Business and Society Exam Preparation Guide
Course Introduction
Business and Society explores the complex interplay between business organizations and the broader social, ethical, and environmental context in which they operate. The course examines how business decisions impact stakeholders, including employees, customers, communities, and the environment, and investigates the responsibilities companies hold toward society. Topics include corporate social responsibility, ethical decision-making, sustainability, the role of government and regulation, and the influence of social movements on business strategy. Through case studies and current events, students analyze the challenges and opportunities businesses face in balancing profit with societal expectations.
Recommended Textbook Law for Business 11th Edition by
A. James Barnes
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Page 2
Chapter 1: Law, Legal Reasoning, and the Legal Profession
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Q1) Describe the difference between criminal and civil law and the penalties that accompany violations of each.
Answer: Criminal law defines breaches of duty to society at large while civil law defines breaches of private duties owed by one person (including corporations)to another.Violations of criminal law are punishable by fine or imprisonment.In a civil action,the court does not seek to punish the wrongdoer but to make the wrong party "whole" through damage awards.
Q2) Which of the following statements is true of an independent agency?
A)Independent agencies are headed by the president.
B)Independent agencies are a part of the executive branch of the government.
C)Independent agencies are headed by a board or commission.
D)Independent agencies are given authority only to enforce rules made by the Congress.
Answer: C
Q3) By involving a lawyer in the business-planning process,a desired business objective can be reached with less legal risk.
A)True
B)False
Answer: True
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Page 3
Chapter 2: Dispute Settlement
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Q1) Which of the following statements is true about a minitrial?
A)In a minitrial,a six-member mock jury empaneled by the court hears a shortened presentation of the case by the lawyers for each side,and renders an advisory verdict.
B)If a settlement is not reached in a minitrial,neutral third-party advisor will render a nonbinding opinion regarding how the dispute is likely to be resolved if it goes to trial.
C)The minitrial is conducted under court guidance.
D)The minitrial differs from mediation in that the third party to whom the dispute is submitted decides the outcome.
Answer: B
Q2) What is the legal standard for granting a motion to dismiss? What purpose does this motion serve?
Answer: The legal standard for granting a motion to dismiss is that the facts stated in the plaintiff's complaint are not legally sufficient to state a cause of action; that is,even if the facts alleged can be proved,there is no legal remedy for the type of injury alleged.The purpose that the motion to dismiss serves is that if the plaintiff has no case,it would be wasteful for the case to continue.The court would save time and the defendant would save unnecessary expenses.
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Page 4
Chapter 3: Business Ethics and Corporate Social Responsibility
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Q1) A teleological theory based on the laissez-faire theory is:
A)act utilitarianism.
B)profit maximization.
C)rule utilitarianism.
D)difference principle.
Answer: B
Q2) The tendency to internalize group values and suppress critical thought is known as:
A)risky shift.
B)social loafing.
C)herd behavior.
D)groupthink.
Answer: D
Q3) Critics claim that allocational efficiency is not society's only goal and that sometimes it must be sacrificed for other social concerns.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Business and the Constitution
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Q1) Independent agencies are a part of the executive branch of the government and are under the control of the president.
A)True
B)False
Q2) When regulatory programs interfere with the exercise of individual rights,they are subject only to a procedural due process challenge.
A)True
B)False
Q3) The Fifth Amendment Due Process Clause prohibits the federal government from depriving any person "of life,liberty,or property,without due process of law."
A)True
B)False
Q4) In the case of a taking,just compensation is defined as:
A)the fair market value of the property plus its sentimental value.
B)the current fair market value plus any expected future value from the taking.
C)the current fair market value of the property involved in the taking.
D)the fair market value of the property if it were to be sold to a developer.
Q5) Briefly discuss the constitutional safeguards of "pure" or political speech.
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Chapter 5: Crimes
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Q1) Alex had planned to murder his business partner,Bard,and acquire Bard's shares.When he performed the deed,he was in a highly intoxicated state.The court:
A)will hold him incapable of forming intent and give a bail.
B)will hold him capable of forming intent and punish him for first-degree murder.
C)will hold him incapable of forming intent and punish him for second-degree murder.
D)will hold him capable of forming intent and give him a death penalty.
Q2) Crimes are private wrongs,pursued by private attorneys.
A)True
B)False
Q3) Under the mandates of RICO,an individual injured by the racketeering of a company can claim treble damages.This means that he/she can:
A)recover three times the damage plus attorneys' fees.
B)recover two times the damage plus attorneys' fees.
C)only recover three times the damage.
D)recover the basic amount lost plus attorneys' fees.
Q4) Explain two laws governing computer privacy and cybercrime.
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Page 7
Chapter 6: Intentional Torts
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Q1) Loud Larry is a popular talk show host who likes to take a confrontational approach to interviewing his guests.Larry is a smoker.He invites Alice,a well-known anti-smoking advocate,to be on his show.During the course of the interview,Larry attempts to demonstrate the harmless effects of secondhand smoke by blowing smoke directly in Alice's face.Under these circumstances:
A)Larry may be liable for battery.
B)Larry would not be liable for battery because he did not touch her body.
