Regulatory Environment of Business Exam Bank
Course Introduction
This course offers an in-depth examination of the legal and regulatory frameworks that shape the business environment. Students will explore the roles of federal, state, and local agencies in regulating business practices, as well as the impact of laws related to contracts, employment, consumer protection, antitrust, and environmental issues. Emphasis is placed on understanding how regulations influence managerial decision-making, corporate strategy, and ethical conduct in both domestic and international contexts. The course prepares students to navigate the complex regulatory landscape and to recognize the importance of compliance in achieving long-term business success.
Recommended Textbook
Business Law Text and Cases 14th Edition by
Kenneth W. Clarkson
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Page 2
Chapter 1: Law and Legal Reasoning
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Q1) In a common law system, judges are not obligated to follow the precedents established within their jurisdictions.
A)True
B)False
Answer: False
Q2) In a suit against Ian, Jenna obtains an injunction. This is
A) an order to do or to refrain from doing a particular act.
B) an order to perform what was promised.
C) a payment of money or property as compensation.
D) the cancellation of a contract.
Answer: A
Q3) Dave and Ellen enter into a contract via e-mail. When a dispute arises over the performance of the deal, Dave files a suit against Ellen. The emerging body of law that governs transactions conducted via the Internet is referred to by the term
A) cyberlaw.
B) civil law.
C) equitable maxims.
D) IRAC.
Answer: A
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Page 3
Chapter 2: Courts and Alternative Dispute Resolution
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Sample Questions
Q1) Arbitration that is mandated by a court is often binding on the parties.
A)True
B)False
Answer: False
Q2) The verdict in a summary jury trial is binding.
A)True
B)False
Answer: False
Q3) Hope wants to file a suit against Gerry. For a court to hear the case,
A) Gerry must agree.
B) the court must have jurisdiction.
C) the parties must have no minimum contacts with each other.
D) the parties must own property.
Answer: B
Q4) Concurrent jurisdiction exists when only state courts have the power to hear a particular case.
A)True
B)False Answer: False
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Chapter 3: Court Procedures
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Sample Questions
Q1) A default judgment is entered against a party only on proof that he or she was at fault in the matter at issue.
A)True
B)False
Answer: False
Q2) Destiny and Enzo engage in a business transaction. When a dispute arises, Destiny initiates a lawsuit against Enzo by filing a complaint. If Enzo files a motion to dismiss, he is asserting that
A) Destiny did not state a claim for which relief can be granted.
B) Destiny's statement of the facts is not true.
C) Destiny's statement of the law is not true.
D) Enzo suffered greater harm than Destiny.
Answer: A
Q3) An appellate court can reverse the decision of a trial court that erred.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Business and the Constitution
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Sample Questions
Q1) The First Amendment protects symbolic speech without limitation.
A)True
B)False
Q2) A law that prohibits only some persons from exercising a fundamental right will be subject to "strict scrutiny" by the courts under the equal protection clause.
A)True
B)False
Q3) Lake City enacts an ordinance that bans the distribution of all printed materials on city streets. Mac opposes the city's latest "revenue-enhancing" measure and wants to protest by distributing handbills. In his suit against Lake City, a court would likely hold the ban on printed materials to be
A) constitutional under the First Amendment.
B) not subject to the U.S. Constitution.
C) unconstitutional under the commerce clause.
D) unconstitutional under the First Amendment.
Q4) The U.S. Constitution is the origin of the authority for making laws that govern business.
A)True
B)False
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Chapter 5: Business Ethics
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Sample Questions
Q1) Business ethics looks at the decisions that businesses make or have to make and whether those decisions are right or wrong.
A)True
B)False
Q2) Precision Engineering Inc., like other corporations, is subject to laws that are broad in their purpose and their scope. Compliance with these laws is not always sufficient to determine "right" behavior because A) the law does not codify all ethical requirements.
B) company codes are also sources of law.
C) business decisions can have negative impacts.
D) ethical problems occur in business.
Q3) Unless a corporation violates a law, its actions do not raise questions about corporate ethics.
A)True
B)False
Q4) Recreation & Sports Equipment Corporation sells a product that is capable of seriously injuring consumers who misuse it in a foreseeable way. Does the firm owe an ethical duty to take this product off the market? What conflicts might arise if the firm stops selling this product?
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Chapter 6: Tort Law
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Sample Questions
Q1) If it can be shown that a trespass to land was warranted, a complete defense exists.
A)True
B)False
Q2) Omar, a driver for Piece'a Pizza Delivery Service, causes a multi-vehicle accident on a city street. Omar and Piece'a Pizza are liable to A) all those who were injured.
B) only those who were uninsured.
C) only those whose injuries could have been reasonably foreseen.
D) only those whose vehicles were closest to Omar's vehicle.
Q3) Under the theory of negligence, the duty of care requires an intentional act.
A)True
B)False
Q4) A successful defense releases the defendant from liability for a tortious act.
A)True
B)False
Q5) Fraud occurs only when there is justifiable reliance on a true statement.
A)True
B)False
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Chapter 7: Strict Liability and Product Liability
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Sample Questions
Q1) Cookin' Products Company makes heat convection ovens. DeAnn discovers that her Cookin' oven is defective and sues the maker for product liability based on strict liability. To win, DeAnn must show that she A) bought the oven from Cookin'. B) did not misuse the oven.
C) suffered an injury caused by the defect.
D) did not know of the defect.
Q2) Parties who can be held liable on a theory of product liability for physical injury or property damage caused by defective goods include all of the following except A) a lessor of the goods. B) a maker of the goods.
C) a seller of the goods.
D) a user of the goods.
Q3) To succeed in a product liability suit, an injured plaintiff must show that a product's defect was the proximate cause of the injury.
A)True B)False
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9
Chapter 8: Intellectual Property Rights
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Sample Questions
Q1) A service mark distinguishes products used by those in public service.
A)True
B)False
Q2) Edge is a video game featuring interactive extreme sports. The graphics used in the game are protected by
A) copyright law.
