Commercial Law
Exam Bank
Course Introduction
Commercial Law examines the legal principles and regulations that govern business and commercial transactions, focusing on areas such as contract law, the sale of goods, agency, partnership, and corporate structures. This course explores the rights, duties, and liabilities of parties engaged in commercial activities, providing students with a comprehensive understanding of the legal framework necessary for conducting business effectively. Through case studies and real-world examples, students will gain practical insights into legal problem-solving, compliance, and the role of commercial law in facilitating and regulating trade and commerce domestically and internationally.
Recommended Textbook
Business law 9th Edition by Henry Cheeseman
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54 Chapters
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Page 2
Chapter 1: Legal Environment of Business and Online Commerce
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Sample Questions
Q1) What is considered as the supreme law of the land in the United States?
A)judicial decisions issued by the state courts
B)the Constitution of the United States of America
C)the federal statutes passed by the United States Congress
D)executive orders passed by the president
Answer: B
Q2) Federal statutes are organized by topic into code books.
A)True
B)False
Answer: True
Q3) Sociological philosophers are unlikely to adhere to past law as precedent.
A)True
B)False
Answer: True
Q4) Executive orders are issued only by the executive branch of the federal government.
A)True
B)False
Answer: True
Page 3
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Chapter 2: Courts and Jurisdiction
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Q1) Describe the need for forum-selection and choice-of-law clauses.
Answer: One issue that often comes up when parties from different states or countries have a legal dispute is which jurisdiction's court will be used.Also,sometimes there is a dispute as to which jurisdiction's laws apply to a case.When the parties have not agreed in advance,courts must make the decision about which court has jurisdiction and what law applies.This situation causes ambiguity,and resolving it will cost the parties time and money.Therefore,parties sometimes agree in their contract as to what state's courts,what federal court,or what country's court will have jurisdiction to hear a legal dispute should one arise.Such clauses in contracts are called forum-selection clauses or choice-of-forum clauses.Of course,the selected court must have jurisdiction to hear the case.
In addition to agreeing to a forum,the parties also often agree in contracts as to what state's law or country's law will apply in resolving a dispute.These clauses are called choice-of-law clauses.The selected law may be of a jurisdiction that does not have jurisdiction to hear the case.
Q2) The first 12 circuits of the federal court system are geographical.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Judicial, alternative, and Online Dispute Resolution
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Sample Questions
Q1) What is direct examination?
A)inspection and verification of all documents related to a trial by the judge
B)inspection and verification of all documents related to a trial by the jurors
C)witnesses being questioned by the plaintiff's attorney
D)prospective jurors being questioned by the judge or lawyers of each party
Answer: C
Q2) ________ refers to the document a plaintiff files with the court that serves on the defendant to initiate a lawsuit.
A)Complaint
B)Order
C)Appeal
D)Rejoinder
Answer: A
Q3) Motions for summary judgment are supported by evidence outside of the pleadings.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Constitutional Law for Business and E-Commerce
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Q1) The ________ Clause prevents the government from enacting laws that either prohibit or inhibit individuals from participating in or practicing their chosen religions.
A)Due Process
B)Privileges
C)Establishment
D)Free Exercise
Q2) Distinguish between limited protected speech and unprotected speech as categorized by the U.S.Supreme Court.
Q3) The ________ requires that the government give a person proper notice and hearing of legal action before that person is deprived of his or her life,liberty,or property.
A)procedural due process
B)substantive due process
C)Supremacy Clause
D)Equal Protection Clause
Q4) State governments do not have the power to regulate commerce with foreign nations.
A)True
B)False
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Chapter 5: Intentional Torts and Negligence
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Q1) Which of the following actions would make Sarah liable for battery?
A)She publishes an article asking the current U.S. President to quit because she thinks he is not doing a good job.
B)She extends her backyard fence, encroaching on two feet of her neighbor's land.
C)She smuggles marijuana into the country.
D)She slaps her ex-husband because he denied her alimony.
Q2) If a woman is informed of her husband being run over by a bus the previous night,she can recover damages for negligent infliction of emotional distress.
A)True
B)False
Q3) Punitive damages are awarded only when there is no gross negligence.
A)True
B)False
Q4) The violation of a statute that proximately causes an injury is termed as negligence per se.
A)True
B)False
Q5) How is assault different from battery?
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Chapter 6: Product and Strict Liability
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Q1) John was driving his friend,Mary,back to her home in his new car.On the way to Mary's home,the car's brakes malfunctioned and they got into an accident.Which of the following is true in this situation?
A)Mary can recover from a strict liability lawsuit against the manufacturer of John's car.