C)Larry may be liable for false imprisonment.
D)Larry may be liable for defamation.
Q2) One can commit an intentional tort with the conscious desire to cause harm or with the knowledge that harm is substantially certain to result.
A)True
B)False
Q3) For a public figure to sue for defamation,he/she must prove:
A)actual malice.
B)misuse of privilege.
C)violation of a statute.
D)invasion of privacy.
Q4) Explain the tort of battery.
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Chapter 7: Negligence and Strict Liability
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Q1) Briefly describe the main defenses to negligence.
Q2) If Jamal is carefully driving his car within the speed limit and an inebriated Eddie darts out in front of his car and is hit,Jamal is liable for Eddie's injuries.
A)True
B)False
Q3) Violetta was injured in a bike accident while on a ride with Alfredo,who she knew was intoxicated.A court would regard this as:
A)ultrahazardous.
B)the assumption of the risk.
C)intentional wrongdoing.
D)comparative negligence.
Q4) What is the main difference between recklessness and negligence?
Q5) To recover in a negligence suit,a plaintiff must prove that the:
A)defendant had intent to injure the plaintiff and did so by a breach of duty.
B)defendant's breach of duty was the proximate cause of the plaintiff's injuries.
C)defendant's breach of duty indirectly caused the plaintiff's injuries.
D)defendant's actions did not violate any statutes.
Q6) What is meant by proximate cause?
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Chapter 8: Licensing and Intellectual Property
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Q1) The unauthorized reproduction of creative works is prohibited by a(n):
A)inventor's certificate.
B)patent.
C)compulsory license.
D)copyright.
Q2) A distinctive word,name,symbol,or device used by a business to distinguish its goods from those of its competitors is called a ____
A)service name.
B)service mark.
C)trade name.
D)trademark.
Q3) Trademark dilution laws protect "distinctive" or "famous" marks from unauthorized uses even when confusion is not likely to occur.
A)True
B)False
Q4) Generally,compensation clauses specify the currency in which royalty payments are to be made.
A)True
B)False
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Chapter 9: The Nature and Origins of Contracts
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Q1) Elroy is fifteen years old and makes an agreement with Dave to buy Dave's mp3 player.The agreement:
A)is executed.
B)cannot be cancelled.
C)is unilateral.
D)is voidable.
Q2) The UCC defines "goods" as:
A)intangible personal property.
B)tangible personal property.
C)abstract property.
D)tangible public property.
Q3) As used in the UCC,the concept "reasonable":
A)is a practical standard used to gauge what people really do in the marketplace.
B)is a theoretical concept based on the "reasonable person standard" of tort law.
C)refers to the capacity to contract.
D)refers to what a reasonable person would do in the marketplace.
Q4) What is a quasi-contract?
Q5) Discuss the importance of having contracts in today's market economy.
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Chapter 10: Creating a Contract: Offers
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Q1) A subcontractor's bid:
A)is considered an offer.
B)can be revocable.
C)can be withdrawn even if the general contractor has relied on it.
D)is considered to be a part of a shrinkwrap agreement.
Q2) To avoid problems,many courts hold a contract to be bilateral:
A)only as a last possible resort.
B)whenever possible.
C)in a way different from the approach taken by the "Restatement."
D)occasionally.
Q3) When parties fail to expressly agree on the terms of a sales contract:
A)the contract is automatically void.
B)the contract will fail if the court finds that the parties are acting as though they have a contract and it is impossible to point to a particular moment in time when the contract was created.
C)the contract will not be enforceable under the UCC.
D)the contract will not fail if the court finds that the parties intended to make a contract and that their agreement is complete enough to allow the court to reach a fair settlement of their dispute.
Q4) What are the factors that influence the reasonable length of an offer?
Page 12
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Chapter 11: Creating a Contract: Acceptances
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Q1) An offer that says "If you do not object within 10 days,we have a contract" imposes a legal duty on the offeree to respond.
A)True
B)False
Q2) The court looks for the same present intent to contract on the part of the offeree to determine whether the offer has been accepted.
A)True
B)False
Q3) A seller cannot accept a buyer's offer by simply promising to ship the goods or by shipping the goods.
A)True
B)False
Q4) An acceptance sent by stipulated means is effective when dispatched.
A)True
B)False
Q5) Parties who are negotiating a contract always prepare a written draft of the agreement for both parties to sign.
A)True
B)False
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Chapter 12: Consideration
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Q1) Watten Construction contracted to build the Sillimans a house for $50,000.When Watten began digging the foundation,it hit bedrock,which was highly unusual in that area.Watten told the Sillimans that he required an extra $5000 to build the house.The Sillimans agreed,but when the house was done,refused to pay Watten any more than the original contract price.What can be the outcome if Watten sues the Sillimans for the extra $5000 and why?
Q2) When a promisee agrees not to do something he or she has a legal right to do in exchange for the promisor's promise,it constitutes legal value.
A)True
B)False
Q3) Forbearance from suing can never be valid consideration.
A)True
B)False
Q4) Freedom of contract includes the freedom to make bad bargains.