B) patent law.
C) trademark law.
D) none of the choices.
Q3) Ky downloads and sells, in international markets via the Internet, e-textbooks without the authors' or publishers' permission. The international treaty that applies to pirated copyrighted works being distributed via the Internet is
A) the Federal Trademark Dilution Act.
B) the Madrid Protocol.
C) the Trade-Related Aspects of Intellectual Property Rights agreement.
D) the Anti-Counterfeiting Trade Agreement.
Q4) All aspects of software are protected by copyright law.
A)True
B)False
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Chapter 9: Internet Law, Social Media, and Privacy
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Sample Questions
Q1) A social media post cannot be used to invalidate a settlement agreement.
A)True
B)False
Q2) Refer to Fact Pattern 9-2. Call&Talk's use of the domain name "callltalk," without CallTalk's authorization, to sell pornographic phone conversations, is
A) a legitimate marketing technique.
B) a fair use.
C) a license.
D) trademark dilution.
Q3) Eddie and other users of Facebook and other social networking sites post trademarked images and copyrighted materials on these sites without permission. This is
A) a violation of the intellectual property rights of the owners of the images and materials.
B) within the rights of the users of social networks.
C) a subject for dispute resolution by the providers of the social networks.
D) a "business-extension exception" under the Electronic Communications Privacy Act.
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Chapter 10: Criminal Law and Cyber Crime
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Sample Questions
Q1) A misdemeanor is a crime punishable only by a fine.
A)True
B)False
Q2) Reese, driving while intoxicated, causes a car accident that results in the death of Sanyo. Reese is arrested and charged with a felony. A felony is a crime punishable by death or imprisonment for A) any period of time.
B) more than one year.
C) more than six months.
D) more than ten days.
Q3) The Fourth Amendment protects against unreasonable searches by the government.
A)True
B)False
Q4) Enrico accesses Finance Bank's computer system without authority to obtain protected financial and credit records. Under federal law, this is A) a felony if it was done for a commercial purpose.
B) a felony if the bank brings a civil suit against Enrico.
C) not a crime.
D) a crime but not a felony.
Page 12
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Chapter 11: Nature and Terminology
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Sample Questions
Q1) On May 1, Ramona and Santonio orally agree that Santonio will guide a party from the base of Mount McKinley to its summit and from the summit to a return to the base. Under the agreement, Ramona will pay for the service after the completion of the climb on June 1. On May 1, is this contract express or implied? On May 31, after the climb has been made but before payment is paid, is the contract executed or executory?
Q2) An unenforceable contract is one that cannot be enforced because of certain legal defenses against it.
A)True
B)False
Q3) A quasi contract is not enforceable by a court. A)True
B)False
Q4) If a contractual promise is not fulfilled, the person who made it may be required to perform the promised act.
A)True
B)False
Q5) An implied contract is not an actual contract.
A)True B)False
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Chapter 12: Agreement in Traditional and E-Contracts
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Q1) A counteroffer is a rejection of the original offer and the simultaneous making of a new offer.
A)True
B)False
Q2) Global Corporation enters into contracts with buyers in e-commerce and traditional commerce. The UETA applies, if at all, only to those transactions in which the parties agree to use
A) electronic means.
B) paper documents.
C) updates and cross-checks to orally verify any e-terms.
D) notarized documents.
Q3) An offer does not need to be communicated to the offeree to become effective.
A)True B)False
Q4) An invitation to negotiate-"can you afford this?"-is an offer. A)True B)False
Q5) An essential element for contract formation is agreement. A)True B)False
Page 14
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Chapter 13: Consideration
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Sample Questions
Q1) Legally sufficient consideration is something of value in the eyes of the law.
A)True
B)False
Q2) Molly's motorcycle is damaged in an accident caused by Luc's negligence. Luc agrees to pay Molly $25,000 if she agrees to release him from further liability. Molly agrees. If Molly's damages ultimately exceed $25,000, she can
A) recover the balance for lack of consideration.
B) recover the balance because the consideration was past.
C) recover the balance due to unforeseen events.
D) not recover the balance.
Q3) Rose questions whether there is consideration for her contract to perform with Saxophone Symphony. To constitute consideration, there must be
A) a payment.
B) a performance.
C) a bargained-for exchange.
D) serious thought underlying each party's intent to contract.
Q4) Parties are usually free to bargain as they wish.
A)True
B)False
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Chapter 14: Capacity and Legality
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Sample Questions
Q1) Emma, a minor, buys a water bottle, a set of weights, and a treadmill from Fitness Warehouse. Later, Emma disaffirms the deal. If the goods are still in her possession or control, she can keep
A) the water bottle, but not the weights or the treadmill.
B) none of the goods.
C) only the damaged or used goods.
D) all of the goods.
Q2) Ohio charges Pablo, an architect, a fee to practice his profession in the state. This is A) usurious.
B) unconscionable.
C) a license.
D) exculpatory.
Q3) Chet, a minor, signs a contract with Denise, an adult. The contract is voidable at the option of A) neither party.
B) Chet only.
C) either party.
D) Denise only.
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16
Chapter 15: Mistakes, Fraud, and Voluntary Consent
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Sample Questions
Q1) Mark fails to reveal a material fact in a business deal with Nancy. This constitutes fraud if
A) Mark is not aware of the fact or his failure to reveal it.
B) the amount of consideration is grossly inadequate.
C) the fact concerns a serious defect known to Mark but not to Nancy.
D) any of the choices.
Q2) For a party to a contract to receive relief from a mistake, the mistake must involve a material fact.
A)True
B)False
Q3) Refer to Fact Pattern 15-3. The contract between Doyle and Ezra that includes the mistake may be rescinded if the mistake involves A) a material fact.
B) any fact.
C) value or quality.
D) any of the choices.
Q4) Misrepresentation of a material fact can occur by words or action.
