Business Organizations
Question Bank
Course Introduction
Business Organizations provides an in-depth examination of the legal structures and governing principles of various entities engaged in commercial activity, including sole proprietorships, partnerships, limited liability companies, and corporations. The course explores topics such as the formation, operation, and dissolution of organizations; fiduciary duties of directors and officers; shareholder rights; regulatory compliance; and the impact of state and federal law on business decision-making. Students gain a foundational understanding of how different organizational forms address issues like risk allocation, governance, financing, and dispute resolution, preparing them for further study or practice in business law.
Recommended Textbook
Business Law 16th Edition by Jane Mallor
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Chapter 1: The Nature of Law
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Q1) The Supreme Court once denied tax-exempt status to a private university that discriminated on the basis of race.Which of the following is likely to have influenced or guided the interpretation of the statute relevant to this case?
A) Maxims
B) Precedents
C) General public purposes
D) Standing to sue
Answer: C
Q2) Which of the following is true of Restatements?
A) They are promulgated by courts.
B) They can be adopted as common law by the states.
C) They include only statutory laws.
D) They are law and binding on courts.
Answer: B
Q3) The U.S.Constitution recognizes the states' power to make law in certain areas.
A)True
B)False
Answer: True
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3
Chapter 2: The Resolution of Private Disputes
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Q1) Dee sues Gerry for defamation.Dee thinks that the facts clearly are not as stated in Gerry's complaint and that,given Dee's version of the facts,Gerry cannot recover for defamation.What motion gives Gerry the best chance of winning the case early? What does it involve?
Answer: The motion for summary judgment is a device for disposing of relatively clear cases without a trial.Under that motion,Dee and Gerry will present factual "evidence" such as pleadings,depositions,and affidavits to demonstrate their versions of the facts,and also will make legal arguments.If there is no genuine issue of material fact,and if (given those facts)the law directs that one party wins,that party gets a judgment.
Q2) A(n)_____ must state the remedy requested in the case.
A) summons
B) interrogatory
C) affirmative defense
D) complaint
Answer: D
Q3) Generally,forum selection clauses in form agreements are unenforceable.
A)True
B)False
Answer: False
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Page 4
Chapter 3: Business and the Constitution
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Q1) A state law unconstitutionally burdens interstate commerce only when it violates a federal statute that was enacted under the Commerce Clause.
A)True
B)False
Answer: False
Q2) Under what two conditions is a governmental taking of property unconstitutional? Should both of these conditions be satisfied in order for a taking to offend the constitution,or is only one condition necessary enough?
Answer: The Takings Clause both recognizes government's power to take private property and limits the exercise of that power.It does so by requiring that when property is subjected to a governmental taking,the taking must be for a public use and the property owner must receive just compensation.Either condition will make a taking unconstitutional by itself.
Q3) If a state law discriminates against interstate commerce,then the strictest scrutiny will be applied in the determination of its constitutionality.
A)True
B)False
Answer: True
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5
Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Q1) _____ theory emphasizes that one should use the categorical imperative and judge an action by applying it universally.
A) Utilitarian
B) Teleological
C) Justice
D) Kantian
Q2) Which of the following ethical theories has been criticized for promoting moral fanaticism and reducing innovation,entrepreneurship,and production?
A) Rights theory
B) Teleological theory
C) Utilitarian theory
D) Profit maximization theory
Q3) Under the stakeholder theory of corporate social responsibility,employees' interests are considered.
A)True
B)False
Q4) Rawls's justice theory focuses on outcomes.
A)True
B)False
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Chapter 5: Criminal Law and Procedure
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Q1) The ____ Amendment forbids cruel and unusual punishments.
A) First
B) Eighth
C) Fourteenth
D) Fifteenth
Q2) A defendant's act must have been prohibited by statute at the time he/she committed it and the penalty imposed must be the one provided for at the time of his/her offense.This essentially indicates:
A) encouragement of deterrence laws.
B) the presence of nulla poena sine lege laws.
C) prohibition of ex post facto criminal laws.
D) the presence of retributive justice.
Q3) When conducting an investigation of terrorism federal authorities seek warrants from what court?
A) FISA court
B) Federal District Court for the District of Columbia
C) The International Criminal Court
D) The UN High Court on Terrorism
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Chapter 6: Intentional Torts
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Q1) Libel is distinct from slander,in that,libel:
A) involves views on public figures.
B) involves only content in print.
C) involves only content on the Internet.
D) is more permanent in nature.
Q2) "Books are Us" (BU),a bookstore,is being sued for defamation after it sold a book containing false,defamatory statements about the plaintiff.What is BU's best defense to this lawsuit?
A) BU is not the publisher of the book.
B) BU did not intend to harm the plaintiff.
C) BU had no knowledge of the contents of the book.
D) BU did not violate any criminal law or regulation in selling the book.
Q3) Store owners' "conditional privilege" defense against intentional tort claims brought by detained shoplifting suspects,recognized by most states,usually:
A) requires that the store owner act with police consent.
B) requires that the store owner act with written consent of suspects.
C) requires that the store owner act on evidence against suspect.
D) requires that the store owner act with reasonable cause.
