Business and Society
Exam Answer Key
Course Introduction
Business and Society explores the complex interrelationships between businesses, governments, and the broader community, examining how organizations impact and are influenced by societal values, ethical expectations, and regulatory frameworks. Students will analyze how factors such as corporate social responsibility, sustainability, globalization, and stakeholder theory shape business decisions and strategies. Through case studies and contemporary examples, the course encourages critical thinking about the roles businesses play in addressing social, environmental, and economic challenges in both local and global contexts.
Recommended Textbook
Dynamic Business Law The Essentials 3rd Edition by Nancy
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Page 2
Kubasek
Chapter 1: An Introduction to Dynamic Business Law
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Q1) Explain the function of administrative agencies and why they are needed.
Answer: Constitutions and statutes are not complete in the sense of covering all the detailed rules that affect government and business relations.The task of administrative agencies is to perform particular governmental functions.
Q2) When courts rely on precedent,they are obeying ______.
A) Common analysis
B) Res judicata
C) Stare decisis
D) In rem process
E) Federal law
Answer: C
Q3) Assume a business person who owns a computer equipment store is delinquent in paying rent to the landlord.The resulting dispute focuses on _____ law.
A) Public
B) Preferential
C) Consensual
D) Private
E) Black letter
Answer: D
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Page 3
Chapter 2: Business Ethics
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Q1) What is a difficulty with the application of virtue ethics?
A) The applicable categorical imperatives.
B) The lack of agreement about the meaning of "the good life."
C) The applicable principle of rights.
D) The ethics of care analysis.
E) The lack of agreement regarding which rules on balance produce the greatest amount of pleasure for the greatest number of people.
Answer: B
Q2) The ______ adherents believe that when one individual,the caregiver,meets the needs of one other person,the cared-for party,the caregiver is helping to meet the needs of all the individuals who fall within the cared-for party's web of care.
A) Deontology
B) Utilitarianism
C) Absolutism
D) Virtue ethics
E) Ethics of care
Answer: E
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Chapter 3: The Uslegal System
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Q1) What standard of proof would the judge apply in a criminal action against Greg?
A) A preponderance of the evidence standard
B) A standard of proof beyond a reasonable doubt
C) A standard of proof by a margin
D) A standard of certainty in proof
E) A standard of proof beyond a reasonable question
Answer: B
Q2) A party only has a limited number of challenges for cause in jury selection.
A)True
B)False
Answer: False
Q3) Under our system of justice,courts may issue advisory opinions.
A)True
B)False
Answer: False
Q4) Intermediate courts of appeal in the state court system exist in all states.
A)True
B)False Answer: False
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Chapter 4: Alternative Dispute Resolution
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Q1) According to the text,which of the following is true regarding defenses to an arbitration award under the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards?
A) The only defense recognized is that the losing party did not receive notice of the arbitration.
B) There are no recognized defenses.
C) The only two recognized defenses are (1) that the arbitrator acted outside the scope of her or his authority when making the decision and (2) that one of the parties to the agreement did not have the authority to enter into a legal contract.
D) The only two recognized defenses are (1) that one of the parties to the agreement did not have the authority to enter into a legal contract and (2) that the losing party did not receive notice of the arbitration.
E) The only three recognized defenses are (1) that the arbitrator acted outside the scope of her or his authority when making the decision; (2) that one of the parties to the agreement did not have the authority to enter into a legal contract; and (3) that the losing party did not receive notice of the arbitration.
Q2) How are arbitrations similar and dissimilar to a court trial?
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Chapter 5: Constitutional Principles
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Q1) Which of the following prohibits states from discriminating against citizens of other states when those nonresidents engage in ordinary and essential activities such as seeking employment?
A) The full faith and credit clause
B) The privileges and immunities clause
C) The contract clause
D) The citizens' rights clause
E) The first amendment
Q2) Which amendment protects freedom of religion?
A) First
B) Second
C) Fourth
D) Sixth
E) Eighth
Q3) Congress has the power to enact legislation,but the president can veto a law that Congress passes.
A)True
B)False
Q4) Set forth the Central Hudson Test for Commercial Speech.
Q5) Explain the system of checks and balances and how it works.
Page 7
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Chapter 6: International and Comparative Law
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Q1) Which of the following is true regarding Clare's statement that so long as she obeys the laws of the U.S.,she does not need to be concerned about laws of other countries?
A) She is accurate.
B) She is accurate, but only in regard to laws pertaining to employment.
C) She is inaccurate.
D) She is accurate, but only in regard to laws involved with the Uniform Commercial Code.
E) She is accurate, but only if countries are signatories to NAFTA.
Q2) Discuss in detail the World Trade Organization including how it was established and its membership.Also discuss the normal trade relations principle,national treatment,quantitative restrictions,and dumping.
Q3) Assuming Susie does not take Willie at his word and wants additional assurance that her state's law would be applied,what should she do?
A) There is nothing she can do.
B) She should insert a forum selection clause in the contract.
C) She should insert a choice-of-law clause in the contract.
D) She should insert Hague evidence clause in the contract.
E) She should insert a GATT clause into the contract.