B)Mary can file a strict liability lawsuit against John.
C)Mary can file a negligence lawsuit against the dealership that sold John his car.
D)John can file a negligence lawsuit against the dealership from which he bought the car.
Q2) Manufacturers and others in the chain of distribution are not strictly liable for failure to provide adequate instructions on assembly and use of a product.
A)True
B)False
Q3) Under the doctrine of strict liability,bystanders who are injured by a defective product are entitled to the same protection as the consumers or users.
A)True
B)False
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Chapter 7: Intellectual Property and Cyber Piracy
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Q1) According to the Economic Espionage Act,________.
A)persons who have reverse engineered a trade secret can use that trade secret, and the related trademark
B)the rights to a trade secret will have to be renewed after a specified period of time
C)trade secrets can be shared for a limited amount of time
D)it is a federal crime to steal another's trade secret
Q2) A closely guarded formula for a recipe protected by a soft drink manufacturer would be considered as an example of a ________.
A)copyright
B)patent
C)trademark
D)trade secret
Q3) "Just Do It" is a famous tagline used by the Nike Corporation.Which of the following types of intellectual property would this tagline come under?
A)patent
B)trade secret
C)trademark
D)copyright
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9
Chapter 8: Criminal Law and Cyber Crime
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Q1) ________ are the most serious of crimes and are considered inherently evil.
A)Infractions
B)Misdemeanors
C)Felonies
D)Summary offences
Q2) Criminal fraud is the crime of obtaining title to property through deception or trickery.
A)True
B)False
Q3) A jury that cannot come to a unanimous decision about the defendant's guilt is called a(n)________.
A)open jury
B)grand jury
C)hung jury
D)struck jury
Q4) When is the felony murder rule applied?
A)when the murder was committed without intent while committing another crime
B)when the crime involves the intended murder of another person
C)when the felon in the case was killed while the crime transpired
D)when the reason for the death is found to be involuntary manslaughter
Page 10
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Chapter 9: Nature of Traditional and E-Contracts
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Q1) There is no right to a jury trial in an equitable action.
A)True
B)False
Q2) Which of the following is an acceptable consideration for a contract?
A)arrest
B)penalty
C)money
D)sentence
Q3) Compare valid,void,voidable,and unenforceable contracts.
Q4) Yvonne finds a carpenter to do some repairs for her house and tells him that if he finishes the job within Saturday,she would pay him $1,000.This offer creates a(n)________ contract.
A)executed
B)executory
C)unilateral
D)bilateral
Q5) An offer to create a unilateral contract cannot be accepted by a promise to perform. A)True
B)False
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Chapter 10: Agreement
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Q1) A rejection of an offer is not effective until it is actually received by the offeror.
A)True
B)False
Q2) An offeror can revoke his or her offer even after an agreement or acceptance has been reached.
A)True
B)False
Q3) ________ is a stipulation in an offer that says the acceptance must be by a specified means of communication.
A)An option contract
B)The mirror image rule
C)Implied authorization
D)Express authorization
Q4) In an auction with reserve,the seller retains the right to refuse the highest bidder.
A)True
B)False
Q5) Explain the importance of "time of acceptance" of contracts.
Q6) How can an offeror revoke an offer?
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Chapter 11: Consideration and Promissory Estoppel
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Q1) A completed gift promise cannot be rescinded for lack of consideration.
A)True
B)False
Q2) A(n)________ is a contract in which a buyer agrees to purchase all of its requirements for an item from one seller.
A)option contract
B)requirements contract
C)best-efforts contract
D)output contract
Q3) Promissory estoppels can be invoked for cases that include consideration.
A)True
B)False
Q4) Under which of the following conditions is a contract said to have legal value?
A)the promisor receives a legal benefit
B)the promisor suffers a legal detriment
C)both promisor and promisee receives a legal benefit
D)both promisor and promisee suffers a legal detriment
Q5) Illusory promises require both parties to perform their contractual obligations.
A)True
B)False
13
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Chapter 12: Capacity and Legality
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Q1) A minor can disaffirm a contract anytime after reaching the age of majority.
A)True
B)False
Q2) An unconscionable contract can be enforced if the unconscionable clause is removed from it.
A)True
B)False
Q3) Which of the following groups is legally deprived from directly entering into contracts?
A)minors
B)persons adjudged insane
C)persons with alternating states of sanity and insanity
D)intoxicated persons
Q4) A(n)________ is a contractual provision that relieves one or both of the parties to a contract from tort liability.