A)True
B)False
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Chapter 16: The Writing Requirement in Our Digital World
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Sample Questions
Q1) Guardian Security, Inc., and Hedge Fund Corporation enter into an oral contract under which Guardian agrees to provide security services for Hedge's offices for as long as Hedge needs them. This contract may be enforceable by A) none of the choices.
B) Hedge only.
C) any interested third party, such as a Hedge shareholder.
D) either Guardian or Hedge.
Q2) A written contract for a transfer of land is usually enforceable.
A)True
B)False
Q3) The primary purpose of the Statute of Frauds is to ensure that all parties to a contract understand all of the terms of a contract.
A)True B)False
Q4) A party's oral agreement to pay another's debt is never enforceable.
A)True
B)False
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18
Chapter 17: Third Party Rights
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Q1) If a contract requires that performance be rendered directly to a third party, the third party is an intended beneficiary.
A)True
B)False
Q2) Paolho and Roth agree that Paolho will fix Roth's boat dock in exchange for $5,000. Paolho spends half of the amount due under the contract to acquire the materials for the job from Sav-U Economy Lumber. Sav-U is
A) a delegatee.
B) an intended beneficiary.
C) an incidental beneficiary.
D) an assignor.
Q3) If a third party has the right to control the details of contract performance, the third party is an incidental beneficiary.
A)True
B)False
Q4) An intended beneficiary can sue directly to enforce a promisor's promise.
A)True
B)False
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Chapter 18: Performance and Discharge
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Q1) A novation occurs when there is a substitution, by agreement, of a new contract for an old one, with the rights under the old one being terminated.
A)True
B)False
Q2) Contractors Service, Inc., enters into a contract to build a restaurant for Dierdre's Soup Spoons Bistro with Dierdre's payment due on August 1. On August 1, her bank is closed, and for this reason, she claims that she cannot pay on time. In this situation
A) Dierdre's bank is liable to Contractors Service.
B) Dierdre is in breach of contract.
C) the contract is discharged.
D) the contract is suspended.
Q3) Courts may imply conditions from the purpose of a contract or from the intent of the parties.
A)True
B)False
Q4) Any breach discharges the nonbreaching party from the contract.
A)True
B)False
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Page 20
Chapter 19: Breach of Contract and Remedies
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Q1) The measure of compensatory damages often varies by type of contract.
A)True
B)False
Q2) Forest Lumber Company orally contracts with Gail for the purchase of five acres of Gail's timberland. Gail makes the transfer but Forest Lumber does not pay the price. Gail could most likely recover on a theory of A) reformation.
B) restitution.
C) liquidated damages.
D) quasi contract.
Q3) In a contract for a sale of goods, the usual measure of compensatory damages is the difference between the retail price and the wholesale price.
A)True
B)False
Q4) A party seeking to recover in quasi contract must show that the other party has been unjustly enriched.
A)True
B)False
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Chapter 20: The Formation of Sales and Lease Contracts
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Q1) Toro, S.A., which is based in Mexico, enters into a contract for the purchase of portable livestock fencing from United Fencing Company, which is based in the United States. This contract is governed by A) Mexican law.
B) the provisions in the laws of both countries that are similar.
C) the Uniform Commercial Code.
D) the United Nations Convention on Contracts for the International Sale of Goods.
Q2) The terms of a fully integrated contract can be contradicted by evidence of any prior agreements.
A)True
B)False
Q3) Josefina owns a condominium that she leases to Katrina. Josefina gives her daughter Lucia $450 on her sixteenth birthday. Josefina sells her car to her neighbor Maria for $1,500. UCC Article 2 covers
A) the lease with Katrina.
B) the gift to Lucia.
C) the sale to Maria.
D) all of the choices.
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Page 22
Chapter 21: Title, Risk, and Insurable Interest
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Q1) Organicos Café orders five gallons of PureMaid-brand trans fat-free olive oil from Quico Cooking Supplies, Inc. Quico mistakenly ships soy oil, which Organicos keeps, despite the nonconformity. The oil is destroyed in a fire. The loss is suffered by A) all of the parties as tenants in common in equal measure.
B) PureMaid.
C) Organicos Café.
D) Quico Cooking Supplies.
Q2) Brad leaves an iPod at Computer Sales & Repair (CSR) to have the battery replaced. CSR sells the iPod to Doris, who does not know that it belongs to Brad. Brad can recover from
A) no one.
B) CSR.
C) Doris.
D) Apple, Inc., the maker of the iPod.
Q3) Even if goods are not identified to the contract, the title and risk of loss can still pass from the seller to the buyer.
A)True
B)False
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Chapter 22: Performance and Breach of Sales and Lease Contracts
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Q1) Pavers Inc. contracts to buy some heavy equipment from Earthmovers, Inc. Before either party performs, Earthmovers sells its assets to Excavation Corporation. On learning of the sale, Pavers is concerned about its contract with Earthmovers. Pavers should A) demand assurances of performance from the seller.
B) consider the contract repudiated and sue the seller for breach.
C) buy the equipment from a different firm and bill the seller for the price.
D) buy the equipment from a different firm and bill Excavation for the price.
Q2) If goods identified to a contract are destroyed through no fault of either party, both parties are excused from performance.
A)True
B)False
Q3) The principle of good faith applies to both parties to a sales contract.
A)True
B)False
Q4) If goods in every respect conform to a contract, the buyer or lessee does not have a right to reject the goods.
A)True
B)False
Page 24
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Chapter 23: Warranties
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Q1) Lighter Than Air, Inc., and Mario enter into a contract for a sale of a hang glider. Lighter Than Air, a merchant who deals in goods of the kind sold, makes implied and express warranties in connection with the sale. The Magnuson-Moss Warranty Act was designed to prevent deception in warranties by
A) displacing the UCC as the primary source of warranty rules.
B) making warranties easier to understand.
C) prohibiting disclaimers of warranties.
D) requiring sellers to give written warranties for consumer goods.
Q2) In sales law, a warranty is an assurance by the seller or lessor about the quality and features of the goods being sold or leased.