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Chapter 7: Crime and the Business Community
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Q1) Bank teller Ben receives $1,000 from a customer for deposit into the customer's bank account.Instead of placing the money into the customer's account,Ben puts it into his pocket.Which of the following offenses has he committed?
A) Forgery
B) False entries
C) False token
D) Embezzlement
E) Cramming
Q2) Which of the following is true regarding the manner in which the exclusionary rule is derived from the U.S.Constitution?
A) It is specifically set forth in the Fourth Amendment.
B) It is specifically set forth in the Fifth Amendment.
C) It is specifically set forth in the Sixth Amendment.
D) It is specifically set forth in the Eighth Amendment.
E) No section of the U.S. Constitution specifically states the provisions of the exclusionary rule.
Q3) The primary purpose of criminal law is to compensate a victim.
A)True
B)False
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Page 9
Chapter 8: Tort Law
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Q1) What claim would William have against Annette for taking the lawn chair?
A) Trespass to property.
B) Conversion.
C) Private nuisance.
D) Negligence.
E) Harassment.
Q2) The primary type of damages in tort law is referred to as _____.
A) Punitive damages
B) Compensatory damages
C) Nominal damages
D) Accrual damages
E) Perspective damages
Q3) In China,defamation can be a civil or criminal action.
A)True
B)False
Q4) Consent,if proven,is a defense to battery.
A)True
B)False
Q5) Discuss what is needed in order to establish damages in defamation actions.Address whether special proof is needed and,if so,under what circumstances.
Page 10
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Chapter 9: Negligence and Strict Liability
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Q1) Which of the following is a doctrine that allows the plaintiff to recover damages despite proof of contributory negligence as long as the defendant had a final clear opportunity to avoid the action that injured the plaintiff?
A) Assumption of risk.
B) Last-clear-chance doctrine.
C) Modified risk doctrine.
D) Modified comparative doctrine.
E) There is no such doctrine.
Q2) Clients who feel that they have suffered damages as a result of a professional's breach of his or her duty of care can bring a negligence case against the professional referred to as a _____________ case.
A) Malfeasance
B) Malpractice
C) Mistake
D) Physician liability
E) Physician guilty
Q3) More than half the states remain contributory negligence states.
A)True
B)False
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Page 11
Chapter 10: Product Liability
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Q1) What was the result in the case opener involving the lawsuit against the sperm bank for providing sperm with a genetic defect?
A) The lawsuit was dismissed because of the court's decision that sperm is not a product.
B) The lawsuit was dismissed because of the court's decision that the plaintiffs had suffered no damages.
C) The lawsuit was dismissed because of the court's decision that the sperm was not defective.
D) The lawsuit was not dismissed, and the court ruled that a sperm bank could be sued under product liability laws.
E) The lawsuit was not dismissed although the court ruled that the plaintiff could proceed only under a negligence theory.
Q2) Courts using the market share theory generally require that the plaintiff prove which of the following?
Q3) List the seven factors set forth in the text from the Sperry-New Holland v.Prestage case,involving injuries caused by a combine,that a trial court may find helpful when balancing a product's utility against the risk the product creates.
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Page 12
Chapter 11: Liability of Accountants and Other Professionals
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Q1) Assuming that Rhonda discussed with Candace confidential communications that she had with Greg,which of the following is true regarding the ethical nature of that communication?
A) Rhonda did not commit an ethical violation in disclosing information to Candace unless there was a state law providing for an accountant-client privilege.
B) Regardless of whether a state law existed providing an accountant-client privilege, federal statutory law deems such conduct unethical.
C) Rhonda did not commit an ethical violation because negotiations regarding a prenuptial agreement were involved.
D) Rhonda committed an ethical violation but only because Candace was not yet married to Greg.
E) Rhonda committed an ethical violation.
Q2) Which of the following established GAAP?
A) The American Institute of Certified Public Accountants
B) The American Institute of Auditors
C) The Financial Accounting Standards Board
D) The American Accounting and Auditing Standards Board
E) The Federal Accounting Standards Board
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Chapter 12: Intellectual Property
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Q1) A registrant may lose registration of a domain name for Internet usage by not using it for more than ___________ days.
A) 30
B) 60
C) 90
D) 120
E) 180
Q2) With which of the following does a government website address end?
A) .gov
B) .edu
C) .net
D) .org
E) .com
Q3) Marcy is unhappy because a play she wrote and has a copyright on has been placed on the Internet.She hears that you are taking business law and asks what she can do in remedying the situation and suing Internet service providers.What would you tell her? Reference the federal law involved and its pertinent provisions.
Q4) What must a party show in order to succeed on a claim of trade-dress infringement?
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Chapter 13: Introduction to Contracts
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Q1) Which of the following is the reason the Uniform Commercial Code was drafted?
A) Different states had different laws governing contracts which did not result in a smooth flow of interstate commerce.
B) Some states had no law governing contracts.
C) Federal law governing contracts was difficult to apply.
D) The Uniform State Act on laws was not working.
E) The Restatement of the Law Second, Contracts was not being evenly and fairly applied.
Q2) In the U.S.,which of the following are the two most important sources of contract law?
A) Case law and the Restatement of Law, Contracts.
B) Case law and the Uniform Commercial Code.
C) The Uniform Commercial Code and the Convention on Contracts for International Sales of Goods.