A)contract of adhesion
B)exculpatory clause
C)duty of restitution
D)fundamental breach
Q5) What is the minor's duty of restoration in a disaffirmed contract?
Page 14
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Chapter 13: Genuineness of Assent and Undue Influence
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Q1) The measure of damages from a misrepresentation is ________.
A)the actual value of the property
B)the represented value of the property
C)the difference between the value of the property as represented and the actual value of the property
D)twice the actual value of the property which includes punitive damages
Q2) In most cases of a unilateral mistake,the mistaken party is permitted to rescind the contract.
A)True
B)False
Q3) A unilateral mistake occurs if both parties know the object of the contract but are mistaken as to its value.
A)True
B)False
Q4) In which of the following cases of assent is the rescission of a contract unenforceable?
A)mutual mistake of value
B)misrepresentation of a material fact
C)silence as misrepresentation
D)innocent misrepresentation
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Chapter 14: Statute of Frauds and Equitable Exceptions
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Sample Questions
Q1) Which of the following statements is true of a guaranty contract?
A)The guaranty contract is between the guarantor and the debtor.
B)A guaranty contract need not be in writing.
C)The guarantor's liability is secondary.
D)The original contract is between the creditor and the guarantor.
Q2) The ________ states that an executory contract which cannot be performed by its own terms within one year of its formation must be in writing.
A)parol evidence rule
B)common law of contracts
C)merger clause
D)one-year rule
Q3) Which of the following is an example of a specific term qualifying general term?
A)Currency referred to as bank transfer
B)Pounds referred to as length
C)Bills referred to as papers
D)Dollars referred to as Australian dollars
Q4) Built-in cabinets in a house would be considered as permanent parts of the real property.
A)True
B)False
Page 16
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Chapter 15: Third-Party Rights and Discharge
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Q1) Which of the following is true in the event an assignee does not provide a notice of assignment to the obligor?
A)The assignee's only course of action is to sue the obligee for damages.
B)The assignee cannot sue the assignor for damages.
C)The obligor's only recourse is to sue the assignee for damages.
D)The assignee cannot sue the obligor to recover payment.
Q2) Which of the following is used to resolve a case where the obligee fraudulently makes successive assignments of the same right to a number of assignees?
A)the English rule
B)an approval clause
C)an anti-assignment clause
D)a novation agreement
Q3) An incidental beneficiary has no rights to enforce or sue under other people's contracts.
A)True
B)False
Q4) Unilateral rescission of a contract constitutes a breach of that contract.
A)True
B)False
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Chapter 16: Remedies for Breach of Traditional and E-Contracts
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Q1) Which of the following is true of specific performance?
A)Specific performance of personal service contracts is not granted.
B)Specific performance is not awarded if the subject matter of the contract is unique.
C)Specific performance exempts works of art, antiques, and heirlooms as subject matter.
D)Specific performance is not available to enforce land contracts.
Q2) Which of the following is used in case of a breach of contract that cannot be adequately compensated through a legal remedy?
A)mitigation of damages
B)liquidation of damages
C)equitable remedies
D)tort remedies
Q3) ________ damages are awarded when the nonbreaching party sues the breaching party even though no financial loss has resulted from the breach.
A)Consequential
B)Compensatory
C)Nominal
D)Liquidated
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Chapter 17: Digital Law and E-Commerce
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Q1) Who among the following can access Henry's stored electronic communications without violating the ECPA?
A)Henry's colleague at work, who is working on the same project as Henry and needs the information
B)Henry's wife, who suspects him of cheating on her
C)Henry's boss, who suspects him of leaking confidential information
D)Henry's personal financial advisor, who wants to see if he has sufficient funds to make an investment
Q2) The term ISP refers to users who disguise computer viruses as executable programs and send them across the Internet.
A)True
B)False
Q3) A database maintained by the InterNIC contains all the domain names that have been registered.
A)True
B)False
Q4) If Jim purchases an online license for a computer game,he becomes an e-licensor.
A)True
B)False
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Chapter 18: Formation of Sales and Lease Contracts
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Q1) Which of the following is true for goods under the purview of Article 2 of the Uniform Commercial Code?
A)Goods can be replaced by money.
B)Intangible goods must be exchanged for other intangible goods.
C)Goods in the contract must be movable.
D)Immovable goods like real estate must have provisions of service attached to their contracts.
Q2) What are the methods and manners of acceptance as defined by the Uniform Commercial Code (UCC)?
Q3) Article 2 of the UCC defines a merchant as a person who deals in the goods of the kind involved in the transaction.
A)True
B)False
Q4) If the parties to a sales contract do not agree to the time,place,and manner of delivery of the goods,the place for delivery is the seller's place of business.