A)True
B)False
Q5) Explain an illusory promise and provide an example.
Q6) Explain the difference between a liquidated and an unliquidated debt.
Q7) Explain forbearance to sue in relation to consideration.
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Chapter 13: Capacity to Contract
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Q1) Which of the following is true for a contract made by a minor?
A)It is voidable.
B)It cannot be disaffirmed during minority.
C)It is barred from ratification.
D)A minor's capacity to contract is never presumed.
Q2) _____ means that a general hearing was held on the person's mental competency,and the court determined that the person was of unsound mind and appointed a guardian or conservator of the person's estate.
A)Emancipation
B)Adjudication
C)Incapacitation
D)Ratification
Q3) Why do the courts require minors to pay the reasonable value of necessaries they receive under a contract they are permitted to disaffirm?
Q4) Under which of the following circumstances can minors disaffirm a contract?
A)The minor has not ratified the contract upon reaching majority.
B)The contract is for real estate.
C)The minor has given a false statement about his/her age.
D)The minor is required to place the adult in status quo.
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Chapter 14: Voluntary Consent
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Q1) The elements of fraud are the same as the elements for the tort of deceit.
A)True
B)False
Q2) Which of the following is a remedy for fraud?
A)Rescission of the contract by the buyer.
B)Disaffirming the contract and then suing in tort for damages resulting from the fraud.
C)Ratification of the contract by the buyer.
D)Restitutionary damages.
Q3) In the sale of real estate:
A)many courts are holding that sellers have a duty to disclose defects that seriously undermine the value of the home.
B)the Truth in Lending Act puts the burden on the buyer to discover defects.
C)the doctrine of caveat emptor applies without exception.
D)courts are increasingly protecting developers,sellers,and their agents.
Q4) The difference between duress and undue influence is:
A)their remedy.
B)the interference with a party's ability to resist entering into an agreement.
C)the relationship between the parties at the time of the contract.
D)the type of threat used.
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Chapter 15: Illegality
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Q1) Harry Hotdog is hired as an accountant by a large Indianapolis-based accounting firm.The firm's attorney drafts an employment contract which contains the following clause: "Employee agrees that he will not engage in the practice of accounting in Indianapolis for one year after termination of his employment with this firm." Hotdog signs the contract,works for six months,and then resigns and opens his own accounting firm in Indianapolis.His former employer sues him for breach of contract,and is likely to: A)lose,because contracts that restrict trade are not considered illegal in Indianapolis. B)lose because the contract represented an unequal bargain. C)win,because Harry's act is a violation of the Blue laws. D)win,because the restriction has reasonable geographic and time restrictions.
Q2) The courts allow recovery if one or both of the parties to an illegal bargain are ignorant of the facts that made the bargain illegal. A)True B)False
Q3) Name the kinds of contracts courts often hold to be illegal because they violate public policy.
Q4) What are the exceptions to contracts under statute violation?
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Chapter 16: The Form and Meaning of Contracts
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Q1) Under the U.N.Convention on the International Sale of Goods:
A)a writing is required for contracts over $1,000.
B)a writing is not required.
C)a writing is always required.
D)a writing is required for contracts of specially manufactured goods.
Q2) Terry and Melody have an oral contract for the sale of 100 textbooks at $100 per book.If Terry delivers the books and Melody accepts them,or if Melody pays for the books and Terry accepts payment,which of the following parties can raise the statute of frauds defense?
A)Terry can raise the statute of frauds defense.
B)Only the party to be charged may raise the defense.
C)Neither of them,as the agreement has been performed at least partially.
D)Melody can raise the statute of frauds defense.
Q3) Harold makes an oral agreement to purchase Tina's boat for $700.Under the UCC:
A)the contract is voidable.
B)the contract is barred by promissory estoppel.
C)the agreement is barred by the statute of frauds.
D)the contract can be enforced without a writing.
Q4) What kind of writing is required under the statute of frauds?
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Chapter 17: Third Parties Contract Rights
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Q1) An incidental beneficiary can:
A)sue for nonperformance.
B)acquire rights under the contract.
C)enforce the contract.
D)be a member of the general public.
Q2) An underground water main burst in Manhattan and flooded the building where the Acme electric company has an electricity supply substation.A fire resulted and disrupted electric power for four days.This occurred during the biannual "Buyers Week" when merchandisers from around the world were in town to visit fashion showrooms and place orders for future seasons.Some 200 merchandisers brought suit against Acme.Some of the businesses had no direct contractual relationship with Acme.They argued that their lease agreements with their landlords,who were the direct contracting entities with Acme,obligated them to pay a share of the electricity expenses and therefore they could sue under the contracts between the landlords and Acme.Are they correct?
Q3) Life insurance contracts give the insured the right to change the beneficiary only with the beneficiary's consent.
A)True
B)False
Q4) What is an implied guarantee?
Page 19
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Chapter 18: Performance and Remedies
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Q1) The plaintiff in a contract action has no duty to mitigate his damages because he is the injured party.
A)True
B)False
Q2) Which of the following is true about building and construction contracts?