D) Case law and the Convention on Contracts for International Sales of Goods.
E) The Convention on Contracts for International Sales of Goods and the Restatement of the Law, Contracts.
Q3) Define a bilateral contract and a unilateral contract,and give an example of each.
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Page 15
Chapter 14: Agreement
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Q1) Which of the following was the result in Alexander v.Lafayette Crime Stoppers Inc.,the case in the text in which the plaintiffs sued for collection of reward money offered to catch a serial killer by the defending publications,and the publications defended on the basis that the plaintiffs failed to provide notice as required by the reward offers because the plaintiffs provided relevant information to law enforcement,not the defendants?
A) That the plaintiffs accepted the reward offers by performance when they provided information to law enforcement and were, therefore, entitled to recover.
B) That the plaintiffs were entitled to prevail because by law they were required to contact law enforcement, not the defendants.
C) That defendants did not receive acceptance of the reward offer and that, therefore, no contract was formed.
D) That defendants revoked the reward offer before it was accepted and that, therefore, no contract was formed.
E) That reward offers cannot constitute offers and that, therefore, no contract was formed.
Q2) Set forth the elements of an offer under the common law.
Q3) Set forth the circumstances under which an offer may not be revoked.
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Page 16
Chapter 15: Consideration
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Q1) In a lawsuit between the bank and Ursula,regarding the reward funds,who is likely to prevail and why?
A) The bank is likely to prevail because Ursula only provided past consideration.
B) The bank is likely to prevail because Ursula was tainted by being Victor's girlfriend.
C) The bank is likely to prevail because no valid bilateral contract existed.
D) Ursula is likely to prevail because a valid bilateral contract existed.
E) Ursula is likely to prevail because an enforceable unilateral contract exists based on her provision of information leading to the capture of Victor.
Q2) When an accord and satisfaction is at issue,the ______ is the payment,by the debtor,of the reduced amount.
A) Satisfaction
B) Accord
C) Seal
D) Written compromise
E) Written acknowledgement
Q3) What is the preexisting duty rule?
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17
Chapter 16: Capacity and Illegality
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Q1) A statement releasing one of the parties to an agreement from all liability,regardless of who is at fault or what the injury suffered is,would be referred to as a[n] ______ agreement.
A) Substantive
B) Adhesion
C) In pari delicto
D) Exculpatory
E) Res Ipsa
Q2) Which of the following is true regarding Sally's attempt to return the damaged dress?
A) In all states Sally has the right to keep the dress and get a refund.
B) In all states Sally must return the dress; but she has a right to a full refund.
C) Regardless of what she does with the dress, Sally has no right to a refund in any state.
D) In some states Sally would have an obligation of restitution to the store.
E) In all states Sally would have an obligation of restitution to the store.
Q3) In all states parents are responsible for the torts of their minor children.
A)True
B)False
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Chapter 17: Reality of Assent
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Q1) The resulting contract from an agreement reached because one of the parties has so much more bargaining power than the other that he or she dictates the terms of the agreement is called which of the following?
A) An outrageous contract
B) An out-of-bounds contract
C) An adhesion contract
D) An untrue contract
E) An unaffirming contract
Q2) Set forth the exceptions that would permit a court to invalidate a contract on grounds of unilateral mistake.
Q3) Which of the following is true if Tony seeks to rescind the contract for the sale of the Mustang?
A) Tony may rescind the contract on grounds of fraud.
B) Tony may rescind the contract on grounds of misappropriation of name or likeness.
C) Tony may rescind the contract on grounds of duress.
D) Tony may rescind the contract on grounds of defamation.
E) Tony may not rescind the contract because truth is involved.
Q4) Why does there need to be a concept of legal assent?
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Page 19
Chapter 18: Contracts in Writing
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Q1) Which of the following is false regarding the parol evidence rule?
A) The purpose of the rule is to prevent evidence that substantially contradicts an agreement in its written form.
B) The rule is a rule of evidence.
C) The rule relates to substantive legal issues.
D) The rule is not a unitary concept or rule.
E) The rule is an amalgamation of different rules and conditions.
Q2) There is federal U.S.legislation titled "Statute of Frauds".
A)True
B)False
Q3) According to the text,what are the three main purposes of the statute of frauds?
Q4) Which of the following is false regarding written contracts?
A) Disputes are easier to settle when contractual terms are solidified in writing.
B) The moment of writing allows both parties to reconsider terms and ensure what they desire.
C) In general, written contracts aid in the conduct of smooth business contracts.
D) The idea of requiring a writing comes from an English law.
E) All contracts must be in writing in order to be enforced.
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Page 20
Chapter 19: Third Party Rights to Contracts
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Q1) Which of the following is a contractual party who agrees to do something for the other party?
A) Obligor
B) Obligee
C) Assignor
D) Assignee
E) Boundee
Q2) A third party,who is not part of an original contract,but to whom duty to perform contained in the original contract is transferred is called a[n] _____.
A) Delegatee
B) Delegator
C) Assignor
D) Assignee
E) Transferor
Q3) A donee beneficiary is a type of incidental beneficiary.
A)True
B)False
Q4) Lists four situations under which contractual rights cannot be assigned.