A)True
B)False
Q5) How does the Uniform Commercial Code (UCC)define a merchant?
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Chapter 19: Title to Goods and Risk of Loss
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Q1) In an F.O.B.place of destination,the buyer has to bear the expense and risk of loss until the goods are tendered at the place of destination.
A)True
B)False
Q2) Explain in detail the risk of loss in lease contracts.
Q3) In a destination contract,when is the title to the goods considered to have passed to the buyer?
A)when the buyer specifies a specific destination in the sales contract
B)when the seller tenders delivery of the goods at the specified destination
C)when the seller makes the shipping arrangements
D)when the seller hands over the goods to the common carrier
Q4) The term "Ex-ship" requires the seller to bear the expense and risk of loss until the goods are unloaded from the ship at its port of destination.
A)True
B)False
Q5) What is the passage of title to goods?
Q6) The delivery term "no-arrival,no-sale" can be added to a shipment contract.
A)True
B)False
Page 21
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Chapter 20: Remedies for Breach of Sales and Lease Contracts
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Questions
Q1) Damages that will be paid on a breach of contract that are established in advance are known as ________.
A)contemptuous damages
B)aggravated damages
C)installment damages
D)liquidated damages
Q2) When does a buyer have the right to cancel a sales or lease contract?
Q3) Acceptance of a part of any commercial unit is acceptance of the entire unit.
A)True
B)False
Q4) Liquidated damages can be claimed in addition to actual damages.
A)True
B)False
Q5) The UCC alters the perfect tender rule with regard to installment contracts.
A)True
B)False
Q6) The right to withhold delivery is available to the seller if the buyer or lessee wrongfully rejects or revokes acceptance of the goods.
A)True
B)False Page 22
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Page 23
Chapter 21: Warranties
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Q1) Damages that are generally equal to the difference between the value of the goods as warranted and the actual value of the goods accepted at the time and place of acceptance are known as ________.
A)punitive damages
B)incidental damages
C)compensatory damages
D)future damages
Q2) Which of the following is true of how an implied warranty of merchantability is created?
A)It is made by the buyer or lessee.
B)It is implied by law if the seller or lessor is a nonmerchant.
C)It is implied by law if the seller or lessor is a merchant.
D)It has to be explicitly expressed in a contract.
Q3) Under the Magnuson-Moss Warranty Act,aggrieved consumers must assert their warranty breach claims through the informal dispute-resolution procedure before taking legal action.
A)True
B)False
Q4) Explain the different types of warranty disclaimers.
Q5) Explain the implied warranty of fitness for a particular purpose.
Page 24
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Chapter 22: Creation of Negotiable Instruments
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Q1) A(n)________ is type of instrument that is payable to anyone in physical possession of the instrument and presents it for payment when it is due.
A)certificate of deposit
B)order instrument
C)bearer instrument
D)check
Q2) Mike deposited $100,000 in a bank and procured a certificate of deposit on it,payable to himself,for repayment in five years with a five percent interest rate.A year after that,Mike borrowed $25,000 from Jill,and gave her a promissory note to repay it in one year.As collateral,Mike gave Jill the certificate of deposit and asked to put in a prepayment clause,to which Jill agreed.They agreed that Mike could repay in monthly payments,as mentioned in the note. If Mike defaults on the payment even after one year,which of the following is true of the foreclosure options Jill has with the certificate of deposit Mike gave her?
A)The bank has to pay her only after the five-year period mentioned in the CD.
B)The bank does not have to pay her for the CD.
C)The bank has to pay her the difference of $75,000.
D)The bank has to pay her $25,000 with one year interest of 5 percent on demand.
Q3) List and briefly explain the functions of a negotiable instrument.
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Page 25
Chapter 23: Holder in Due Course and Transferability
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Q1) Under the Uniform Commercial Code's ________ requirement,a person cannot qualify as a holder in due course (HDC)if he or she has noticed that the instrument is overdue.
A)no evidence of forgery, alteration, or irregularity
B)taking in good faith
C)taking without notice of defect
D)taking for value
Q2) Where the name of the payee is misspelled,the indorsement becomes invalid.
A)True
B)False
Q3) A restrictive indorsement can also be a bearer instrument.
A)True
B)False
Q4) A holder in due course is subject to all the claims and defenses that can be asserted against the transferor.
A)True
B)False
Q5) Nonrestrictive indorsements contain instructions from the indorser.
A)True
B)False
26
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Chapter 24: Liability, defenses, and Discharge
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Q1) Lolek,who owes Stanislaw money,indorses a draft to him with the term "without recourse." The instrument later is dishonored.Which of the following types of indorsers is Lolek?