A)True
B)False
Q3) To specifically disclaim an express warranty, a seller or lessor must mention the word express.
A)True
B)False
Q4) Implied warranties can arise from a "usage of trade."
A)True
B)False
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Chapter 24: International and Space Law
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Q1) Under the Foreign Sovereign Immunities Act, a foreign state can be a political subdivision of a foreign state.
A)True
B)False
Q2) Tropic Foods Corporation, a U.S. firm, owns property in Ecuador. When the Ecuadoran government seizes the property, Tropic Foods asks a U.S. court to order the property's return. The court rules that Ecuador is exempt from the court's jurisdiction. This is
A) a travesty of justice.
B) the act of state doctrine.
C) the doctrine of sovereign immunity.
D) the principle of comity.
Q3) Generally, a foreign government cannot sue under U.S. antitrust laws in U.S. courts.
A)True
B)False
Q4) A foreign citizen can bring a civil suit in a U.S. court for a violation of an international tort law.
A)True
B)False
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Chapter 25: Negotiable Instruments
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Q1) Rico agrees to buy a bicycle from Salvatore for $250. Salvatore agrees to deliver the bike on September 1. Rico writes a draft for $250 payable to Salvatore on September 1. This is
A) a certificate of deposit.
B) a time draft.
C) a sight draft.
D) a promissory note.
Q2) Refer to Fact Pattern 25-3. With respect to this instrument, Country Bank is A) the drawee.
B) the indorser.
C) the maker.
D) the payee.
Q3) On a sheet of paper, Elle writes, without her signature, "I acknowledge that I owe Frank $600, payable out of the proceeds of the sale of my car, a 1995 Honda Civic, which I promise to advertise 'For Sale' next week. Payment is to be made on or before six months from today." What type of instrument is this? Is it negotiable? If not, why not?
Q4) A demand instrument is payable immediately after it is issued.
A)True B)False
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Chapter 26: Transferability and Holder in Due Course
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Q1) Dan signs a check payable to Ed, who indorses the back, gives it to Foodway Market, and receives cash. The transfer of the check from Dan to Ed is
A) an assignment.
B) a negotiation.
C) none of the choices.
D) a sale.
Q2) When an instrument is transferred by negotiation, the transferee becomes a holder.
A)True
B)False
Q3) There are some limitations on the shelter principle.
A)True
B)False
Q4) Negotiating order instruments requires neither delivery nor indorsement. A)True
B)False
Q5) Usually, indorsements are qualified indorsements.
A)True
B)False
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Chapter 27: Liability, Defenses, and Discharge
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Q1) Logan is Mining Corporation's agent and is authorized to write checks on Mining's account in Northwest Bank. Logan writes a check "pay to the order of Oceanside Resort." Logan signs the check "Mining Corporation, by Logan, agent." Northwest Bank dishonors the check. Liability extends to A) Logan.
B) Oceanside.
C) Mining Corporation.
D) no one.
Q2) Celine issues a note "payable to the order of Celine," forges Dash's signature as the maker, and indorses the note "pay to Erica." Celine sells the note to Erica, who negotiates it by indorsement and delivery to Forest. Forest can extend liability to A) no one.
B) Celine.
C) Dash.
D) all of the parties.
Q3) Failure to present an instrument on time is improper presentment.
A)True
B)False
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Chapter 28: Banking in the Digital Age
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Questions
Q1) Riley pays State Bank $500 plus a service fee to draw a check on itself payable to Torque Plumbing. The party that is responsible for paying the check is
A) both Riley and State Bank.
B) none of the choices.
C) only State Bank.
D) only Riley.
Q2) Commercial banking practices consider a check that has been outstanding for three months to be a stale check.
A)True
B)False
Q3) Misty's debit card, issued by National United Bank, is stolen and used without her permission. She tells the bank within thirty days. She may be required to pay no more than
A) $5.
B) $50.
C) $500.
D) $5,000.
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Chapter 29: Creditors Rights and Remedies
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Q1) Julie owes Ryan $10,000. When the debt comes due, Julie refuses to pay. Ryan obtains a judgment to collect the debt. Using a writ of execution, the court orders the sheriff to seize Julie's boat and sell it to pay the debt. The boat sells for $15,000. Ryan will receive
A) $15,000.
B) $10,000.
C) $7,500.
D) $15,000 minus the collection costs.
Q2) The roof in Rosalyn's house springs a leak. She contracts with Shelter Roofing & Restoration Company to repair the roof and fix the damage to the house. Rosalyn pays 10 percent of the price in advance. Shelter Roofing does the work, but Rosalyn refuses to pay the rest of the price. What can Shelter Roofing do, and how is it done?
Q3) There is no limit to the amount that can be taken from a debtor's weekly take-home pay through garnishment.
A)True
B)False
Q4) An artisan's lien is possessory.
A)True
B)False
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Chapter 30: Secured Transactions
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Q1) To create an enforceable security interest, the secured party must give something of value to a debtor's other creditors.
A)True
B)False
Q2) Metro Motors files a financing statement giving notice to the public that it has a secured interest in collateral belonging to Nate's Limousine Service, which is the debtor named in the statement. A uniform financing statement used in all states is
A) the UCC Financing Statement.
B) the UCC Collateral Form.
C) Form UCC-2.
D) none of the choices.
Q3) The payment of Hu's debt to Intrastate Bank is guaranteed by Hu's personal property. To give notice of its interest in Hu's property to other creditors, the bank is most likely to
A) attach a bright label to Hu's property.
B) e-mail other potential creditors.
C) file a financing statement with the appropriate authority.
D) publish a collection notice in local newspapers.
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Chapter 31: Bankruptcy Law
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Q1) Lindsay operates a sole proprietorship, a corporation, and a partnership. She wants to obtain relief for her individual debts and the debts of her corporation and partnership. For each of these, she may file a petition in bankruptcy for relief through A) a liquidation.
B) a reorganization.
C) a repayment plan.
D) any of the choices.