Q5) List and discuss two reasons why notice of assignment should be given.
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Chapter 20: Performance,Breach of Contract,discharge,and Remedies
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Q1) A condition ______ is a particular event that must occur in order for a party's duty to arise.
A) Precedent
B) Subsequent
C) Concurrent
D) At large
E) Certain
Q2) Why did equitable remedies come into being?
A) To fashion remedies when the existing laws did not provide any adequate ones.
B) To supplement compensatory damages with punitive damages.
C) To provide a way to award nominal damages.
D) To provide a way to award consequential damages.
E) To provide a way to award certain parties liquidated damages.
Q3) Substitution of a party to a contract is called guaranteeing.
A)True
B)False
Q4) Specific performance is an order requiring that the breaching party fulfill the terms of the agreement.
A)True
B)False
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Chapter 21: Introduction to Sales and Lease Contracts
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Q1) Which of the following was offered as a treaty that countries could sign,indicating their willingness to allow this treaty to govern international business-to-business sales contracts?
A) The International Convention of Contracts for International Sales
B) The Federation Convention on the Uniform Commercial Code
C) The Worldwide Federation Convention on the Sale of Goods
D) The United Nations Convention on Contracts for the International Sale of Goods
E) The International Agreement on the Sale of Goods
Q2) A contract or contract provision is said to be ______ if it is so unfair that a court would be unreasonable if it enforced the contract.
A) Unconscionable
B) Unreasonable
C) Voidable
D) Viable
E) Ancillary
Q3) A consumer lease is the same thing as a finance lease.
A)True
B)False
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23
Chapter 22: Title,Risk of Loss,and Insurable Interest
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Q1) Which of the following is true regarding transportation costs when the designation FOB is used?
A) The selling price includes transportation costs.
B) The selling price does not include transportation costs.
C) The buyer and seller bear transportation costs with the costs apportioned at a rate of 50% to the buyer and 50% to the seller.
D) The buyer and seller with the loss being proportioned 75% to the buyer and 25% to the seller.
E) The buyer and seller with the loss being proportioned 25% to the buyer and 75% to the seller.
Q2) Which of the following is true regarding Connie's rights to the car?
A) Connie can keep the car only if the repair shop voluntarily agrees to pay Robby the fair market value of the car.
B) Connie can keep the car without paying anyone anything only if the repair shop is bankrupt or insolvent.
C) Connie can keep the car without paying anyone anything extra.
D) Connie must give the car to Robby.
E) Connie must return the car to the repair shop.
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Page 24
Chapter 23: Performance and Obligations Under Sales and Lease Contracts
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Q1) In reference to the case in the text DeJesus v Cat Auto Tech.Corp.,what was the effect of the defendant's payment for goods without inspection on the day of delivery,when the delivery was approximately two weeks after the time called for by the contract?
A) The defendant effectively waived the performance provisions of the contract regarding the time for delivery.
B) The defendant did not lose any rights because under the UCC he had 24 hours after delivery in which to object to late delivery.
C) The defendant did not lose any rights because under the UCC he had 48 hours after delivery in which to object to late delivery.
D) The defendant did not lose any rights because under the UCC he had 7 days after delivery in which to object to late delivery.
E) The defendant did not lose any rights because under the UCC he had 10 days after delivery in which to object to late delivery.
Q2) Conforming goods are goods that conform to UCC specifications.
A)True
B)False
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Chapter 24: Remedies for Breach of Sales and Lease Contracts
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Q1) Sam,who owned an appliance store,contracted with Sharon to supply all the new equipment for Sharon's new restaurant.Sharon wanted all the equipment by October 15<sup>th</sup> so that she could get the restaurant started and obtain holiday business.Sam and Sharon entered into an agreement by which Sharon would pay Sam $300 per day for every day he was late in providing the appliances.Which of the following is true regarding the section of the agreement involving the late charges?
A) It is known as a liquidated damages provision which will be enforced by a court so long as it is not so far out of reasonable range as to be punitive in nature.
B) It is known as a penalty provision which will be enforced by a court so long as the plaintiff can establish proof of compensatory damages in at least the amount of recovery requested.
C) It is known as a punitive damages provision which will be enforced by a court only if wrongdoing or fraud on the part of the defendant can be established.
D) It is known as a consequential damages provision which will be enforced by a court only if incidental damages can be established.
E) It is known as an invalid provision which will not be enforced.
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Chapter 25: Warranties
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Q1) Under the Magnuson-Moss Act,what is the effect of a full warranty?
A) It means that if the good fails or is defective, the good or its defective part will be replaced; and if replacement cannot be timely effected, the buyer has the right to a refund or a full replacement.
B) It means only that the good or its defective part will be repaired. The buyer has no other remedy.
C) It means that the good or its defective part will be repaired or replaced if it cannot be repaired. The buyer has no other remedy.
D) It means that the buyer must be immediately refunded the full purchase price.
E) It means that the buyer has the option of an immediate refund of the full purchase price or repair of the good.
Q2) Which is true regarding a buyer's right to waive warranties?
A) A buyer may not waive warranties.
B) A buyer may waive implied warranties but not express warranties.
C) A buyer may waive express warranties but not implied warranties.
D) A buyer may waive both express warranties and implied warranties.