A)a holder
B)an agent
C)an unqualified indorser
D)a qualified indorser
Q2) Rhodes,a college student,wants to purchase a motorcycle on credit from Landier Motors.He does not have sufficient income or the credit history to justify the extension of credit to him alone.Rhodes asks his father to cosign a note to Landier Motors,which he does.What kind of liability does Rhodes's father come under?
A)secondary liability
B)primary liability
C)fringe liability
D)warranty liability
Q3) Discharge of an instrument by payment can be raised against enforcement of a negotiable instrument by an ordinary holder.
A)True
B)False
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Page 27
Chapter 25: Banking System and Electronic Financial Transactions
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Q1) A(n)________ is an order by the drawer to the drawee bank to pay a specified sum of money from the drawer's checking account to the named payee (or holder).
A)ordinary check
B)promissory note
C)bill of exchange
D)credit memo
Q2) Under UCC guidelines,to require a bank to abide by a postdated check,the drawer must give separate written notice to the bank,describing the check with reasonable certainty and notifying the bank not to pay the check until the date on the check.
A)True
B)False
Q3) Which of the following is one of the principal wire payment systems in use in the United States?
A)the Electronic Payments Network
B)the Large Value Transfer System
C)the Clearing House Interbank Payments System (CHIPS)
D)the New York Currency Exchange
Q4) Describe the principal-agent relationship with respect to checks.
Page 28
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Chapter 26: Credit, mortgages, and Debtors Rights
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Q1) Payment can be obtained from a guarantor even if the principal debtor has not defaulted.
A)True
B)False
Q2) A writ of ________ is a postjudgment court order that permits the seizure of a debtor's property that is in the debtor's possession.
A)execution
B)garnishment
C)exigent
D)attachment
Q3) A ________ requires a mortgage or deed of trust to be recorded in the county recorder's office of the county in which the real property is located.
A)recording statute
B)real property statute
C)mortgage statute
D)compilation statute
Q4) The garnishor is the party that is in possession of the debtor's property.
A)True
B)False
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Chapter 27: Secured Transactions
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Q1) Which of the following transactions occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods?
A)two-party secured
B)three-party secured
C)perfected
D)attached
Q2) Which of the following is true of financing statements?
A)They cannot be electronically filed.
B)They are effective for one year from the date of filing.
C)They cannot be extended once they expire.
D)They are available for review by the public.
Q3) What is a deficiency judgment? Explain,and provide some examples.
Q4) John buys a new car with the help of a loan.He permits the creditor to take possession of the car if he cannot repay the loan in time.Here,the car is the ________.
A)after-acquired property
B)collateral
C)intangible personal property
D)floating lien
Q5) Explain the priority of claims for secured and unsecured transactions.
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Chapter 28: Bankruptcy and Reorganization
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Q1) Which of the following bankruptcy methods allows the reorganization of the debtor's financial affairs?
A)Chapter 11
B)Chapter 13
C)Chapter 7
D)Chapter 12
Q2) The bankruptcy courts are part of the federal court system.
A)True
B)False
Q3) A means test is used to determine whether ________.
A)the debtor's median family income is less than the state's median family income
B)the debtor's median family income is more than the state's median family income
C)the debtor has the capability to pay prepetition debts out of postpetition income
D)the debtor would qualify to file for bankruptcy under Chapter 13
Q4) Describe the procedure for filing a bankruptcy petition.
Q5) How does a court order to discharge debts benefit the debtor? Under what circumstances do courts grant a discharge?
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Chapter 29: Agency Formation and Termination
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Q1) An agency by ratification occurs when a principal ratifies an authorized act.
A)True
B)False
Q2) A special power of attorney empowers the agent to act in any matters on the principal's behalf without limitation.
A)True
B)False
Q3) The termination of an agency contract in violation of the terms of the agency contract is referred to as ________.
A)termination by an unusual change in circumstances
B)termination by impossibility of performance
C)terminated by operation of law
D)wrongful termination
Q4) Which of the following is true of an employer-employee relationship?
A)An employee has implied power of attorney towards the principal.
B)An employee has authority to act on behalf of the principal.
C)An employee can enter into contracts on behalf of the employer.
D)An employee is hired to perform a physical task or service.
Q5) What is an agent's duty to account?
Q6) How can a principal extinguish an agent's apparent authority?
Page 32
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Chapter 30: Liability of Principals, agents, and Independent Contractors
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Q1) Which of the following statements is true of an agent taking an opportunity?