A)The promisee who is dissatisfied with the mechanical fitness,utility,or marketability may reject the performance without liability,even if doing so is unreasonable.
B)The engineer's or architects certificates,which are often issued at each stage of completion,indicate that the work is done to the satisfaction of the architect or engineer.
C)These contracts require the builder to give the owner an engineer's certificate for satisfactory performance after the owner has paid the builder for the project.
D)In contracts involving matters of personal taste and comfort most courts require the promisee to accept performance that would satisfy a reasonable person.
Q3) Punitive damages are recoverable for breach of contract.
A)True
B)False
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) Parties to a sales contract act in good faith but the contract as a whole is unconscionable.In this case,courts do not have the right to refuse to enforce the contract.
A)True
B)False
Q2) Article 2A of the UCC deals exclusively with leases of goods.
A)True
B)False
Q3) Which of the following is a basic purpose for making exceptions to the UCC's general rules on titles and third parties?
A)To protect the rights of sellers.
B)To place the burden of loss on the good faith purchasers.
C)To promote commerce by giving buyers the knowledge that they will get good value for goods they will purchase.
D)To protect those who innocently buy from merchants,thereby promoting confidence in such commercial transactions.
Q4) What happens if a buyer rejects the tender of goods?
Q5) Why does the UCC distinguish between merchants and nonmerchants by holding merchants to a higher standard in some instances?
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Chapter 20: Warranties and Product Liability
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Q1) If a seller wishes to be relieved of the responsibility for implied warranties,the sales contract must clearly provide that the parties did not intend the implied warranties to become part of the contract.
A)True
B)False
Q2) Which of the following describes an action where liability of a seller is based on the theory that the manufacturer failed to use reasonable care to avoid foreseeable injury to the ultimate user or consumer?
A)Negligence
B)Strict liability
C)Breach of warranty
D)Magnuson-Moss Act
Q3) Disclaimers in contracts are usually effective to shield a manufacturer or seller against liability for negligence to consumers.
A)True
B)False
Q4) A seller may create an express warranty by merely stating an opinion.
A)True
B)False
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Chapter 21: Performance of Sales Contracts
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Q1) Spudz,an Iowa corporation,agreed to sell Bob two carloads of potatoes at "$5 per sack,FOB Iowa shipping point." Spudz had the potatoes put aboard the railroad cars; however,it did not have floor racks used in the cars under the potatoes as is customary during winter months.As a result,there was no warm air circulating and the potatoes were frozen while in transit.Spudz claims that its obligations ended with the delivery to the carrier and that the risk of loss was on Bob.What argument would you make for Bob?F.O.B.basis,the seller,in the absence of instructions from the buyer,is responsible for using reasonable care and judgment in making shipping arrangements.The failure to use floor racks was a breach of this duty to use reasonable care in making shipping arrangements.Therefore,the seller is in breach and is liable for the damages sustained.
Q2) When the seller does not give the buyer instructions concerning the disposal of the goods upon rejection and whether the goods are not perishable,the buyer:
A)can resell the goods for the seller,but cannot keep a commission on the sale.
B)cannot reship them to the seller without the seller's instructions.
C)can resell them for the buyer's benefit.
D)can give reasonable time for the seller to reclaim the goods.
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Chapter 22: Remedies for Breach of Sales Contracts
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Q1) When a buyer breaches a contract,a seller does not have the right to mitigate damages.
A)True
B)False
Q2) A breach of warranty is normally considered to have occurred:
A)anytime within five years after the buyer discovers the defect.
B)when the goods are delivered to the buyer.
C)anytime within 15 years after the buyer discovers the defect.
D)the moment the buyer discovers the defect in the product.
Q3) When a seller breaches a contract,the buyer may:
A)buy other goods and recover damages from the seller based on any additional expense incurred in obtaining the goods.
B)obtain specific performance when the goods are generic and can be obtained elsewhere.
C)never recover consequential damages.
D)be legally sued into performing as well as made to compensate for loss of time.
Q4) If the seller fails to deliver the goods,the buyer may cancel the contract.
A)True
B)False
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Chapter 23: The Agency Relationship-Creation, Duties, and Termination
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Q1) A person may act as a dual agent:
A)on his own accord.
B)after partial disclosure of terms to either principal.
C)with the consent of any one principal.
D)with the consent of both principals on being fully informed about it.
Q2) Termination of an agency based on race,religion,national origin,and age is generally prohibited by state and federal legislation.
A)True
B)False
Q3) What does the agent's duty of loyalty mean?
Q4) Unless the circumstances of the relationship suggest that the agent intended to act for free,a duty to pay the agent is implied.
A)True
B)False
Q5) The legal effect of the agent's action on behalf of the principal is usually the same as if the principal had done the act.
A)True
B)False
Page 25
Q6) Discuss the purpose of insurance commissions paid to the agents.
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Chapter 24: Liability of Principals and Agents to Third Parties
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Q1) Ratification must be expressed and may not be implied from the actions of the agent.
A)True
B)False
Q2) A principal's liability under respondeat superior often is called:
A)direct liability.
B)vicarious liability.
C)contributory liability.
D)enterprise liability.