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Page 8
Chapter 7: Negligence and Strict Liability
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Q1) Under many "mixed" comparative negligence systems,a plaintiff recovers nothing where the plaintiff's own negligence was 50% or more responsible for the plaintiff's injury.
A)True
B)False
Q2) In some states that have eliminated assumption of risk as a separate defense;assumption of risk reappears as one of the many kinds of fault that a court must weigh in applying the state's comparative fault defense.
A)True
B)False
Q3) Someone confronted with an emergency requiring rapid decisions and action need not employ the same level of caution and deliberation as someone in circumstances allowing for calm reflection and deliberate action.This exception reflects the consideration of _____ in a negligence case.
A) personal characteristics
B) context
C) special duties
D) deliberateness
Q4) What are the strategies followed by the tort reform movement?
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Chapter 8: Intellectual Property and Unfair Competition
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Q1) Goods lawfully bearing trademarks or using patents and copyrighted material but entering the American markets without authorization are called _____.
A) counterfeit goods
B) Shanzai goods
C) black market goods
D) gray market goods
Q2) The damages recoverable in a patent infringement case cannot be less than:
A) court costs and interests.
B) reasonable royalty for the invention by the creator.
C) reasonable royalty for the use of the invention by the infringer.
D) three times the damages actually suffered,and to be decided by the court.
Q3) Under the Restatement's fault requirement for injurious falsehood cases,the plaintiff must prove that the defendant possessed ill will or spite motives toward the plaintiff.
A)True
B)False
Q4) Copyrights and patents cannot last forever and only have limited legal lengths.
A)True
B)False
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Chapter 9: Introduction to Contracts
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Q1) Reggie went to the Napa Valley Harvest Festival,when he stopped at Tracy's booth where she was selling paintings of vineyards.Reggie admired a painting of vineyards,which did not appear to be for sale.Reggie said to Tracy,"I will give you $200 if you give me that painting right now." Tracy said nothing in response,but she gave Reggie the painting,and Reggie gave her $200 in cash.This is an example of a contract that is now:
A) bilateral and executed.
B) bilateral and executory.
C) unilateral and executed.
D) unilateral and executory.
Q2) Contracts are typically between one party and who?
A) The federal government
B) The state government
C) Another private party
D) An international agency on commerce
Q3) Speaking generally,a quasi-contract applies where there has been foreseeable reliance on an express promise.
A)True
B)False
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Chapter 10: The Agreement: Offer
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Q1) Sara tells Kate that she will give her $50 to clean her garage.When Kate is halfway done,Sara decides to revoke her offer.Is this a valid revocation?
A) Yes,because Sara is the master of the offer here.
B) Yes,because Sara can revoke the offer any time she feels like.
C) No,because this is a valid contract that cannot be revoked.
D) No,because this is now a bilateral contract.
Q2) Ads that limit the power of acceptance to one offeree or a small number of offerees,are highly specific about the nature and number of items offered for sale and what is requested in return is considered to be _____.
A) offers
B) invitations to negotiate
C) invitations to offer
D) obligations
Q3) Which of the following is the first step in the contract formation process?
A) Signing the agreement
B) An offer in definite terms
C) Selection of partners
D) Drafting the agreement
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Chapter 11: The Agreement: Acceptance
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Q1) The only manner in which a request for prompt or current shipment of goods can be honored is by a prompt or current shipment of the goods to the buyer.
A)True
B)False
Q2) Mr.Green creates a unilateral contract with nephew Paul.Mr.Green promises to buy Paul a laptop if he gets accepted to college.In order for Paul to accept this contract what must he do?
A) Get accepted into college
B) Send a certified letter to Mr.Green agreeing to the terms of the contract
C) Immediately call and orally accept the terms of the contract with Mr.Green
D) Notify the Secretary of State's office that he accepts Mr.Green's contract
Q3) Under the common law,an offer for a unilateral contract:
A) is accepted by full performance of the act requested by the offer.
B) is accepted either by an appropriate act or an appropriate promise.
C) is accepted by whatever means are reasonable under the circumstances.
D) is accepted by making the promise requested by the offer.
Q4) The UCC states that a properly dispatched acceptance sent by a reasonable means of communication within a reasonable time is effective on dispatch.What does the UCC mean by "reasonable" here?
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Chapter 12: Consideration
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Q1) Able borrowed $10,000 from Baker,promising to return it with $1,000 interest on January 1,2006.There is no dispute that Able owes Baker $11,000 due on January 1,2006.On that day,Able gave Baker a valid check in the amount of $10,500 marked "payment in full for loan due January 1,2006." Baker accepted that check and deposited it into his account.If Baker then sues Able for the unpaid $500,what would the result be?
A) Able wins,because Baker accepted the lesser payment.
B) Able wins,because Baker made an implied promise to accept $10,500 as full payment,thereby forgiving $500 of the loan.
C) Baker wins,because Able gave no consideration in exchange for Baker's promise to forgive $500 of the loan.
D) Baker wins,because marking "payment in full" can never relieve a party of its original obligations under a contract.
Q2) A promise to refrain from smoking can be legal consideration because refraining from a legal right,the right to smoke,can be consideration.
A)True
B)False
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Chapter 13: Reality of Consent
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Q1) _____ is a wrongful coercion that induces a person to enter or modify a contract.