A)An agent can legally take an opportunity that is entitled to the principal.
B)A third-party offer to an agent need not be conveyed to the principal.
C)An agent cannot appropriate an offer for himself or herself once the principal rejects it.
D)A principal is permitted to recover a usurped opportunity from an agent.
Q2) An agent does not violate his or her duty of loyalty by serving two parties with the same interest.
A)True
B)False
Q3) If an independent contractor enters into a contract with a third party on behalf of the principal without express or implied authority from the principal to do so,who among the following is liable on the contract?
A)the principal
B)the independent contractor
C)the third party
D)both the principal and independent contractor
Q4) Briefly explain the liability for an independent contractor's torts.
Q5) Describe the operation of a fully disclosed agency.
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Chapter 31: Employment, worker Protection, and Immigration Law
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Q1) Only governmental bodies,and not private employers,come under the purview of the Fair Labor Standards Act.
A)True
B)False
Q2) According to the Fair Labor Standards Act,children under the age of 14 are forbidden from working,including as newspaper deliverers.
A)True
B)False
Q3) The ________ is an OSHA standard that requires an employer to provide a work environment free from recognized hazards that are causing or are likely to cause death or serious physical harm to employees.
A)general duty standard
B)specific duty standard
C)code of wellness
D)provision of nonhazardous work environment
Q4) States are allowed to enact minimum wage laws that set minimum wages higher than the federal level.
A)True
B)False
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Chapter 32: Labor Law
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Q1) A group of employees that a union is seeking to represent is known as a bargaining unit.
A)True
B)False
Q2) The act of negotiating contract terms between an employer and the members of a union is known as ________.
A)mediation
B)arbitration
C)collective bargaining
D)enterprise bargaining
Q3) The Taft-Hartley Act gives the president of the United States the right to seek an injunction against a strike that would create a national emergency.
A)True
B)False
Q4) The Labor Management Reporting and Disclosure Act,enacted in 1950,gives employers the right to engage in free-speech efforts against unions prior to a union election.
A)True
B)False
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Chapter 33: Equal Opportunity in Employment
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Q1) The ________ protects both sexes from pay discrimination based on sex.
A)Lilly Ledbetter Fair Pay Act
B)Fair Employment Practices Act
C)Title VII of Civil Rights Act
D)Equal Pay Act
Q2) Which of the following is true of the right to sue letter issued by the Equal Employment Opportunity Commission (EEOC)?
A)It is issued when the Equal Employment Opportunity Commission (EEOC)chooses to bring suit.
B)It is issued when the Equal Employment Opportunity Commission (EEOC)does not find a violation.
C)It is issued when the complainant is found guilty.
D)It is issued only when the discrimination is racial in nature.
Q3) Native American tribes and tax-exempt private clubs are expressly excluded from Title VII of the Civil Rights Act of 1964.
A)True
B)False
Q4) Explain the scope and provisions of Title VII of the Civil Rights Act.
Q5) Distinguish between disparate-treatment and disparate-impact discrimination.
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Chapter 34: Small Business, entrepreneurship, and General Partnerships
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Q1) The ________ requires general partners to adhere to the provisions of the partnership agreement and the decisions of the partnership.
A)duty to inform
B)duty of loyalty
C)duty of care
D)duty of obedience
Q2) Orlando opened a hot dog stand in Brooklyn which unfortunately did not earn him a profit.He had borrowed $5,000 from the bank to set it up,which had to be repaid to the bank in two days.However,Orlando's friend Bob agreed to partner with him starting the subsequent month.From which of the following sources can the bank recover its $5,000 with interest?
A)Orlando's secondary financer
B)Orlando's savings account
C)Orlando's family
D)Bob, Orlando's prospective business partner
Q3) In a sole proprietorship,the business is considered a separate legal entity from the owner.
A)True
B)False
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Chapter 35: Limited Partnerships and Special Partnerships
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Q1) A limited partnership cannot have general partners.
A)True
B)False
Q2) In most states,the formation,operation,and termination of limited partnerships are regulated by the ________.
A)RULPA
B)ADA
C)ADEA
D)EEOC
Q3) Partners who erroneously,but in good faith,believe they have become limited partners can escape liability as general partners by ________.
A)adding their surname to the name of the business establishment
B)filing for a refund of his or her initial investment with interest
C)bringing a lawsuit against all general and limited partners
D)withdrawing from any future equity participation in the enterprise
Q4) Master limited partnerships are traded publicly.