E) A buyer may waive express warranties and the implied warranty of fitness for a particular purpose, but not the implied warranty of merchantability.
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Chapter 26: Negotiable Instruments: Negotiability and Transferability
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Q1) Considering only the issue of terminology,not the issue of handwriting or whether Paula properly performed,which of the following is true regarding whether the language "I,John Jones,owe Paula Smith $50" is insufficient to establish elements required for a negotiable instrument?
A) The language is sufficient because it acknowledges the debt, and that is the only required standard.
B) The language is insufficient because it only acknowledges the debt and is not a promise to pay.
C) The language is sufficient only because the instrument is in an amount under $500.
D) The language is sufficient because it acknowledges the debt and is also a promise to pay.
E) The language is sufficient because it acknowledges the debt and is unconditional.
Q2) Set forth the seven requirements for an instrument to be negotiable.
Q3) All negotiable documents may be in electronic format.
A)True
B)False
Q4) What is the difference between a demand instrument and a time instrument?
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Chapter 27: Negotiation, Holder in Due Course, and Defenses
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Q1) Which of the following is the payee's or last endorsee's signature and nothing else?
A) A special endorsement.
B) An allonge.
C) A blank endorsement.
D) A qualified endorsement.
E) A restricted endorsement.
Q2) For negotiation,which of the following types of paper require delivery and an endorsement by the holder?
A) Bearer
B) Delivery
C) Order
D) Transfer
E) Acknowledgement
Q3) A restrictive endorsement may limit the transferability of the instrument.
A)True
B)False
Q4) An endorsement to prohibit further endorsement prohibits further transfer.
A)True
B)False
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Chapter 28: Liability,defenses,and Discharge
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Q1) Which of the following is the general rule when it is not possible to determine the status of the signer of an instrument?
A) The party is considered the maker.
B) The party is considered the acceptor.
C) The party is considered the drawer.
D) The party is considered the endorser.
E) The party is considered an accommodation party.
Q2) Which of the following is not a real defense to enforcement of a negotiable instrument?
A) Infancy (being below the legal age of consent), to the extent that it makes a contract void
B) Discharge through insolvency proceedings (bankruptcy)
C) Forgery
D) Impairment of collateral
E) Fraud in the factum
Q3) What are the requirements for a holder to turn to secondarily liable parties?
Q4) The fact that a bank refuses to pay an instrument means that it has been dishonored.
A)True
B)False
Page 30
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Chapter 29: Checks and Electronic Fund Transfers
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Q1) According to the UCC,a check is a special kind of draft.
A)True
B)False
Q2) Banks are required by the UCC to certify the check if a customer has sufficient funds in the account.
A)True
B)False
Q3) Which of the following is true regarding whether Harold will have to bear the loss on the later forgeries,other than the first one,by Susie?
A) Harold will not likely have to bear the loss because there was no delay in bank notification.
B) Harold will not have to bear the loss because forgeries were involved.
C) Harold will not have to bear the loss because the forgeries were by an employee; otherwise, he would have had to bear the loss.
D) Harold will have to bear the loss because the checks were cashed before he notified the bank.
E) Harold will have to bear the loss because he did not notify the bank about the first forgery by Susie within 30 days.
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Chapter 30: Secured Transactions
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Q1) Which of the following is true regarding Tina's repossession of the pick-up truck?
A) She breached the peace in recovering the collateral.
B) Tina did not breach the peace in recovering the collateral unless Joan can establish the existence of actual injuries.
C) Tina did not breach the peace because she was entitled to repossess the vehicle and any injury sustained by Joan was her own fault.
D) Tina breached the peace, but only because she did not provide Joan with prior notification that she was coming to repossess the collateral.
E) Tina breached the peace, but only because she acted to repossess the collateral after 10:00 p.m. at night.
Q2) When perfection by possession occurs,the parties must have a written security agreement.
A)True
B)False
Q3) What does the UCC provide regarding protection in movable collateral that is moved from one state to another?
Q4) Set forth the steps that a creditor must take to become a secured party.
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Chapter 31: Other Creditors Remedies and Suretyship
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Q1) Discuss the rights of a surety and a guarantor including rights when multiple co-sureties or guarantors owe the debtor's obligation to a creditor.
Q2) Both artisan's and mechanic's liens are super-priority liens.
A)True
B)False
Q3) An assignment for the benefit of creditors is an involuntary proceeding instituted generally by a bankruptcy court.
A)True
B)False
Q4) Which of the following is a claim to property in which the lienholder has the right to be in possession of the property until the debt is paid?
A) Attorney's lien
B) Common law lien
C) Consummate lien
D) Possessory lien
E) Denial lien
Q5) How does a court go about determining whether a claimant holding a mechanic's lien or a secured party has priority to a good?
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Chapter 32: Bankruptcy and Reorganization
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Q1) Assuming that Mona does not object to the bankruptcy proceeding,what is the next step that should occur?
A) The court should appoint a temporary trustee.
B) The court should appoint a trustee.
C) The court should enter an order of relief.
D) The court should hold a creditor's meeting.
E) The court should determine if any claims have priority.
Q2) Which of the following is a term used in bankruptcy for debtors who cannot pay their debts in a timely fashion?