A) Deceit
B) Mistake
C) Fraud
D) Duress
Q2) A person who rescinds a contract is entitled to the return of what?
A) Everything that person has given the other party
B) 50% of the items that the person has given the other party
C) 75% of the items that the person has given the other party
D) Nothing is returned to the person from the other party
Q3) Suppose that Reed is buying a crane from Movers Inc.Reed needs a crane that will handle loads of up to 10,000 pounds.Movers' salesman tells Reed that the crane "will handle a 10,000-pound load." Relying on this statement,Reed buys the crane.Later,he discovers that the crane will only handle a 5,000-pound load.Reed wants to rescind on the basis of either fraud or misrepresentation.Movers,however,alleges that the salesman did not make a statement of past or existing fact.Is Movers correct?
Q4) Give two reasons why the differences between fraud and misrepresentation are relevant.
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Page 15
Chapter 14: Capacity to Contract
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Q1) A(n)_____ is something that is essential for the minor's continued existence and general welfare that has not been provided by the minor's parents or guardian.
A) disaffirmance
B) necessary
C) estoppel
D) capacity
Q2) Three days before she was judicially declared mentally incompetent and institutionalized,Irma bought a $50,000 automobile by cash and took delivery of it.Which of the following is true about this contract?
A) It is voidable at the discretion of the seller.
B) The contract is voidable due to Irma's institutionalization.
C) The contract cannot be disaffirmed because it is fully executed.
D) Irma ratified the contract by paying the price of the car.
Q3) Ted failed to disaffirm a contract during his minority.The contract was automatically: A) ratified.
B) rescinded.
C) set aside.
D) made voidable at the option of the minor.
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Chapter 15: Illegality
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Q1) Which of the following constrains the employee from divulging or using certain information gained during his employment?
A) nonsolicitation agreement
B) nondisclosure agreement
C) noncompetition clause
D) deed of trust
Q2) When a court says that an agreement is illegal,it most likely means that the agreement:
A) has not mentioned a time period for which the agreement is valid.
B) does not identify the parties involved in the agreement.
C) is related to buying and selling of trade secrets.
D) violates public policy.
Q3) A court has held that a certain contract violates public policy.This contract will be treated the same as a(n):
A) illegal contract.
B) contract between a minor and an adult.
C) private contract.
D) adhesive contract.
Q4) What is an exculpatory clause?
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Chapter 16: Writing
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Q1) Under the _____,no writing is required where the guarantor makes a collateral promise for the main purpose of obtaining some personal economic advantage.
A) parol evidence rule
B) leading object rule
C) collateral contract rule
D) part performance rule
Q2) The "confirmatory memorandum" exception to the UCC's statute of frauds provision:
A) requires that the memorandum be signed by the party to be bound.
B) requires that the memorandum be sent within ten days after the contract is made.
C) applies even though the memorandum does not satisfy the UCC's writing requirement.
D) requires that both parties to the contract be merchants.
Q3) An oral contract within the UCC statute of frauds can be enforced without a writing only if it involves the sale of specially manufactured goods.
A)True
B)False
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Chapter 17: Rights of Third Parties
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Q1) The effect of a valid delegation of duties is that it:
A) discharges the delegator from any further liability.
B) is an automatic novation.
C) discharges the obligee from any further liability.
D) appoints the delegatee to perform the delegator's duty to the obligee.
Q2) Once an assignment occurs,the assignee acquires:
A) greater obligations to fulfill the contract.
B) greater rights than the assignor.
C) same rights as the assignor had prior to assignment.
D) no rights at all.
Q3) All contract rights are assignable.
A)True
B)False
Q4) Antiassignment clauses in contracts are not enforceable.
A)True
B)False
Q5) The term for an individual outside of a contract but who is envisioned to be benefited by a contract is a third-party beneficiary.
A)True
B)False
19
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Chapter 18: Performance and Remedies
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Q1) Arthur and Brian have entered into a contract with an enforceable liquidated damages provision that states that Ben's recovery will be $10,000 in the event of Arthur's breach.Arthur breaches the contract.Ben loses $50,000 in consequential damages as a result.Ben's recovery is limited to $10,000.
A)True
B)False
Q2) Winston contracts to sell a plot of land called Blackacre to Paris for $500,000.Winston breaches the contract and Paris sues him.Blackacre's reasonable market value at the time of the breach was $525,000.Paris can recover:
A) nothing,for he hasn't really suffered any harm.
B) nothing,because specific performance is his only remedy here.
C) only $25,000.
D) the entire $500,000.
Q3) The relinquishment of rights by a party in a contract is called a(n)_____.
A) waiver
B) recission
C) impossibility
D) reliance interest
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Page 20
Chapter 19: Formation and Terms of Sales Contracts
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Q1) Which of the following is true of price terms in dispute in a contract?
A) A fixed price term is essential for a binding sales contract.
B) Price terms cannot be determined at a future date.
C) No contract is created if price terms are not agreed on.
D) A contract is void if price terms are omitted.
Q2) Article 2 of the UCC mandates that the parties to a sales contract state in specific and unambiguous language the exact terms of the contract.Otherwise,courts will declare the contract unenforceable.