A)True
B)False
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Chapter 36: Corporate Formation and Financing
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Q1) Involuntary dissolution of a corporation that is ordered by the secretary of state if a corporation has failed to comply with certain procedures required by law is known as
A)judicial dissolution
B)administrative dissolution
C)cumulative dissolution
D)liquidation
Q2) Shareholders are liable for the debt and obligations of a corporation.
A)True
B)False
Q3) A C corporation pays taxes at the corporate level and the shareholder's level.
A)True
B)False
Q4) In debt securities,the corporation is the debtor and the holder is the creditor.
A)True
B)False
Q5) The shareholders of the corporation have the absolute right to amend bylaws. A)True
B)False
Q6) Describe how the judiciary in Delaware is favorable to large corporations?
Page 39
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Chapter 37: Corporate Governance and the
Sarbanes-Oxley
Act
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Q1) Once declared,a cash or property dividend cannot be revoked.
A)True
B)False
Q2) Public companies are exempt from the requirement of corporations to have audit committees.
A)True
B)False
Q3) The ________ Act prohibits public companies from making personal loans to their directors or executive officers.
A)Foreign Corrupt Practices
B)Deregulation and Monetary Control
C)Sarbanes-Oxley
D)Commodity Futures Modernization
Q4) According to the Revised Model Business Corporations Act (RMBCA),what establishes a quorum to hold a meeting of the shareholders?
A)a majority of outstanding shares
B)a majority of unissued shares
C)a majority of treasury shares
D)a majority of liquidated shares
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Chapter 38: Corporate Acquisitions and Multinational Corporations
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Q1) The approval of the surviving corporation's shareholders is not required if the merger or share exchange increases the number of voting shares of the surviving corporation by 20 percent or less.
A)True
B)False
Q2) Insurgent shareholders are shareholders who propose a slate of directors to replace the incumbent directors.
A)True
B)False
Q3) Explain the factors that lead to a proxy contest.What is its outcome?
Q4) A shareholder has a right to have the shareholder resolution included in the corporation's proxy materials if it ________.
A)does not relate to the corporation's business
B)does not concern the payment of dividends
C)concerns the day-to-day operations of the corporation
D)does not concern a policy issue
Q5) A proxy contest is one in which incumbent directors are impeached.
A)True
B)False
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Chapter 39: Limited Liability Companies and Limited Liability Partnerships
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Q1) Limited liability companies are created by federal law.
A)True
B)False
Q2) A(n)________ is a special form of partnership in which all partners are limited partners,and there are no general partners.
A)domestic LLC
B)proprietorship
C)LLC (limited liability company)
D)LLP (limited liability partnership)
Q3) A limited liability company is an incorporated business entity.
A)True
B)False
Q4) Members of LLCs (limited liability companies)are not personally liable for the LLCs' debts,obligations,and liabilities.
A)True
B)False
Q5) A limited liability partnership has no general partner.
A)True
B)False
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Chapter 40: Franchises and Special Forms of Businesses
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Q1) Which of the following is imposed upon a franchisor that violates the Federal Trade Commission (FTC)franchise disclosure rule?
A)FTC criminal action on behalf of the franchisee
B)loss of intellectual property to the franchisee
C)suspension of all business operations in the area
D)an injunction against further franchise sales
Q2) The ________ is a uniform disclosure document that requires a franchisor to make specific presale disclosures to prospective franchisees.
A)UFOC
B)UCC
C)UCITA
D)SEA
Q3) If the product or service offered by a franchisor has not been tested,it should appear on the Federal Trade Commission (FTC)franchise notice.
A)True
B)False
Q4) Explain the four basic types of franchises in brief.
Q5) Explain the concept of joint venture as a business arrangement in brief.
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Chapter 41: Investor Protection, e-Securities, and Wall Street Reform
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Q1) Electronic Data Gathering,Analysis,and Retrieval system (EDGA R)is the world's largest electronic securities exchange.
A)True
B)False
Q2) ________ requires that any profits made by a statutory insider on transactions involving short-swing profits belong to the corporation.
A)Section 5 of the Securities Act of 1933
B)Section 12 of the Securities Act of 1933
C)Section 16(b)of the Securities Exchange Act of 1934
D)SEC Rule 10b-5
Q3) It is legal for a company employee to make a profit by personally purchasing shares of the corporation prior to public release of favorable information.
A)True
B)False
Q4) A(n)________ is a flexible standard for defining a security.
A)red herring prospectus
B)investment contract
C)certificate of interest
D)debenture
44
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Chapter 42: Ethics and Social Responsibility of Business
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Q1) Kantian ethics is based on the premise that people can use reasoning to reach ethical decisions.