Q3) Jane appointed Tom as her agent and gave him express authority to retain subagents to do some or all of Tom's work.Tom retained Mike as a subagent.Based on these facts,which of the following statements is true?
A)Only Jane is bound to a third party by Mike's actions.
B)Neither Jane nor Tom is bound to a third party by Mike's actions as subagent.
C)Between Jane and Tom,it is Tom who is ultimately liable for Mike's actions as subagent.
D)Mike is solely bound to third parties for his actions as subagent.
Q4) Briefly describe the doctrine of respondeat superior.
Q5) Explain the concept of apparent authority.
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Chapter 25: Employment Laws
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Q1) The Employment Retirement Income Security Act of 1974:
A)primarily requires employers to establish pension plans.
B)primarily regulates the management and vesting of established plans.
C)covers only union-sponsored pension plans but not employer-sponsored pension plans.
D)processes unfair practice charges brought against unions and employers.
Q2) Perry became a CPA in 2002.After working as a staff auditor and accountant for other companies,she was hired as an auditor by Big Firm in 2003.When she was hired,there were four male auditors in her area who had been with the company for several years and were classified as senior auditors.In 2004,Perry complained that she was receiving the same salary as a new male senior auditor,Bradshaw,even though she was doing the same work.When Bradshaw was brought in,Big Firm was in the process of divestiture and its policy was to fill positions with lateral transfers from other areas because of a promotion and hiring freeze.In 2005,Perry filed a complaint with the EEOC claiming that she was not being paid equally for equal work.Did Big Firm violate the Equal Pay Act by paying Perry less than the male accountants?
Q3) How does the Americans with Disabilities Act of 1990 define disability? Who is excluded from this definition?
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Chapter 26: Which Form of Business Organization
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Q1) When it comes to tax liability,LLCs:
A)are required to file annual reports with the secretary of state.
B)are taxed as partnerships.
C)do not require partners to report their share of the LLC's profits on personal tax returns.
D)are taxed as corporations.
Q2) In a(n)_____,shareholders directly report their share of the corporation's losses or earnings on their individual tax returns.
A)S corporation
B)general partnership
C)franchising
D)limited partnership
Q3) A person's status as a shareholder in a corporation automatically gives such person a right to be an employee of the corporation.
A)True
B)False
Q4) What are the advantages of franchising?
Q5) Explain the difference between a partnership and a limited partnership.
Q6) What are the factors to be considered in the creation of an LLC?
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Chapter 27: Partnerships
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Q1) People who are involved in a nonprofit association are considered partners.
A)True
B)False
Q2) What is the difference between a limited partnership and a limited liability limited partnership?
Q3) If Acme Chemical Partnership discharges a pollutant prohibited by the EPA:
A)the firm is liable for the resulting fines.
B)only the general partners are liable if the firm has inadequate assets.
C)only the partner who ordered the discharge is liable.
D)all the partners will be imprisoned as discharging pollutants is a crime.
Q4) To act contrary to a partnership agreement:
A)vote of the majority prevails.
B)unanimous agreement is required.
C)implied authority by RUPA is provided.
D)approval of senior partners is required.
Q5) Partners may agree at any time that the interest of one partner shall be purchased by the partnership or by one or more of the other partners.
A)True
B)False
Q6) Describe limited partnerships.
Page 29
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Chapter 28: Formation and Termination of Corporations
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Q1) Massachusetts courts require that the parties expressly create a(n)_____ before a corporation can be held liable for preincorporation contracts.
A)adoption agreement
B)novation
C)incorporation regulation
D)operating agreement
Q2) One of the basic principles of corporation law is that:
A)shareholders are not free to dispose of their shares by gift.
B)shareholders are given the authority to manage the business.
C)majority rule applies to both shareholder and director action.
D)majority rule applies only to director action.
Q3) If articles of incorporation provide for a limited life:
A)the corporation automatically terminates at the end of the designated time.
B)the corporation must appeal to the Secretary of State for dissolution.
C)the corporation dissolves only by amendment to the contract.
D)the corporation terminates at the end of the designated time only with the written consent of all shareholders.
Q4) Explain the promoters' liability to third parties before the corporation is formed.
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Page 30
Chapter 29: Management of the Corporate Business
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Q1) To obtain the protection of the business judgment rule,a director must meet certain requirements in arriving at his/her decisions.He/she must:
A)make an informed decision; be free from conflicts of interest; and must have a rational basis for believing that the decision is in the best interests of the corporation.
B)make a subjectively rational decision that is based on a cost benefit analysis.
C)make an informed decision that promised to make the corporation a substantial profit; the decision need not be objectively rational,only subjectively rational.
D)use the court's business judgment for all of the corporation's matters.
Q2) Directors and officers are not prohibited from entering into transactions with the corporation.
A)True
B)False
Q3) What is the meaning of ex officio authority?
Q4) Discuss how a director protects herself from potential liability by exercising her right to dissent.
Q5) What are the duties of directors and officers of a corporation?
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Chapter 30: Financing the Corporation and the Role of the Shareholders
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Q1) If the required notice of a shareholder meeting is not given,actions taken at the meeting:
A)are of no effect.