Q2) Ed files a petition in bankruptcy. The initial proceeding on this petition will be in A) a federal bankruptcy court.
B) a state bankruptcy court.
C) the highest court in the state in which the debtor is located.
D) the United States Supreme Court.
Q3) Unsecured creditors do not have a vote to confirm aChapter 13 plan.
A)True
B)False
Q4) A farmer cannot be forced into involuntary bankruptcy.
A)True
B)False
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Chapter 32: Agency Formation and Duties
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Q1) Normally, employees who deal with third parties are deemed to be agents.
A)True
B)False
Q2) A person does not need contractual capacity to be an agent.
A)True
B)False
Q3) Ralphy is a minor. In most states, Ralphy may not be
A) a principal.
B) an agent.
C) an employee.
D) an independent contractor.
Q4) Bernard is an expert on exotic flowers. Custom Floral Arrangements, Inc., hires Bernard to order exotic flowers for its arrangements. Bernard does not examine the quality of the flowers he orders on behalf of Custom Floral. Bernard has breached
A) the duty of performance.
B) the duty of loyalty.
C) no duty.
D) the duty of notification.
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Page 34
Chapter 33: Agency Liability and Termination
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Q1) A principal may be liable if he or she gives improper instructions that result in the agent's committing a tort.
A)True
B)False
Q2) If an agent has no authority but nevertheless contracts with a third party, the principal cannot normally be held liable on the contract.
A)True
B)False
Q3) A disclosed principal is a principal whose identity is known by a third party with whom an agent contracts on the principal's behalf.
A)True
B)False
Q4) Vida is a purchasing agent for Wholesome Foods with the authority to buy grain up to a certain quantity. After the grain is bought, the agency relationship terminates A) automatically.
B) following notice to all actual grain sellers.
C) following notice to all potential grain sellers.
D) following published notice in a local newspaper.
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Chapter 34: Employment, Immigration, and Labor Law
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Q1) To recover workers' compensation, an employee must prove that an injury did not occur on the job or in the course of employment.
A)True
B)False
Q2) In states that require a minimum wage that is higher than the federal minimum wage, employers must pay the higher wage.
A)True
B)False
Q3) Anna is an employee at Bento Food Mart. Anna is called for jury duty and as a result cannot work her scheduled shift. Bento fires Anna. She successfully sues Bento for reinstatement. With respect to the employment-at-will doctrine, this is
A) an example of the doctrine.
B) an exception based on contract theory.
C) an exception based on public policy.
D) an exception based on tort theory.
Q4) Children aged fourteen and fifteen are allowed to work in hazardous occupations. A)True B)False
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36
Chapter 35: Employment Discrimination
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Q1) A plaintiff who sues on the basis of disparate-treatment discrimination does not need to make out a prima facie case.
A)True
B)False
Q2) For an employer to successfully defend against a charge of a supervisor's sexual harassment, the plaintiff-employee must have taken a tangible employment action against the supervisor.
A)True
B)False
Q3) Carly applies for a job at Data Applications LLC for which she is qualified, but for which she is rejected. The employer continues to seek applicants and eventually fills the position. To succeed in a suit against Data for discrimination under the Americans with Disabilities Act, Carly must show that she
A) was not hired solely because of a disability.
B) has a disability but can function with certain mitigating measures.
C) suffers from a disability that causes her undue hardship.
D) is willing to reasonably accommodate the employer's needs.
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Chapter 36: Small Businesses and Franchises
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Q1) Refer to Fact Pattern 36-1. Jumbo Juice makes earnings claims to potential investors. For those claims, the franchisor
A) can have a hypothetical basis.
B) must have a reasonable basis.
C) must have an actual basis.
D) can have any or no basis.
Q2) Limited legal liability generally is necessary for small businesses that wish to raise outside capital.
A)True
B)False
Q3) A franchisor's decision to terminate a franchise is always considered wrongful.
A)True
B)False
Q4) The validity of a provision permitting the franchisor to establish and enforce certain quality standards is questionable.
A)True
B)False
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Chapter 37: All Forms of Partnerships
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Q1) Selections, a general partnership, operates a gift shop. Selections has five partners. Tony has a one-third interest in the partnership. Each of the other partners has a one-sixth interest. With respect to management decisions
A) a majority of the partners must agree.
B) Tony rules.
C) the senior partner decides.
D) four of the partners must agree.
Q2) Dissociation normally entitles the partner to buy his or her interest from the partnership.
A)True
B)False
Q3) Refer to Fact Pattern 37-2. Lindsey dissociates from Mobile. Kristin signs a contract with Organic Olives, a food seller, apparently on Mobile's behalf. Organic Olives does not know of Lindsey's dissociation. The contract is binding on A) Kristin, Lindsey, and Mobile.
B) Kristin only.
C) Mobile only.
D) Organic Olives only.
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Chapter 38: Limited Liability Companies and Special Business Forms
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Q1) Limited liability companies cannot enter into contracts or hold title to property. A)True
B)False
Q2) Limited liability companies are entities apart from their owners.
A)True
B)False
Q3) A limited liability company can be taxed as a corporation.
A)True
B)False
Q4) The alter-ego theory cannot be applied to a limited liability company.
A)True
B)False
Q5) Tax Accounting, LLC, is a member-managed limited liability company. If the law in Tax Accounting's state is like the law in most states, unless the members have agreed otherwise, voting rights are apportioned according to A) capital contributions.
B) participation in management.
C) the number of members.
D) members' seniority.
Page 40
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Chapter 39: Corporate Formation and Financing
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Q1) Wings2Go Corporation fails to hold an organizational meeting. In this circumstance, Wings2Go is most likely
A) a corporation by estoppel.
B) a de facto corporation.
C) a de jure corporation.
D) ultra vires.
Q2) EZ Hauling holds itself out to customers as being a corporation but makes no attempt to incorporate. In this circumstance, EZ Hauling is most likely
A) a corporation by estoppel.
B) a de facto corporation.
