1) In the context of Sarbanes-Oxley Act, what is meant by reporting up and reporting out?
Q2) In the context of insider trading liability, discuss the differences between Rule 10b-5 and Section 16.
Q3) A(n) _____ is a statement required of a U.S. corporation when soliciting shareholders' votes.
A) proxy statement
B) article of incorporation
C) red herring prospectus
D) registration statement
Q4) Which of the following acts represents the federal government's first involvement in the sale of stocks and other securities?
A) Revenue Act of 1932
B) Securities Act of 1933
C) Budget and Accounting Procedures Act of 1950
D) Freedom of Information Act
Q5) Discuss liability arising under Rule 10b-5.
Q6) What is a security?
Q7) What is a tombstone ad?
Page 15
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Chapter 14: Antitrust and Trade Regulation
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Q1) GenX Mobiles' most popular product is their 3G smart phone called "Sphinx." They recently launched a new series of MP3 players; but the product failed to garner the desired market share. GenX then decided to tie the sales of the MP3 player to "Sphinx". This marketing strategy used by GenX Mobiles would be a violation of the:
A) Federal Trade Commission Act.
B) Robinson-Patman Act.
C) Clayton Act.
D) Sherman Antitrust Act.
Q2) Monopolistic behavior includes:
A) acquisition of competitors.
B) charging unreasonably high cost for products.
C) forming sports franchises.
D) making tying arrangements.
Q3) Monopsony power falls within §2 of the Sherman Act and has been examined in courts much like monopoly power.
A)True
B)False
Q4) Describe Section 1 and Section 2 of the Sherman Antitrust Act. Which covers an oligopoly?
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Chapter 15: Intellectual Property
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Q1) A patent can be renewed after 10 years.
A)True
B)False
Q2) The _____ doctrine recognizes that in certain instances, public policy dictates that use of the material is fair and that its use would not conflict with the constitutional mandate to protect such work for the purposes of promoting intellectual growth and development.
A) fair-use
B) work-for-hire
C) indemnity
D) implied license
Q3) Which of the following statements is true regarding trade secrets?
A) Mere ideas can be protected as trade secrets.
B) Trade secrets require novelty or nonobviousness to be protected.
C) A compilation of information that is used in one's business is an example of a trade secret.
D) Trade secret law prevents others from acquiring the trade secret through reverse engineering.
Q4) What are the three types of patents?
Q5) Discuss the work-for-hire doctrine.
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Chapter 16: Environmental Law and Business
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Q1) The National Environmental Policy Act's basic policy is to assure that all branches of government give proper consideration to the environment prior to undertaking any major federal action that significantly affects the environment.
A)True
B)False
Q2) Which of the following is true regarding the Resource Conservation and Recovery Act (RCRA)?
A) The RCRA exclusively deals with hazardous solid wastes.
B) According to the Act, just because a property once contained a hazardous waste product does not mean that the property is forever useless.
C) According to the Act, all waste that is hazardous is solid.
D) The Act was enacted after medical waste washed up on the shores and beaches in New York and New Jersey.
Q3) Write a few lines on the Resource Conservation and Recovery Act.
Q4) Using old bicycle innertubes for wallets is an instance of social sustainability.
A)True
B)False
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Chapter 17: International Law and Business
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Q1) Which of the following types of legal systems exists in most of the Oceania?
A) Customary law
B) Common law
C) Civil law
D) Muslim law
Q2) _____ is the preferred method of dispute resolution for most merchants.
A) Litigation
B) Negotiation
C) Arbitration
D) Conciliation
Q3) The _____ is part of the executive Office of the President and it is the official U.S. representative in all activities concerning the GATT.
A) Office of Management and Budget
B) Office of the U.S. Trade Representative
C) Administrative Office of the U.S. Courts
D) Office of Special Counsel
Q4) Discuss the UN Convention on the International Sale of Goods.
Q5) Discuss the difference between an export trading company (ETC) and export management company (EMC).
Q6) What is a custom?
Page 19
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