B)are effective only if two-thirds of the stockholders approve the action.
C)are effective,but subject to amendment.
D)are effective only if half of the stockholders approve the action.
Q2) Which of the following is true for debentures?
A)It is a type of short term equity security.
B)It is a type of long-term secured debt security.
C)It can have a term of 10 years or less.
D)It is a type of long-term unsecured debt security.
Q3) Under the MBCA,what types of corporate documents does a shareholder have a right to inspect?
Q4) What requirements must be met if a shareholder meeting is to be conducted remotely?
Q5) Shares are never worth more than the par or stated value.
A)True
B)False
Q6) How does common stock differ from preferred stock?
Q7) When is a shareholder permitted to sue as a representative of a corporation? Page 32
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Chapter 31: Securities Regulation
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Q1) Which of the following statements is true about blue-sky laws?
A)They are state laws that provide penalties for fraudulent sales and permit the issuance of injunctions to protect investors from anticipated fraudulent acts.
B)They are state laws that give investors the information they need to make intelligent decisions about whether to purchase securities.
C)All blue sky statutes provide civil penalties for selling fraudulent securities and conducting fraudulent transactions.
D)They give the bidder and the target company equal opportunities to present their cases to the shareholders.
Q2) The Securities Act of 1933 is a one-time disclosure statute,although some of its liability provisions purport to cover all fraudulent sales of securities.
A)True
B)False
Q3) What strategies has the SEC pursued to protect U.S.investors throughout the world?
Q4) What are the two types of securities that must be registered under the Securities Exchange Act of 1934?
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Chapter 32: Legal Liability of Accountants
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Q1) The party asserting the work product privilege bears the burden of establishing that the documents he seeks to protect were prepared in anticipation of litigation.
A)True
B)False
Q2) Describe the accountant-client privilege.
Q3) Under Rule 10b-5 of the 1934 Act:
A)the plaintiff must prove that the accountant acted with scienter.
B)the intent to deceive is not an element of the offense.
C)an accountant may be liable to a purchaser for a misstatement of material fact in the registration statement.
D)an accountant must prove he exercised due diligence to escape liability.
Q4) An accountant may not delegate his/her duties to someone else without the consent of the client.
A)True
B)False
Q5) The Restatement approach employs a "reasonably foreseeable" standard.
A)True
B)False
Q6) List the five major judicial approaches to third-party negligence actions.
Page 35
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Chapter 33: Personal Property and Bailments
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Q1) What are the differences between a gift inter vivos and a gift causa mortis?
Q2) If a bailment is solely for the benefit of the bailor,then the bailee may be held to a somewhat higher degree of care.
A)True
B)False
Q3) Tangible property is taxable in the state where its owner lives.
A)True
B)False
Q4) In determining whether a bailment was created,one must know whether the person to whom the property was delivered intended to assume possession and control over the property.
A)True
B)False
Q5) An example of intangible property would be ____.
A)an MP3 Player
B)a tree cut down
C)a patent
D)land
Q6) Define a bailment and discuss its essential terms.
Page 36
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Chapter 34: Real Property
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Q1) Many courts have now extended the implied warranty of habitability made by builder-vendors to include subsequent purchasers.
A)True
B)False
Q2) George owns three adjacent town houses in an upscale neighborhood.He sells one to Ted but gets Ted to promise to never sell the property to a woman or a poor person.This restriction is built into the deed George gives to Ted,along with a statement that the property is to revert to George if this promise is broken.Is this restriction enforceable?
A)Yes,because the restrictions are reasonable.
B)Yes,because these private restrictions do not prevent the sale of the property to anyone else.
C)No,because the restrictions are against public policy.
D)No,because private restrictions can only apply to the size and cost of the house.
Q3) Describe the purpose of the Fair Housing Act.
Q4) Describe how a person acquires title by adverse possession and give an example.
Q5) Define the legal meaning of "nuisance" and explain the two types of nuisances recognized by the law,using a scenario to illustrate each type.
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Chapter 35: Landlord and Tenant
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Q1) The doctrine of unconscionability does not apply to leases.
A)True
B)False
Q2) A periodic tenancy cannot be terminated without either party giving advance notice to the other.
A)True
B)False
Q3) The URLTA:
A)prohibits discrimination against tenants on the basis of color,religion,race,and national origin.
B)prohibits the inclusion of exculpatory clauses in standard lease agreements that the landlords expect tenants to sign.
C)prohibits the creation of tenancy at sufferance.
D)prohibits the inclusion of clauses by which the tenant supposedly agrees to pay the landlord's attorney's fees in an action to enforce the lease.
Q4) Federal laws often regulate lease terms.
A)True
B)False
Q5) Explain the difference between an "assignment" and a "sublet."
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Chapter 36: Estates and Trusts
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Q1) "Testamentary capacity" refers to:
A)the legal capacity to make a valid will.
B)the limit on how much property can be inherited by a given individual.
C)the ability to give gifts to the testator's issues or descendants.
D)the lack of awareness of the value of the property by the testator.