C) a de jure corporation.
D) a benefit corporation.
Q3) PrimarySource.com Corporation is a new online, textbook, and school supply business. How can PrimarySource.com obtain capital to finance its operations?
Q4) If a corporation has S corporation status, it must pay income taxes at the corporate level.
A)True
B)False
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Chapter 40: Corporate Directors, Officers, and Shareholders
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Q1) Carlo is a director of Desserts Italiano, Inc. Carlo opposes a tender offer that is in the company's best interest because its acceptance would cost his position as a director. Carlo is most likely liable for a breach of A) none of the choices.
B) the business judgment rule.
C) the duty of care.
D) the duty of loyalty.
Q2) Most states do not allow directors to participate in board of directors' meetings from remote locations.
A)True
B)False
Q3) Gina is a director on the board of Home Furnishings Inc. As a director, she may not A) authorize major corporate policy decisions.
B) decide to issue stock and bonds, and declare dividends.
C) select and remove corporate officers.
D) subordinate the firm's welfare to her personal interests.
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42
Chapter 41: Mergers and Takeovers
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Q1) Broncobuster BarBQ Company and Cowpuncher Cuisine, Inc. decide to combine. Deanna, a Cowpuncher shareholder, is dissatisfied with the price that she will receive for her stock. In the absence of fraud or other illegal conduct, Deanna's exclusive remedy is to
A) exercise an appraisal right.
B) file a suit to delay the process.
C) refuse to agree to the deal, which cannot then proceed.
D) acquire stock from the other shareholders and thereby obtain corporate control.
Q2) AgroChem, Inc., attempts to acquire a substantial number of the shares of Beanfield Seed Company through a public offer to shareholders. This is A) a consolidation.
B) a tender offer.
C) a short-form merger.
D) a dissolution.
Q3) A firm may respond to a tender offer in only one way.
A)True
B)False
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43
Chapter 42: Investor Protection, Insider Trading, and Corporate Governance
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Q1) While the Securities and Exchange Commission reviews a registration statement for completeness, the securities can be offered for sale but not sold.
A)True
B)False
Q2) The Securities Exchange Act of 1934 applies to all cases involving the trading of securities, except in private transactions.
A)True
B)False
Q3) Refer to Fact Pattern 42-1. College Bound decides to sell its new securities via the Internet. Most likely, this offering A) will avoid high expenses. B) is an investment scam. C) is a Ponzi scheme. D) constitutes insider trading.
Q4) The sale and transfer of securities are heavily regulated by federal and state statutes and by government agencies.
A)True B)False
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Chapter 43: Administrative Agencies
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Q1) The Nuclear Regulatory Commission is an independent regulatory agency. Its basic functions include making rules, investigating activities that it regulates, enforcing its rules and adjudicating disputes. All of these functions are part of
A) the judicial process.
B) the legislative process.
C) the administrative process.
D) the executive process.
Q2) Administrative agencies create their own enabling legislation.
A)True
B)False
Q3) The National Security Agency (NSA) wants Oceanic Airlines Inc. to produce certain records for review. To obtain the records, the NSA will issue
A) an order for specific performance.
B) a rule for parol evidence.
C) a formal complaint.
D) a subpoena.
Q4) An agency can make rules that are as legally binding as laws passed by Congress.
A)True
B)False
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Chapter 44: Consumer Law
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Q1) When an advertising claim has the appearance of authenticity, it does not create problems.
A)True
B)False
Q2) Cleaners & Solvents, Inc. (CSI), falsely claims in its ads that its products kill germs "forever." In an action against CSI, the firm is ordered to stop its false advertising. This is A) a counteradvertising order.
B) a multiple product order.
C) a "cooling-off" law.
D) a validation notice.
Q3) Urban Loan Company extends credit to consumers. Urban is subject to the Equal Credit Opportunity Act, which prohibits credit discrimination based on A) credibility.
B) financial awareness.
C) occupation.
D) gender.
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Chapter 45: Environmental Protection
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Q1) New Town Construction, Inc., wants to build a parking ramp to connect to its New Town Mall, both of which are on private land. For this action, an environmental impact statement is
A) prohibited.
B) required.
C) unnecessary.
D) voluntary.
Q2) Ultrahazard Corporation transports radioactive materials. Vince, an Ultrahazard employee, is diagnosed with radiation sickness after exposure to the materials. Vince's suit against Ultrahazard to recover for the injury is known as A) an environmental impact statement.
B) a nuisance.
C) a toxic tort.
D) a hazardous substance response.
Q3) The Environmental Protection Agency has concluded that greenhouse gases, including CO2 emissions, do not constitute a public danger.
A)True
B)False
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Chapter 46: Antitrust Law
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Q1) A suit is filed against DrillBits Corporation, alleging that the firm committed the offense of monopolization. To determine whether DrillBits has monopoly power requires looking at
A) the price of a share of DrillBits' stock.
B) DrillBits' size alone.
C) DrillBits' production methods and marketing techniques.
D) the relevant market.
Q2) Under an exclusive-dealing contract, a seller promises a buyer a certain territory in which the buyer will have no direct competition.
A)True
B)False
Q3) Speedee Snoboards, Inc., refuses to sell its products to Timber Mountain WinterSports Stores, Inc., a retail snowboard dealership. This is
A) an exclusive-dealing contract.
B) a territorial restriction.
C) attempted monopolization.
D) a unilateral refusal to deal.
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Chapter 47: Professional Liability and Accountability
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Q1) Tyson accuses Ulman, an attorney, of committing malpractice. Malpractice is
A) constructive fraud.
B) a defalcation.
C) none of the choices.
D) professional negligence.
Q2) An accountant is not liable for a false statement that affects the price of a security if the buyer or seller of the security knew the statement was false.
A)True
B)False
Q3) Penalties for aiding or assisting in the preparation of false tax returns are limited to one penalty per taxpayer per tax year.
A)True
B)False
Q4) An accountant who performs an audit may be liable for failing to detect misconduct if a normal audit would have revealed it.