A) Statutory debtors
B) Insolvent debtors
C) Failed transactors
D) Foreclosed debtors
E) Acknowledged transactors
Q3) Which of the following behavior may cause a court to not discharge a debt in a Chapter 7 bankruptcy proceeding?
Q4) What are the two general goals of bankruptcy laws as set forth in the text?
Q5) Set forth the set of procedures that must be taken in every bankruptcy case.
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Chapter 33: Agency Formation and Duties
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Q1) Which of the following is a term for a person who contracts with another to do something for the other person,but is not controlled by the other nor subject to the other's right to control with respect to his physical conduct in the performance of the undertaking?
A) An employee
B) An independent contractor
C) An authorized contractor
D) A task-specific contractor
E) A partial contractor
Q2) Which of the following may an agent demand if the agent believes that he or she is not being properly compensated?
A) Specific performance
B) Accounting performance
C) An accounting
D) A contractual documentation
E) A contractual audit
Q3) Agents in Australia are obligated to act personally on behalf of the principal.
A)True
B)False
Q4) When must agency agreements be in writing?
Page 35
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Chapter 34: Liability to Third Parties and Termination
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Q1) Which of the following is true regarding an agent's liability when the agent commits a tort while acting as an agent for a principal?
A) The agent is personally liable only if the agent was on a mission for an unidentified principal.
B) The agent is personally liable only if the agent was on a mission for an identified principal or a partially disclosed principal.
C) The agent is liable regardless of the classification of the principal or the liability of the principal.
D) The agent is not liable if the principal is liable.
E) The agent is not liable unless the principal is insolvent.
Q2) Which of the following is true regarding any liability John has to Sandy?
A) John has no liability to Sandy.
B) John has liability to Sandy under the theory of misrepresentation but only if Connie is insolvent.
C) John is liable to Sandy under the theory of negligence.
D) John is liable to Sandy for only 50% of any damages she can prove.
E) John is liable to Sandy under the theory of misrepresentation.
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Chapter 35: Forms of Business Organizations
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Q1) Cooperatives must be incorporated.
A)True
B)False
Q2) Which of the following is false regarding limited liability partnerships in Japan?
A) The limited liability partnership has been recognized in Japan since the 1950s.
B) Japan's limited liability partnership law limits the liability of its members by their capital contribution.
C) In regard to profits, the Japan's limited liability partnership law requires that the members manage the business and negotiate among each other to determine how profits and losses should be distributed among individual members.
D) When members are establishing the rules of the limited liability partnership, Japan requires either the agreement of all members or a majority of at least two-thirds of the members.
E) Japan's limited liability partnership law puts restrictions on the distribution of partnership assets.
Q3) Set forth the advantages and disadvantages of forming a general corporation.
Q4) List the advantages and disadvantages of a sole proprietorship form of business.
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Chapter 36: Partnerships: Nature, Formation, and Operation
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Q1) What is the written agreement creating the partnership entered into by Bruce,Sandra,and Minnie called?
A) Contract of partnership
B) Contract of agreement
C) Partnership articles
D) Articles of partnership
E) Clauses of the articles of partnership
Q2) In Japan which of the following is true regarding any fiduciary duty between partners?
A) Fiduciary duties recognized between partners in Japan is very similar to the fiduciary duties recognized in the U.S.
B) Japanese law does not recognize any fiduciary duty between partners.
C) Japanese law recognizes a fiduciary duty of obedience and loyalty between partners only if it is expressed by contractual agreement.
D) The Japanese application of obedience and loyalty in partnerships far exceeds that of the U.S.
E) The Japanese recognize a duty of loyalty between partners, which is strictly construed, but not a duty of obedience.
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Chapter 37: Partnerships: Termination and Limited Partnerships
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Q1) When a partnership is dissolved based upon the withdrawal of a partner,that partner no longer has actual authority to bind the partnership.
A)True
B)False
Q2) Are George and Marcy correct in that limited partners have no say regarding the admission of new partners?
A) No, because in order to add a new partner, all partners, including limited partners, must agree.
B) No, because in order to add a new partner, all general partners must agree and at least one half of limited partners must agree.
C) No, because in order to add a new partner, at least one half of general partners and one half of limited partners must agree.
D) They are correct only if all general partners agree that limited partners cannot vote on the matter.
E) They are correct.
Q3) Set forth the circumstances under which a partnership may be dissolved by act of the court.
Q4) List the circumstances under which a partnership may be rightfully dissolved.
Page 39
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Chapter 38: Corporations: Formation and Financing
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Q1) Through which of the following do corporations distribute their income to shareholders?
A) Allocations
B) Grants
C) Dividends
D) Provisions
E) Allowances
Q2) Which of the following is false regarding promoters?
A) Promoters prepare the corporation's incorporation papers.
B) Promoters raise capital for the infant corporation.
C) Promoters can purchase buildings for the corporation.
D) Promoters are agents for the company being formed.
E) A promoter may insert a clause into a contract with a supplier stating that the corporation's adoption of the contract terminates the liability of the promoter.
Q3) List the two implied corporate powers set forth in the text.
Q4) Corporations have implied powers.
A)True
B)False
Q5) List the six express corporate powers set forth in the text.