A)True
B)False
Q3) Tony enters into a contract with Joseph to supply his entire output of guava of each season from his orchid at the then current market price.The guava is to be used by Joseph for making jams.However,the contract didn't contain any clause as to when it can be terminated.Tony gave a one year notice period to Joseph prior to termination of the contract.Joseph intentionally didn't do any arrangements for himself to acquire guavas from elsewhere.When Tony expressed his inability to supply Joseph the Guava's after one year,Joseph sued Tony for breach of contract.Whether or not the approach of Joseph is justified?
Q4) What is the UCC approach to the risk of loss of goods during transportation?
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Chapter 20: Product Liability
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Q1) The preemption defense rests on a federal supremacy premise-the notion that federal law overrides state law when the two conflict or when state law stands in the way of the objectives underlying federal law.
A)True
B)False
Q2) A disclaimer of the implied warranty of merchantability can be oral.
A)True
B)False
Q3) A remedy limitation is more likely to be declared unconscionable in consumer cases involving personal injury.
A)True
B)False
Q4) Jones purchased a second hand car from Ralph with an assurance of no problems in the car.Jones will succeed in his claim under express warranty.
A)True
B)False
Q5) Punitive damages are awarded to compensate for the losses a person has suffered. A)True
B)False
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Chapter 21: Performance of Sales Contracts
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Q1) If no agreement is made regarding the place of delivery,then the goods are to be delivered at the seller's place of business.
A)True
B)False
Q2) The UCC defines good faith in commercial transactions as observance of reasonable standards for fair dealing.
A)True
B)False
Q3) Which of the following should a buyer who is a merchant do if the rejected goods are perishable?
A) The buyer must make a reasonable effort to sell the goods.
B) The buyer should store the goods for the seller.
C) The buyer should reship them to the seller.
D) The buyer should immediately make the payment.
Q4) A buyer who is not a merchant rejects nonconforming goods.He:
A) must return the goods to the seller.
B) must sell the goods for the seller.
C) must hold the goods for the seller for a reasonable time.
D) may destroy the goods.
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Chapter 22: Remedies for Breach of Sales Contracts
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Q1) Bart agreed to deliver fruits worth $1,000 to a retail store.Bart and the store owner agree that if delivery is not made on time,Bart will pay the store some amount as liquidated damages,for the lost sales.Which of the following amounts would most likely be considered unconscionable if they settle for it?
A) $200
B) $5,000
C) $5
D) $400
Q2) What is the basic objective of the Code remedies for breach of contract?
A) To help the injured person recover consequential damages arising from the breach of contract.
B) To put in place a mechanism that allows for repeat performance of the contract on modified terms.
C) To help the injured person claim punitive damages arising from the breach of contract.
D) To put the injured person in the same position that he would have been in if the contract had been performed.
Q3) Explain the concept of buyer's right to cover.
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Chapter 23: Personal Property and Bailments
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Q1) Which of the following is a transfer of the right to possess and use personal property belonging to another without gaining any ownership rights?
A) Conversion
B) Bailment
C) Inheritance
D) Lease
Q2) Under the Uniform Transfers Act a minor is an individual under the age of 18.
A)True
B)False
Q3) While eating dinner at a restaurant,Elvis placed his backpack on an empty chair located next to his table.When Elvis left the restaurant,he forgot to pick up the backpack.A few minutes later,Priscilla discovered the backpack and took possession of it.What rights to the backpack do Elvis,Priscilla,and the restaurant have?
Q4) Which of the following is an example of a gift inter vivos?
A) Tom is promised a watch by his uncle in case he dies during an operation.
B) Eva receives a car as a birthday gift from her father.
C) Casey inherits a huge mansion according to his late grandfather's will.
D) A charity home receives a huge grant from its dead benefactor's trust.
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Page 25
Chapter 24: Real Property
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Q1) Which of the following factors is most significant in determining whether an item of personal property has become a fixture?
A) The extent of injury to the property by its removal.
B) The value of the item.
C) Actual physical attachment to real property.
D) The buyer of the item.
Q2) Which of the following is true of zoning ordinances?
A) They are issued only by federal authorities.
B) There are no remedies against them.
C) They stem from the power of eminent domain.
D) They regulate the use of real property.
Q3) The owner of a tract of real property owns the air above and the mineral below.
A)True
B)False
Q4) A restrictive covenant may no longer be valid if the circumstances surrounding the need for the covenant drastically change.
A)True
B)False
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Chapter 25: Landlord and Tenant
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Q1) Which of the following is an accurate statement about limitations on assignment and subleasing in commercial lease agreements?
A) Public policy supports limitations on assignment and subleasing;therefore,such limitations are almost always upheld.
B) Ambiguous contract language limiting assignment of leases is narrowly construed and is usually resolved against the landlord.
C) Provisions requiring a landlord's consent to assignment are almost never upheld by the courts.
D) Total prohibitions against assignment can be enforced,and are favored under the law.
Q2) Which of the following is true of leases in general?
A) Provisions of extensions should be drafted separately.
B) Long-term leases need to be carefully drafted.
C) They are the most important in matters of residential property.
D) There are no laws regulating leases,only local housing codes.