A)True
B)False
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Chapter 48: Personal Property and Bailments
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Q1) Brian discovers a boat adrift, and retrieves and anchors it. The boat features a number on its side and other evidence pointing to its owner, Celia. This is
A) an involuntary bailment.
B) a voluntary bailment.
C) an express bailment.
D) no bailment.
Q2) Lauren owns a 1967 Ford Mustang, which Mike customizes and details to Lauren's specifications. The car earns several awards at regional vehicle customizing competition shows. The result of Mike's efforts is
A) accession.
B) acquisition.
C) conversion.
D) a bailment.
Q3) Accession occurs when someone adds value to an item of personal property by the use of labor or materials.
A)True
B)False
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Page 50
Chapter 49: Real Property and Landlord-Tenant Law
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Q1) Greg rents an apartment to Hugo, who retains possession of the apartment after the lease expires without making any payments of rent. This is
A) a periodic tenancy.
B) a tenancy at sufferance.
C) a tenancy at will.
D) a fixed-term tenancy.
Q2) To be valid, a deed must contain a legally sufficient description of the land.
A)True
B)False
Q3) Manhattan Developers, Inc., pays Northeast Trust Company to release its claim to a strip of waterfront property. Northeast gives Manhattan a deed that conveys only whatever interest Northeast has in the strip. This deed is
A) a grant deed.
B) a quitclaim deed.
C) a special warranty deed.
D) a warranty deed.
Q4) A joint tenant's sale of his or her interest terminates the joint tenancy.
A)True
B)False
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Chapter 50: Insurance
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Q1) Roy, an accountant, injures Sally. She files a claim to recover for the injury under Roy's homeowners' insurance policy. Liability coverage under a homeowners' policy normally applies to liability that arises from
A) business or professional activities.
B) the operation of a motor vehicle.
C) intentional misconduct.
D) none of the choices.
Q2) Ricky obtains an insurance policy from Security Insurance, Inc. The policy provides that on Ricky's death Security will pay $500,000 to Tori, Ricky's spouse and beneficiary. This is
A) health insurance.
B) key-person insurance.
C) life insurance.
D) disability insurance.
Q3) An incontestability clause prohibits an insurer from contesting statements made in an insurance application until a specified time has elapsed.
A)True
B)False
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Chapter 51: Wills and Trusts
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Q1) An "X" can qualify as a signature on a will.
A)True
B)False
Q2) Gunther dies intestate. The debts of the estate are paid by his
A) estate, after its assets are distributed.
B) estate, before its assets are distributed.
C) heirs, after the estate's assets are distributed.
D) heirs, before the estate's assets are distributed.
Q3) Elizabeth authorizes Frieda to act on Elizabeth's behalf when she becomes incapacitated. Frieda will be able to write checks, collect insurance proceeds, and otherwise manage Elizabeth's affairs. This is
A) a violation of the law.
B) a durable power of attorney.
C) a living will.
D) a living trust.
Q4) The trustee is the person who benefits from a trust.
A)True
B)False
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Chapter 52: The Legal Environment of Business
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Q1) Perry, a process server, cannot locate Quinn, the defendant in Rebecca v. Quinn, to serve him with the summons. Perry's legal and effective options for serving process include delivering the summons
A) as an attachment in an e-mail to Rebecca.
B) through a private message to Quinn's Facebook account.
C) via any means over the internet to Facebook.
D) by posting it on any social media forum that Quinn is known to visit.
Q2) Salma wishes to file a suit in a Texas state court against Ubi. Texas allows for service of process via social media if Salma can authenticate Ubi's social media account. Allowing service of process only by means of social media raises a question whether that service comports with A) due process.
B) the Federal Rules of Civil Procedure.
C) the freedom to contract.
D) the rules of evidence.
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Chapter 53: Torts and Crimes
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Q1) Concerned about what its employees post online, Big Box Retail Inc. monitors the employees' use of social media. Carl, a Big Box employee, files a suit against his employer, alleging that the monitoring is an invasion of privacy. The court will most likely rule in Big Box's favor if
A) Big Box can show a reasonable need for social media monitoring.
B) Carl has no expectation of privacy on the monitored site.
C) Carl is part of a protected class.
D) the monitoring is a fishing expedition.
Q2) During litigation over an employment situation between Park & Ride, LLC and its employee Quent, Park & Ride asks the court for access to Quent's complete social media records. The court is most likely to grant access if
A) Park & Ride can show a reasonable need for social media evidence.
B) Quent has no reasonable expectation of privacy in the records.
C) Quent is not part of a protected class.
D) the request is a fishing expedition.
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55
Chapter 54: Contracts and E-Contracts
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Q1) O'Malley contracts to deliver a crop of organic mandarin oranges to Pete's Natural Produce Mart. An unexpected freeze destroys the oranges in O'Malley's orchard. Pete's insists that O'Malley deliver by acquiring the oranges on the open market. O'Malley claims that this is prohibitively expensive. The best argument against enforcing the contract is
A) frustration of purpose.
B) objective impossibility of performance.
C) anticipatory repudiation.
D) commercial impracticability.
Q2) Evermore Marketing LLC and Family Restaurants Inc. engage in an instant-messaging conversation while discussing an existing contract. Evermore suggests a modification-an increase in fees. Family asks about an increase in service. Evermore replies, "No limits!" Family responds, "Great!" As a modification of the parties' contract, this chat is most likely
A) enforceable.
B) not enforceable because any indication of an agreement is "accidental."
C) not enforceable because it is an instant-messaging conversation.
D) not enforceable because the language is relatively "careless."
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Page 56
Chapter 55: Domestic and International Sales and Lease Contracts
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Q1) The label on AmBeer Inc.'s beer reads, "U.S. quality" and, beneath that phrase in small print, "Made with Imported Hops." Bruce and other consumers file a class action against the brewer in California, which prohibits the use of an unqualified U.S.-origin claim. The plaintiffs' best ground for a possible recovery is most likely
A) misleading advertising.