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Chapter 39: Corporations: Directors, Officers, and Shareholders
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Q1) Which of the following was the result in Patrick v.Allen,the case in the text involving whether the business judgment rule exempted directors of a corporation from liability for renting land to a private golf course,of which several directors were members,at a price sufficient to cover only property taxes?
A) That the directors could not benefit from the rule because the business judgment rule applies to officers, not directors.
B) That while the business judgment rule applies to directors, it did not apply to provide protection to the directors because they stood to benefit personally.
C) That the business judgment rule applied to shield the directors from liability because no fraud was involved in the transaction.
D) That the business judgment rule applied to shield the directors from liability because the directors received no money directly from the golf course.
E) That the business judgment rule applied to shield the directors from liability because the transaction was properly recorded on the company's books and not hidden.
Q2) What are the requirements for being a director?
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Chapter 40: Corporations: Mergers, Consolidations, and Termination
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Q1) Which of the following occurs when a group within a corporation,usually management,buys all outstanding corporate stock held by the public?
A) An asset purchase
B) A leveraged buyout
C) A management buyout
D) A corporate buyout
E) An illegal buyout
Q2) Which of the following is true regarding liquidation?
A) Liquidation is another name for dissolution.
B) It is the process by which the board converts the corporation's assets into cash and distributes them among the corporation's creditors and shareholders.
C) It begins immediately prior to dissolution.
D) It is the process by which the board provides notice to the secretary of state that the corporation will no longer remain in existence.
E) Liquidation duties fall upon officers of the corporation.
Q3) What is generally the next step for an aggressor after acquiring a substantial number of the target corporation's shares and why?
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Chapter 41: Corporations: Securities and Investor Protection
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Q1) The SEC issues opinions regarding the worth of securities.
A)True
B)False
Q2) Which of the following is true regarding Bruno's sale of securities before the effective date of registration?
A) He will be able to avoid liability if he can establish the due diligence defense.
B) He will be able to avoid liability if he can establish that the investors who purchased stock early were aware that the securities were sold before the effective date of registration.
C) He will be able to avoid liability if he can establish that the sales before the effective date did not directly result in any losses to investors.
D) That is not a violation of the securities laws.
E) He will almost certainly be liable because the 1933 act provides no defenses for that violation.
Q3) Set forth the four major responsibilities of the SEC as set forth in the text.
Q4) Securities may be sold during the prefiling period.
A)True
B)False
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Chapter 42: Employment and Labor Law
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Q1) Which of the following is required by federal law regarding vacation after an employee has worked for an employer for at least one year?
A) That an employee be given three days of vacation.
B) That an employee be given seven days of vacation.
C) That an employee be given five days of vacation.
D) That an employee be given ten days of vacation.
E) Nothing.
Q2) What is the federal minimum wage?
A) $5.85
B) $6.00
C) $6.50
D) $7.00
E) $7.25
Q3) Leave provided under the Family and Medical Leave Act must be paid leave.
A)True
B)False
Q4) All states require the showing of some sort of cause before drug testing of employees.
A)True
B)False
Page 44
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Chapter 43: Employment Discrimination
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Q1) Which of the following is false regarding the status of women in Saudi Arabia?
A) Women are not allowed to drive.
B) Women constitute only 25 percent of Saudi Arabia's workforce.
C) The law limits the industries in which women can be employed.
D) Women are forbidden to receive business licenses if they may have to interact with males or government officials.
E) Places of employment are segregated by sex.
Q2) In states that do not have state EEOCs,the aggrieved party must file the charge with the federal EEOC within ______ days of the alleged discriminatory act.
A) 30
B) 60
C) 90
D) 180
E) 365
Q3) Currently only one state prohibits discrimination on the basis of sexual orientation.
A)True
B)False
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Chapter 44: Administrative Law
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Q1) Why are administrative agencies at times referred to as the "fourth branch of government," and are administrative agencies in fact a fourth branch of government?
Q2) Which of the following is a term used to refer to agencies that do not clearly fall into either the classification of an executive agency or the classification of independent agency?
A) Combined
B) Hybrid
C) Joined
D) Registered
E) Compound
Q3) The Government in Sunshine Act requires that federal agencies publish in the Federal Register places where the public can get information from the agency.
A)True
B)False
Q4) Set forth the steps involved in hybrid rule making.
Q5) When is the exemption from rule-making procedures known as "impracticable,unnecessary,or contrary to the public interest" most commonly used and what must the agency do if this avenue is chosen?
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Chapter 45: Consumer Law
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Q1) What is required by federal law in regard to mail-order sales by the 1975 Mail-Order rule as amended by the Mail or Telephone Order Merchandise rule of 1993?
Q2) How does NAFTA define "Made in the U.S.A."?
A) As a product for which at least 55 percent of the labor and components are from Canada, Mexico, or the United States.
B) As a product for which "all or virtually all" of the components and labor are of U.S. origin.
C) As a product for which at least 50 percent of the components and labor are of U.S. origin.
D) As a product for which at least 75 percent of the components and labor are of U.S. origin.
E) As a product for which at least 75 percent of the components and labor are of from Canada, Mexico, or the United States.
Q3) Under the Equal Credit Opportunity Act,creditors may require that a spouse cosign a loan application regardless of the credit worthiness of the applicant.