Q3) International law regulates lease terms in the United States.
A)True
B)False
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Chapter 26: Estates and Trusts
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Q1) Joe Smith has just died.Three months ago,when he knew that his death was impending,Joe established a spendthrift trust for the protection of his 16-year old son Bobby.The trust property consists mainly of $500,000 in investment securities.The trustee is Jack Purdy,a CPA.The trust agreement does not discuss the trust's termination.Answer the following questions regarding the trust.Can Jack invest trust assets differently than Joe invested them? For example,can he sell trust securities and buy others? Why or why not? Must Jack hire an investment professional to make trust investments?
Q2) A trust that is established in a person's will and that takes effect only upon that person's death is called a(n):
A) inter vivos trust.
B) spendthrift trust.
C) Totten trust.
D) testamentary trust.
Q3) Which of the following is not an essential element in the formation of a trust?
A) Conveyance of specific property
B) Proper purpose
C) Legal capacity
D) Appointment of trustee
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Chapter 27: Insurance Law
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Q1) Which of the following accurately states the legal effect of the insured's violation of an increase of hazard clause in a property insurance policy?
A) An increase of hazard clause provides that the insurer's liability will be terminated if the insured takes any action materially increasing the insurer's risk.
B) The insurer acquires the right of subrogation.
C) The insurer cannot avoid having to pay the insured for a loss unless the loss resulted from the condition that constituted a violation of the increase of hazard clause.
D) The insured becomes obligated to pay punitive damages to the insurer.
Q2) What is the express term in the insurance policy which serves as the basis for the insurer's liability?
A) Guarantee
B) Warranty
C) Surety
D) Representation
Q3) Professional insurance is also called malpractice insurance.
A)True
B)False
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) What Article of the UCC deals with liens,both carriers and warehousemen?
A) Article 2
B) Article 7
C) Article 3
D) Article 1
Q2) An artisan who makes an improvement on a personal property is given a _____ on it until he is paid.
A) lien
B) warranty
C) guaranty
D) credit
Q3) Under the common law,artisans,innkeepers,and common carriers were not entitled to liens.
A)True
B)False
Q4) Under the Pennsylvania system,the general contractor's failure to perform his contract or his abandonment of the work has a direct effect on the lien rights of subcontractors and materialmen.
A)True
B)False
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Chapter 29: Security Interests in Personal Property
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Q1) Article 2 of the UCC governs secured credit transactions.
A)True
B)False
Q2) Which of the following is true about perfection of fixtures?
A) Automatic perfection does not apply for consumer goods that are yet to become fixtures.
B) A creditor who relies on attachment for perfection will prevail against other creditors who hold an interest in the good to which the consumer good is attached.
C) Fixture filing is always necessary to perfect the security interest in any good.
D) A creditor with a security interest in fixtures obtains perfection merely by attachment of her security interest to the good.
Q3) What section of the UCC governs the prioritization of competing security interest in collateral for secured loans?
A) 2-201
B) 3-343
C) 6-230
D) 9-322
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Chapter 30: Bankruptcy
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Q1) Selena pays back a $2,000 loan from her parents within one year before she files the bankruptcy petition.This is an example of:
A) anticipatory breach.
B) a secured transaction.
C) preferential payment.
D) a failure of consideration.
Q2) As per the provisions relating to reaffirmation agreements,the Court can under special circumstances order the debtor to become party to the reaffirmation agreement.
A)True
B)False
Q3) Which of the following fits within one of the exceptions to the Bankruptcy Act's preference provision?
A) A perfected Article 9 security interest.
B) A transfer to an insider of the debtor.
C) A transfer made in the ordinary course of the debtor's business.
D) A consumer's transfer of less than $2.000 to a creditor who has sold her consumer goods.
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Chapter 31: Negotiable Instruments
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Q1) The rate of interest that courts impose on losing parties until they pay the winning parties is known as a(n):
A) variable rate.
B) order rate.
C) judgment rate.
D) fixed rate.
Q2) When there is a conflict on the amount on a check with the printed and the handwritten terms then the handwritten terms will prevails.
A)True
B)False
Q3) What is term for a clause that authorizes a creditor to go into court if the debtor defaults and to have a judgment entered against a debtor without a trial?
A) Power of Attorney
B) Articles of Incorporation
C) Commerce treaty
D) Confession of Judgment
Q4) Why does negotiability matter? Hint: To what is negotiability a prerequisite? Furthermore,why does this matter? Also,why is it important to society?
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33
Chapter 32: Negotiation and Holder in Due Course
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Q1) In general,the material alteration of a completed negotiable instrument:
A) is a complete defense against a holder in due course.
B) is no defense whatsoever against a holder in due course.
C) means that a holder in due course can enforce the instrument against the maker,but only according to its original tenor.
D) means that a holder in due course can enforce the instrument as modified.
Q2) _____ indorsements indicate that they are effective only if the payee satisfies a certain state.
A) Special
B) Conditional
C) Qualified
D) Blank
Q3) Which of the following is an example of restrictive endorsements recognized under Article 3?
A) "Pay to Bruce Zucker in Trust for Jay Zucker."
B) "Pay to Bruce Zucker Only."