B) unethical labeling practices.
C) inconsistent puffery.
D) inferior taste.
Q2) Web Resource Inc. and World Marketing Ltd., businesses located in different countries, agree to a contract. Like different individuals, Web Resource and World Marketing have different perceptions of what the agreement between them is and what it means to fulfill it. This is because
A) in every country arbitration is the preferred method of dispute resolution.
B) in every country it is acceptable to file an action in a court to resolve a dispute.
C) a business contract is only the expression of the framework of a deal.
D) Web Resource and World Marketing are influenced by different cultures.
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Chapter 56: Negotiable Instruments
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Q1) Mobile payment and digital wallet services include Apple Pay, Google Wallet, and Samsung Pay. The ultimate goal of these payment systems is to A) link from a digital wallet to another app within a single phone.
B) entail more security risks than carrying a physical wallet.
C) communicate wirelessly with point-of-sale systems.
D) work with existing magnetic-strip credit-card machines.
Q2) Virtual currency is a medium of exchange that operates like a currency in some environments. In other words, more precisely, virtual currency is A) digital money.
B) coins and bills.
C) checks, notes, and other negotiable instruments in paper form.
D) all of the choices.
Q3) Businesses have been required to switch to digital invoices in A) the European Union.
B) the United States.
C) countries that host the Association of Financial Professionals.
D) the home regions of cloud-based companies.
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58
Chapter 57: Creditors Rights and Bankruptcy
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Q1) Lonny borrows funds through the U.S. Department of Education (DOE) to pay for his education. He defaults on the loan. DOE
A) can keep the debtor's tax refund.
B) may garnish the debtor's paycheck without a court order.
C) might take the debtor's federal benefits.
D) any of the choices.
Q2) Maria borrows funds through the U.S. Department of Education (DOE) to pay for her education. She defaults on the loan. In some states
A) any of the choices.
B) a lien can be placed on the debtor's real property to pay the debt.
C) the debt can be collected by garnishment of the debtor's bank account.
D) the debtor's professional license can be revoked.
Q3) Hailey, a U.S. citizen, buys John Lennon's piano from Kent, who is in Great Britain. Particularly useful to Hailey, who would prefer to conduct this deal as a secured transaction, is
A) Resale Weekly.
B) eBay.com.
C) Escrow.com.
D) Flippa.com.
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Chapter 58: Agency and Employment
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Sample Questions
Q1) The Patient Protection and Affordable Care Act sets forth responsibilities and benefits for businesses and their employees with respect to health care and insurance. Small businesses-those with fewer than fifty full-time employees-are
A) required to offer their employees health insurance.
B) subject to minimum standards on health plans offered to employees.
C) required to contribute to the premium for an employee's private plan.
D) eligible for "Marketplace Coverage Options."
Q2) Under the Patient Protection and Affordable Care Act, small businesses that meet certain requirements-including those with fewer than twenty-five full-time employees-can A) any of the choices.
B) buy health insurance for employees through the Small Business Health Options Program.
C) claim a health-care tax credit.
D) claim a business-expense tax deduction.
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Chapter 59: Business Organizations
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Sample Questions
Q1) Nina and Owen are general partners in Property Management, L.P., a limited partnership. Without Nina's knowledge or consent, Owen defrauds the firm's clients, resulting in the firm's liability for the losses. The limited partners file a suit against Nina to recover their investments. She is most likely liable
A) if the clients are viewed as innocent third parties.
B) in a state that does not protect innocent partners from fraud suits.
C) under any circumstances.
D) under no circumstances.
Q2) Like other online businesses, Amazing.com collects and retains its customers' account numbers and other personal information. Keeping this data private will most likely
A) protect against liability for wrongful disclosure or misuse.
B) comply with federal and state laws that also cover offline businesses.
C) meet the standards of foreign countries' privacy laws.
D) all of the choices.
Q3) Predictive analytics in the digital realm focuses on
A) predicting certain behavior based on certain data.
B) analyzing certain data to predict digital developments.
C) analyzing certain predictions to monitor certain results.
D) predicting certain digital data based on reasoned analysis.
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Chapter 60: Government Regulation
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Sample Questions
Q1) The European Union (EU) has charged Google Inc. with promoting its comparison-shopping service at the expense of its competitors. As a remedy, the EU wants Google to change the way it shows its search results. The EU would order the defendant to
A) display the most relevant services first.
B) maintain its core software unchanged.
C) cut traffic to its competitors.
D) crowdsource.
Q2) The Federal Communications Commission issued proposed rules regulating Internet service providers (ISPs) as "common carriers" under the Communications Act of 1934. Under these rules, ISPs cannot
A) prevent users from accessing "legal content" on the Internet.
B) reduce the speed of data from any particular site or application.
C) charge content providers more for faster service.
D) all of the choices.
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Chapter 61: Property and Its Protection
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Q1) Carrie starts Dance & Diet Nutrition, a weight-loss products enterprise, before marrying Edgar. To legitimat4ely protect Carrie's business assets from Edgar's claims if the spouses divorce, Carrie could use
A) a prenuptial agreement preceded by fully disclosing the business assets.
B) a postnuptial agreement without fully disclosing the business assets.
C) conceal the business assets.
D) all of the choices.
Q2) Bob owns a virtual asteroid near the virtual planet Cosmo in the virtual DeepSpace universe. Property consists of a bundle of rights in anything that has an ascertainable value and is subject to ownership. This definition encompasses
A) intangible objects used in virtual worlds like DeepSpace.
B) digital books, music libraries, and movie downloads.
C) all of the choices.
D) domain names and expensively created Web sites.
Q3) According to the United States Supreme Court,
A) Metro City can take a parking lot for a privately owned sports stadium.
B) all of the choices.
C) Laborville can condemn a vacant field for a private manufacturing plant.
D) Sleepyton can take residential property for a private corporate complex.
To view all questions and flashcards with answers, click on the resource link above.
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