Q2) "Domicile" refers to a person's:
A)permanent home.
B)permanent and temporary residences.
C)state,where he probates his will.
D)a person's necessity to make a particular state,home.
Q3) Which of the following is one of the requirements for forming an express trust?
A)The settlor need not necessarily attain the age required by state law for the creation of valid wills and contracts.
B)The trust cannot be created for a reason that is contrary to public policy.
C)The settler must name a trustee for the trust and a substitute trustee in the event the named trustee refuses to act.
D)The beneficiaries cannot be members of a specific class,such as "my children."
Q4) A durable power of attorney terminates upon the incapacity of the principal.
A)True
B)False
Page 39
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Chapter 37: Insurance
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Q1) Which of the following statements is true about health insurance contracts?
A)Health insurance contracts do not provide coverage for medical expenses resulting from preexisting conditions.
B)Most people receive their insurance coverage from individual policies that are provided by employers.
C)The Consolidated Omnibus Budget Reconciliation Act (COBRA)was enacted as a legislative response to the increasing popularity of group health policies.
D)Portable health insurance doesn't require insurance companies to provide coverage to people who have left a job.
Q2) In life insurance contracts:
A)the rate of the premiums to be paid decreases if the face value increases.
B)the loan value decreases as the age of the policy increases.
C)the rate of the premiums to be paid depends on the face value of the policy.
D)the loan value enables the insured to borrow money from the insurer,but at high interest rates.
Q3) Health insurance contracts normally do not cover preexisting health conditions.
A)True
B)False
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Chapter 38: Negotiable Instruments
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Q1) Tina borrowed $20,000 from ACME Mortgage and signed a promissory note secured by a deed of trust on the land she owned.The note provided for interest at "30% over prime to be adjusted monthly." Is a note providing for a variable amount of interest,not ascertainable from the face of the note,a negotiable instrument?
Q2) A cashier's check is a draft drawn by a bank on another bank or payable through a bank.
A)True
B)False
Q3) When the terms of a check are ambiguous,handwritten terms prevail over printed terms.
A)True
B)False
Q4) A "bearer paper" is:
A)a check made payable to the order of cash.
B)a check that can be transferred only by indorsement.
C)a check that can be negotiated only by indorsement.
D)a check that is payable to the order of a specific person.
Q5) An instrument states,"Subject to Approval of Title,Pay to the Order of Holly Rosenberg,$1,999.00." Is the instrument negotiable?
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Chapter 39: Negotiation and Holder in Due Course
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Q1) This is a partial defense against a holder in due course (or a person having the rights of a holder in due course),and a complete defense against a non-holder in due course.
A)Illegality that makes a contract voidable.
B)Fraud in the inducement.
C)Alteration of the completed instrument.
D)Lack or failure of consideration.
Q2) Mike indorsed a check from his employer by signing his name and the words "without recourse." This indorsement is an example of a:
A)qualified indorsement.
B)blank indorsement.
C)special indorsement.
D)restrictive indorsement.
Q3) A qualified indorsement:
A)changes the negotiable nature of the instrument.
B)can only be used with a blank indorsement.
C)can only be used with a special indorsement.
D)eliminates the contractual liability of the indorser.
Q4) Explain the nature and meaning of an indorsement.
Q5) How does one become a "holder in due course"?
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Chapter 40: Liability of Parties
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Q1) A person who is primarily liable has agreed to pay the negotiable instrument.
A)True
B)False
Q2) Which of the following is true of the obligations of an acceptor?
A)If the certification or acceptance does not state an amount then the acceptor is free of all obligations.
B)If the certification of a check or other acceptance of a draft states the amount accepted,the obligation of the acceptor is the amount of the instrument at the time a holder in due course takes it.
C)If the certification of a check or other acceptance of a draft states the amount certified or accepted,the obligation of the acceptor is that amount.
D)If the certification or acceptance does not state an amount,or if the amount of the instrument is subsequently raised,then the obligation of the acceptor is the raised amount.
Q3) With respect to instruments,"responsibility" means the authority:
A)to access instruments in incoming or outgoing mails.
B)to process instruments for issue in the name of fictitious payees.
C)to prepare or process instruments for issue in the name of the employer.
D)to have access to instruments in storage.
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Chapter 41: Checks and Electronic Fund Transfers
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Q1) Under the Revised Article 4:
A)a postdated check is not properly payable by the drawee bank until the date on the check.
B)a postdated check presented for payment before the date on the check may be paid and charged to the customer's account unless he has given notice of it to the bank. C)postdating checks is illegal.
D)a postdated check presented for payment before the date on the check will be returned to the customer and fees charged to his account.
Q2) Check 21 contains a special refund procedure,called "expedited recredit",for a customer who suffers a loss because of:
A)the original check.
B)a fraudulent check.
C)a substitute check.
D)a cashier's check.
Q3) What are the different electronic funds transfer systems utilized by consumers?
Q4) Describe the provisions of the Electronic Funds Transfer Act.
Q5) Describe the limitations on the bank's right or duty to charge the depositor's account for the check.