C) "Pay to Jay Zucker on the condition that he completes construction on my house by November 1,2012."
D) "Pay to the order of my account."
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Page 34
Chapter 33: Liability of Parties
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Q1) How can an indorser avoid secondary liability on the instrument? Can an indorser disclaim transfer warranty liability?
Q2) Which of the following is true regarding an indorser's liability on a note?
A) A holder can proceed directly against the indorser without first presenting the note to the maker.
B) A qualified indorsement by the indorser will not disclaim liability against a holder who takes it in good faith and for value.
C) For the indorser to be liable,there must be presentment to the maker,dishonor by the maker,and notice to the indorser.
D) For the indorser to be liable,there need only be presentment to the maker and dishonor by the maker.
Q3) A transfers a negotiable note to B,who in turn transfers it to C.Under what conditions has A made a transfer warranty to C?
The transfer must be for consideration.And if the transferor indorses,he makes the transfer warranties to all subsequent transferees.
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Chapter 34: Checks and Electronic Transfers
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Q1) Jim gave a postdated check dated December 30 to one of his creditors on December 22.However,the check was presented to Jim's bank on December 24,and the bank honored it.As a result,there was not enough money in his account to cover for another check he had written for December 27,and hence,the check bounced.The bank charged Jim a $20 fee for the bounced check.What is the bank's liability regarding this bounced check?
A) The bank has no liability.
B) The bank must compensate Jim for any losses that result from this bounced check. C) The bank is liable,but only for the $20 bank charge related to the bounced check.
D) The bank is liable,but only for the immediate,direct damages that result from the bounced check.
Q2) A bank may,but need not,pay any checks that are more than six months old.
A)True B)False
Q3) A teller's check is a check on which a bank is both the drawer and the drawee.
A)True B)False
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Chapter 35: The Agency Relationship
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Q1) In the United States agency law is primarily governed by what type of law?
A) Federal law
B) State law
C) International law
D) Religious law
Q2) An agent who accepts a bribe to purchase goods for a principal from a seller who is a personal friend breaches his _____ duty by taking the money,since it is the agent's duty to work only for the best interests of the principal.
A) fiduciary
B) statutory
C) indemnity
D) gratuitous
Q3) The agency relationship may be formed even if the parties do not subjectively intend to create it.
A)True
B)False
Q4) A principal is always liable for the acts of his agent.
A)True
B)False
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) Exculpatory clauses that try to relieve a principal of liability for an agent's misrepresentations usually insulate the principal from tort liability and prevent the third party from rescinding the contract.
A)True
B)False
Q2) Ratification is a process whereby a principal binds himself to an unauthorized act done by an agent,or by a person purporting to act as an agent.
A)True
B)False
Q3) An agent who is aware that the principal does not properly exist under the law,but continues to act in their name is personal liable to all third party individuals for transactions that occur.
A)True B)False
Q4) A principal can ratify an agent's unauthorized contract even if the third party withdrew from the contract prior to ratification.
A)True
B)False
Page 38
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Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) A limited partner in a limited partnership has the right to manage the limited partnership business.
A)True
B)False
Q2) Which of the following is true about a sole proprietorship?
A) A sole proprietorship is a legal entity.
B) A sole proprietorship cannot sue or be sued.
C) A sole proprietorship as form of business can be transferred to someone else.
D) A sole proprietorship has a life of its own apart from its owner.
Q3) In a limited partnership,limited partners:
A) play an active role in the management of the firm.
B) do not pay federal income tax on their share of the profits.
C) are passive investors.
D) have unlimited liability for the firm's debts.
Q4) A(n)_____ is a limited partnership whose partners have elected limited liability status for all the partners.
A) corporation
B) LLLP
C) S Corporation
D) LLP
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) Together,express and implied authority constitute _____.
A) fixed authority
B) actual authority
C) apparent authority
D) traditional authority
Q2) Shawnequa is a partner of Cost Hydrohut LLP,an accounting limited liability partnership.One of Shawnequa's partners negligently audits a client,with the result that a bank that relied on the client's audited financial statements suffers damages when the client fails to repay the loan.The bank sues Cost Hydrohut,but its assets are insufficient to pay the entire damages.Will the bank be able to collect the remaining damages from Shawnequa's personal assets?
Q3) Any notice given to a partner is deemed to be a notice given to the partnership firm.
A)True
B)False
Q4) In a partnership,each partner has limited personal liability to partnership creditors.
A)True
B)False
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Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) An individual who leaves a partnership by nonwrongful dissociation is entitled to receive their value of the partnership.
A)True
B)False
Q2) Abraham,who is a partner in Adona's firm,has been declared a terrorist by the court following investigations of a criminal case.His partners at the firm want to expel him from partnership but they are not ready to give his interest in partnership.Is Abraham entitled to his interest in partnership?
Q3) Partners who wind up the business of a dissociated partnership have implied authority to sell all the assets of the partnership.
A)True
B)False
Q4) A partner has the power to dissociate a partnership at will at any time. A)True B)False
Q5) Only the dissociations listed in the RUPA are allowed. A)True
B)False
Q6) Discuss a partner's authority to borrow money during winding up.