A)True
B)False
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Chapter 46: Environmental Law
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Q1) Which of the following was the result in the Case Opener,the case in which the company was found to have generated waste with excessive concentrations of PCBs?
A) That the company had no liability because it had not intentionally generated the waste.
B) That the company had no liability because it was the responsibility of the federal government to clean up the waste.
C) That the company had no liability because it was the responsibility of the state government to clean up the waste.
D) That the company was liable because it failed to monitor in a manner that would have revealed the waste in a timely manner.
E) That the company was liable under federal law because it failed to clean up the hazardous area in a timely manner.
Q2) The ultimate goal of the "polluter and user pay" approach is to phase out environmentally harmful action through the imposition of a tax.
A)True
B)False
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Chapter 47: Antitrust Law
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Q1) Which of the following is an inquiry into the competitive effects of a company's behavior to determine whether the benefits of the behavior outweigh the harm of the anticompetitive behavior?
A) The rule-of-reason analysis
B) The per se test
C) The quick-look standard
D) The consumer standard
E) The three-prong analysis
Q2) The Sherman Act attempts to stop trusts from unfairly restricting market competition.
A)True
B)False
Q3) Set forth and describe the three specific types of injuries under the Robinson-Patman Act.
Q4) The Federal Trade Commission has been eliminated.
A)True
B)False
Q5) Contrast traditional antitrust theories with the Chicago School theories.
Q6) What does a judge consider when conducting a rule-of-reason analysis?
Page 49
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Chapter 48: The Nature of Property, Personal Property, and Bailments
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Q1) Ownership of property is referred to as "title."
A)True
B)False
Q2) Which of the following is true regarding gifts and the imposition of conditions?
A) Gifts may be conditional.
B) Gifts may not be conditional.
C) Gifts may be conditional only if a condition precedent is involved.
D) Gifts may be conditional only if consideration is present.
E) Gifts may be conditional only if one of the parties is related by blood or marriage.
Q3) The ______ is the person who transfers possession of personality in a bailment situation.
A) Transferor
B) Transferee
C) Novator
D) Bailor
E) Bailee
Q4) Lost property legally has the same status as mislaid property.
A)True
B)False
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Chapter 49: Real Property
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Q1) The ______ is the meeting at which the transfer of title actually takes place and delivery and acceptance occur.
A) Closing
B) Termination
C) Conclusion
D) Transfer
E) Wrap-up
Q2) Which of the following occurs when a person takes ownership of property by treating a piece of real property as his or her own,without protest or permission from the owner?
A) Adverse title
B) Opposed possession
C) Unopposed possession
D) Adverse possession
E) Obtained title
Q3) An owner cannot deprive landowners downstream of the use of the water by diverting it elsewhere.
A)True
B)False
Q4) Set forth what a deed must contain in order to be properly drafted.
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Chapter 50: Landlord-Tenant Law
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Q1) If leased premises become unsuitable for use because of a landlord's wrongful or omitted act,a[n] ______ eviction has occurred.
A) True
B) Actual
C) Constructive
D) Absolute
E) Legal
Q2) Which of the following is false regarding leases under French law?
A) Leases are governed by the Common Code.
B) Leases give tenants personal contractual rights.
C) Tenants are given considerable freedom to engage in various agreements without the landlord's involvement or consent.
D) If a lease is not renewed, the tenant has the right to collect compensation.
E) In a construction lease, the tenant will be building and maintaining structures, and property rights are ceded to the tenant for the period specified in the agreement.
Q3) A covenant of quiet enjoyment is one of the covenants made by a lessee.
A)True
B)False
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Chapter 51: Insurance Law
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Q1) Which of the following is most likely true regarding Sally's reliance on an incontestability clause if typical state laws are in effect?
A) Sally is correct, and the insurance has been in effect over one year, a sufficient length of time for the incontestability clause to bar any defense by the insurer based on her failure to mention Bobby on the application.
B) Sally is incorrect because the incontestability clause does not generally apply until coverage has been in effect for at least two years.
C) Sally is incorrect because the incontestability clause operates to deny her the right to dispute inaccuracies on the application, not as a bar against the insurer.
D) Sally is correct because the incontestability clause acts to bar an insurer from denying coverage in cases in which any driver with permission is driving an insured's vehicle.
E) Sally is incorrect because incontestability clauses were barred by federal law a number of years ago.
Q2) Life insurance protects a person who is unable to work due to disability.
A)True B)False
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Chapter 52: Wills and Trusts
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Q1) Federal law is the primary law governing wills.
A)True
B)False
Q2) Wallace's only daughter,Bernice,married Donny,a young man that Wallace intensely disliked.Wallace believes that Bernice and Donny will divorce,but perhaps not before Wallace's death.Wallace would like to prevent Donny from obtaining any stock in Wallace's company.What should Wallace consider?
Q3) An implied trust is also called a[n] ______ trust.
A) Untrue
B) Involuntary
C) Reviewed
D) Judicial
E) Trustless
Q4) A personal representative of an estate makes sure that gifts of real and personal property go to the correct beneficiaries,persons who inherit under the will.
A)True
B)False
Q5) What are the four requirements needed for a valid will?
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