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Chapter 42: Introduction to Security
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Q1) Which of the following statements concerning foreclosure of liens is true?
A)The lienholder need not give notice to the debtor for holding a sale of the possessed goods.
B)Even if there is a statutory procedure,the lienholder must first bring a lawsuit against the debtor.
C)The right of a lienholder to possess goods does not automatically give the lienholder the right to sell the property.
D)The lienholder cannot have the property sold at a judicial sale.
Q2) If mortgagors sell the interest in their property without the consent of the mortgagee:
A)they have acted illegally.
B)the sale does not affect the mortgagee's interest in the property.
C)the mortgagee will lose his/her interest in the property.
D)the mortgagee will lose all claims against the mortgagor.
Q3) A guarantor's promise must be made in writing to be enforceable under the statute of frauds.
A)True
B)False
Q4) Describe the distinction between a surety and a guarantor.
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Chapter 43: Security Interests in Personal Property
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Q1) A perfected security interest in fixtures has priority over the conflicting interest of an encumbrancer or owner of the real property:
A)only if the debtor is in possession of the real property.
B)if the security interest is a purchase money security interest.
C)even if the interest of the encumbrancer arose after the goods became fixtures.
D)if the fixtures' security interest is perfected by a "fixtures filing" anytime after the goods became fixtures.
Q2) If no maturity date is stated in the financing statement,it is valid for six months.
A)True
B)False
Q3) Change of possession is:
A)the most common way of perfecting a security interest.
B)the only way to perfect a security interest in money.
C)the most convenient way of perfecting a security interest in consumer goods.
D)not a practical method of perfecting security interests in commercial collateral.
Q4) Explain a creditor's three potential courses of action upon default.
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Chapter 44: Bankruptcy
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Q1) Describe the creditor actions that are automatically stayed when the debtor files a bankruptcy petition.
Q2) Which of the following payments is considered preferential?
A)Payments made in the ordinary course of business.
B)Payment of monthly utility bills.
C)Payment made by an insolvent debtor within 50 days of the filing of the bankruptcy petition.
D)Payment to a creditor giving him a greater percentage of a preexisting debt than other creditors.
Q3) A major purpose of the Bankruptcy Code is:
A)to ensure that some creditors get more advantages than others.
B)to protect honest debtors against the demands for payment by creditors.
C)to ensure that a debtor can never be discharged of the debts he owes to the creditors.
D)to protect debtors from creditors who try to diminish the debtor's assets.
Q4) Voluntary petitions in bankruptcy may be filed by a(n):
A)individual.
B)insurance corporation.
C)municipal corporation.
D)loan association.
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Chapter 45: The Antitrust Laws
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Q1) Horizontal price fixing:
A)is also called resale price fixing.
B)can be legally justified if there was a direct agreement between competitors.
C)occurs when the manufacturer gets the retailer to agree to follow the suggested retail price.
D)is an attempt by competitors to interfere with the market and control prices.
Q2) Licensing arrangements are:
A)per se violations of U.S.anti-trust laws.
B)subject to the rule of reason.
C)subject to strict scrutiny analysis.
D)unlikely to raise antitrust issues.
Q3) Describe defenses to direct price discrimination under the Robinson-Patman Act.
Q4) When a manufacturer states a "suggested retail price" for their products,this violates Section 1 of the Sherman Act.
A)True B)False
Q5) Foreign sovereign compulsion defense is in no way related to sovereign immunity.
A)True
B)False
Q6) Describe the Hart-Scott-Rodino Antitrust Improvements Act.
Page 48
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Chapter 46: Consumer Protection Laws
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Q1) The CPSC and the ____ may sue for injunctive relief or the seizure of products to enforce various provisions of the Consumer Product Safety Act (CPSA).
A)U.S President
B)U.S Chief Justice
C)U.S Attorney General
D)U.S Secretary of State
Q2) The Holder in Due Course rule:
A)alters statutes of limitations or other state-created limitations on the consumer's enforcement of claims and defenses.
B)states that all defenses available to the purchaser against the seller can also be available against the holder in due course.
C)eliminates rights that the consumer may have as a matter of federal,state,or local law.
D)creates a warranty claim or defense where the product is sold "as is."
Q3) The Consumer Product Safety Commission (CPSC)'s authority is limited to cosmetics and food products.
A)True
B)False
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Chapter 47: Environmental Regulation
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Q1) The Resource Conservation and Recovery Act:
A)establishes a program governing the injection of wastes into wells.
B)has the responsibility for designating disposal sites and for establishing the rules governing ocean disposal.
C)provides the federal government and the states with the authority to regulate facilities that generate,treat,store,and dispose of hazardous waste.
D)requires identification and assessment of sites in the United States where hazardous wastes had been spilled,stored,or abandoned.
Q2) _____ requires persons who generate,treat,store,or transport specified quantities of hazardous waste to notify the EPA of that fact.
A)The Resource Conservation and Recovery Act
B)The Federal Water Pollution Control Act
C)The Compensation,and Liability Act
D)The Safe Drinking Water Act
Q3) The Clean Air Act does not provide for the regulation of fuel additives such as lead.
A)True
B)False
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