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Chapter 40: Limited Liability Companies, Limited
Partnerships, and Limited Liability Limited Partnerships
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Q1) Amanda and Sally are close friends who form a limited partnership to open a salon.They refuse to put a buyout clause for withdrawing partners in the limited partnership agreement,assuming that their friendship and business will last forever.Amanda,as a general partner,contributes $100,000 and Sally,as a limited partner,contributes $125,000.Two years later,Sally accuses Amanda of falsifying the data and withdraws from the limited partnership.How much will Sally receive from the limited partnership?
A) $125,000
B) $10,000
C) $100,000
D) $0
Q2) Samantha is the general partner and Jack and Jared are the limited partners of Profiler Limited Partnership.Samantha has contributed capital of $30,000 to the partnership,Jack has contributed $150,000,and Jared has contributed $120,000.They have not agreed on how to share profits or losses.Profiler incurs a loss of $90,000 in its first year.What is Jack's share of the loss? If Jack has a total income of $225,000 from other sources and an income of $15,000 from other passive investments,how much of the loss may he deduct on his federal income tax return?
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Chapter 41: History and Nature of Corporations
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Q1) Government-owned corporations are created primarily to allow their owners to have limited liability.
A)True
B)False
Q2) Anderson incorporated his new company,Pearl Inc. ,in the business of manufacturing rubber.After some years,he opened his own subsidiary rubber manufacturing company.The new subsidiary company is a success.Meanwhile,the workers of Pearl Inc. ,claimed that payment of bonus is due and they are demanding the same from the subsidiary company.In this case,are both Pearl Inc. ,and its subsidiary liable?
A) Yes,they are liable because it is provided under corporation law.
B) Yes,they are liable because both are the same entity in the eyes of the law.
C) No,they are not liable because it is not a subsidiary of Pearl Inc.
D) No,they are not liable because a subsidiary is not liable for parent's debts as provided under the law.
Q3) Nearly all for-profit corporations are incorporated under what laws?
A) Government owned incorporation law
B) General incorporation law
C) State LLC law
D) State Non Profit law
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) A clause in a contract that states that a promoter of a contract will cease to be liable under the contract once a corporation has adopted it,is called:
A) An automatic novation clause
B) An automatic agency clause
C) An incorporation clause
D) A bylaws clause
Q2) The basic governing document of the corporation is the:
A) articles of incorporation.
B) bylaws.
C) shareholder agreement.
D) organizational operating agreement.
Q3) Andrew decides to incorporate his sole proprietorship under the name Sampras Entertainment Corporation.He tells his lawyer to file articles of incorporation,and the lawyer says that the filing will be done on July 1.On June 25,Andrew makes a contract with Wimbledon Corporation.Andrew signs the contract in the name of Sampras Entertainment Corporation only.On July 1,the secretary of state files the articles.Under the MBCA,is Andrew liable on the contract with Wimbledon?
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Chapter 43: Management of Corporations
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Q1) The most perplexing issue with regard to the authority of officers is whether an officer has _____ authority merely by virtue of the title of his office.
A) express
B) implied
C) apparent
D) inherent
Q2) What was the original purpose of staggered terms?
A) To permit continuity of management.
B) To help insurgent shareholders transform the management of the corporation.
C) To help minority shareholders exercise cumulative voting power.
D) To make it easier for the corporation to remove existing directors.
Q3) Directors' meetings:
A) require a majority number of directors to attend,called a quorum.
B) are always called after reasonable notice to the directors.
C) are always required in order for the board to take action.
D) permit directors to cast up to three votes each.
Q4) Officers of a corporation,like a vice president,are also agents of the corporation.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) What are the various ways through which a corporation can be dissolved?
Q2) According to the Model Nonprofit Corporation Act (MNCA),which of the following nonprofit corporations can abolish or limit the right of a member to inspect corporate records?
A) A tennis club
B) A church
C) A golf country club
D) A cooperative grocery store
Q3) Only those shareholders who sign a shareholder voting agreement are bound by it.
A)True
B)False
Q4) Unless established differently in the Articles of Incorporation,a quorum for a shareholders meeting is a simple majority.
A)True
B)False
Q5) Minutes of the meetings are usually kept by the board of directors.
A)True
B)False
Q6) Under what circumstances can a shareholder have liability for corporate debts?
Q7) Atria Corporation wishes to dissolve.How can it do so?
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Chapter 45: Securities Regulation
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Q1) An offering circular is a disclosure document required under Regulation A of the SEC for a(n)_____ offering exemption from the registration provisions of the 1933 Act.
A) intrastate
B) interstate
C) private
D) small
Q2) Which of the following could be considered as an "insider" under the 1934 Securities and Exchange Act?
A) Directors of the corporation
B) Any employee entrusted with information that is being held secret to the public
C) The Secretary of State
D) Both A & B
Q3) The state of Delaware has adopted business combination moratorium statutes to deter tender offers from being made.
A)True
B)False
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) Under the Restatement (Second)of Torts,which of the following nonclients may sue an accountant for professional negligence?
A) A securities investor whose use of the financial statements prepared by the accountant to purchase common shares was foreseeable by the accountant.
B) A bank that was not known to the accountant and whose use of the financial statements was not foreseen,but whose use of the financial statements was foreseeable.
C) A bank that was known to the accountant but used the financial statements prepared by the accountant for a purpose that was not foreseen.
D) A creditor who was not known to the accountant but who used the financial statements for the same purpose as the bank whose use of the statements was known to the accountant.
Q2) If a state offers a granted privilege,like accountant-client privilege then the federal courts in that jurisdiction will also allow that privilege.
A)True B)False
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Chapter 47: Administrative Law
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Q1) Congress enacted the Freedom of Information Act (FOIA)to enable private citizens to obtain access to documents in the government's possession.
A)True
B)False
Q2) Administrative agencies are what kind of bodies?
A) Commercial
B) Government
C) International
D) Corporate
Q3) Under the Freedom of Information Act (FOIA),administrative agencies must normally respond to public requests for documents within _____ after such a request has been received.
A) 30 days
B) 20 days
C) 10 days
D) 40 days
Q4) Administration action is subject to basic constitutional tests.
A)True
B)False
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Chapter 48: The Federal Trade Commission Act and Consumer Protection Laws
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Q1) The usual penalty resulting from a final decision against the respondent is a:
A) fine of $20,000.
B) cease-and-desist order.
C) fine of $10,000.
D) consent order.
Q2) The Consumer Financial Protection Bureau (CFPB)has authority to take regulatory action to prohibit hidden fees charged by a financial institution.
A)True
B)False
Q3) The main federal body concerned with the safety of consumer products is the Consumer Product Safety Commission (CPSC).
A)True
B)False
Q4) The do-not-call registry is unconstitutional because it discriminates and does not apply to charitable and political callers.
A)True
B)False
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Chapter 49: Antitrust: the Sherman Act
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Q1) Tying agreements may be challenged under both:
A) Section 1 of the Robinson-Patman Act and Section 3 of the Sherman Act.
B) Section 1 of the Sherman Act and Section 3 of the Clayton Act.
C) Section 1 of the Robinson-Patman Act and Section 3 of the Clayton Act.
D) Section 1 of the Clayton Act and Section 3 of the Sherman Act.
Q2) Resale price maintenance is also known as:
A) horizontal price-fixing.
B) vertical divisions of market.
C) horizontal divisions of market.
D) vertical price-fixing.
Q3) Some courts have recognized that tying agreements sometimes may be necessary to protect the reputation of the seller's product line.
A)True B)False
Q4) Supreme Court decisions in recent years indicate that some group boycotts receive per se treatment,whereas other group boycotts receive rule of reason treatment. A)True B)False
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Chapter 50: The Clayton Act, the Robinson-Patman Act, and Antitrust Exemptions and Immunities
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Q1) Huge,Inc.owns an East coast grocery chain.It has recently acquired a West coast grocery chain.This is an example of a:
A) product extension merger.
B) horizontal merger.
C) market extension merger.
D) vertical merger.
Q2) Ordinarily,higher degree of proof of likely competitive injury is required in cases involving secondary level price discrimination.
A)True
B)False
Q3) Which of the following is an accurate statement about vertical mergers?
A) Vertical mergers take place between formerly competing firms.
B) Vertical mergers do not directly result in an increase in concentration.
C) Vertical mergers constitute a per se violation of Clayton Act Section 7.
D) Vertical mergers have minimal effects on economic efficiencies.
Q4) The McCarran-Ferguson Act does not exempt all actions by insurance companies from antitrust liability.
A)True
B)False
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Chapter 51: Employment Law
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Q1) The amount recoverable by an injured employee under each category of damages from a workers' compensation system is frequently more than or at least equivalent to what would be obtained in a successful negligence suit.
A)True
B)False
Q2) Which of the following statements about the Equal Pay Act (EPA)is accurate?
A) An employee may recover liquidated damages under the EPA.
B) The EPA requires that private plaintiffs submit their complaints to the EEOC.
C) Employee suits under the EPA are for unpaid wages or overtime.
D) The EPA is enforced by the Labor Department.
Q3) If an employer terminated an employee to prevent having to pay benefits on a case then the employee may have an action for breach of the implied covenant of good faith and fair dealing.
A)True
B)False
Q4) Under the public policy exception to employment at will,most courts limit "public policy" to the policies advanced by existing law.
A)True
B)False
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Chapter 52: Environmental Regulation
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Q1) Which of the following statements about the problem of acid rain is accurate?
A) The 1990 amendments to the Clean Air Act addressed the problem of acid rain by requiring the installation of scrubbers.
B) The 1970 Clean Air Act addressed the problem of acid rain by providing for an emission trading scheme.
C) The 1990 amendments to the Clean Air Act addressed the problem of acid rain by instructing electric generating facilities to build tall smokestacks.
D) The 1970 Clean Air Act addressed the problem of acid rain by requiring the installation of clean-coal technologies.
Q2) Which of the following is true of the emission trading scheme provided by the 1990 amendments to the Clean Air Act?
A) Allowances can be traded between companies,but cannot be sold.
B) It requires companies to file an environmental impact statement.
C) It applies only to those companies engaged in interstate commerce.
D) Allowances can be sold to government,but not among private firms.
Q3) The federal government has a comprehensive program to fight climate change.
A)True
B)False
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