A)True
B)False
Q2) Which of the following is a way of establishing ethical rules in Rawls's social justice theory?
A)by a set of universal rules based on consistency and reversibility
B)from an original position of a veil of ignorance
C)by the ruling class or people in advantageous positions
D)by following what's best for the society as a whole
Q3) ________ is an ethical theory where a person adheres to rules or commands that are from an outside source,like a book or a central figure.
A)Ethical fundamentalism
B)Utilitarianism
C)Ethical relativism
D)Rawls's social justice theory
Q4) The social contract theory is derived from Rawls's social justice theory.
A)True
B)False
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Chapter 43: Administrative Law and Regulatory Agencies
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Q1) General government regulation establishes an individual code or laws to every type of business and industry.
A)True
B)False
Q2) Explain,in brief,the types of federal administrative agencies with examples.
Q3) Cabinet members of cabinet-level federal departments are chosen directly by the president.
A)True
B)False
Q4) Which of the following is true of the Administrative Procedure Act?
A)It was enacted following the September 11, 2001 terrorist attacks.
B)It establishes how rules and regulations can be adopted by federal administrative agencies.
C)It provides for a uniform legal and justice system across the United States.
D)It divides administrative power between the federal legislative branch and state legislatures.
Q5) All federal administrative agencies answer directly to the president.
A)True
B)False
Q6) How is the general public protected from harassment by administrative agencies?
Page 46
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Chapter 44: Consumer Protection and Product Safety
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Q1) The FDA labels ordinary household soap as a cosmetic product.
A)True
B)False
Q2) Which of the following federal agencies is authorized to adopt and enforce the Family Smoking Prevention and Tobacco Control Act?
A)the Consumer Product Safety Commission
B)the Federal Trade Commission
C)the Food and Drug Administration
D)the Agency for Healthcare Research and Quality
Q3) Section 5 of the Federal Trade Commission (FTC)Act gives FTC the authority to bring an administrative proceeding to attack a deceptive or unfair practice.
A)True
B)False
Q4) The U.S.Food and Drug Administration promotes the principle of caveat emptor in sale transactions involving food and drugs.
A)True
B)False
Q5) Give an account of the regulation of medicinal devices in the United States.
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Chapter 45: Environmental Protection
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Q1) In a survey of the nonattainment areas in the state,the agency found Helmont to be the district that exceeded the ozone standard by the largest margin.Helmont is most likely to be categorized as a(n)________ nonattainment area.
A)severe
B)extreme
C)marginal
D)serious
Q2) Which of the following steps immediately follows the publication of the environmental impact statement (EIS)for a proposed project?
A)the Congress has to pass a bill adopting the EIS
B)the nonprofit environmentalists are allowed access to the EIS
C)the government issues an order to proceed with a federal action on the project
D)the interested parties submit comments to the Environmental Protection Agency (EP
Q3) The Clean Air Act does not apply to stationary sources of pollution.
A)True
B)False
Q4) What are the measures taken to protect wetlands in the United States?
Q5) Give an account of the state environmental protection laws.
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Chapter 46: Antitrust Law and Unfair Trade Practices
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Q1) The fact that price fixing helps consumers or protects competitors from ruinous competition can be used as a valid defense against the charge of price discrimination.
A)True
B)False
Q2) It is necessary to prove actual injury in order for a plaintiff to recover damages in a price discrimination lawsuit.
A)True
B)False
Q3) Which of the following is considered an invalid antitrust injury?
A)lost profits
B)an increase in the cost of doing business
C)injury resulting from higher prices being "passed on"
D)a decrease in the value of tangible or intangible property caused by the antitrust violation
Q4) A relevant market is characterized by the presence of ________.
A)unique goods and services
B)reasonably interchangeable goods and services
C)highly differentiated goods and services
D)pure monopoly of the defendant's goods and products
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Chapter 47: Personal Property, real Property, and Insurance
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Q1) If the finder of a lost property posts notices and publishes advertisements describing the lost property,he or she will be able to clear title to the property after certain requirements are met.
A)True
B)False
Q2) A ________ is a gratuitous bailment that arises when the bailee is requested to care for the bailor's property as a favor.
A)bailment at will
B)mutual benefit bailment
C)bailment for the sole benefit of the bailee
D)bailment for the sole benefit of the bailor
Q3) A bailment at will can be terminated at any time by either party.
A)True
B)False
Q4) The owner of the premises where a property is mislaid is entitled to take possession of the property against all except the rightful owner.
A)True
B)False
Q5) What are the elements necessary to create a bailment?
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Chapter 48: Real Property
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Q1) What are surface rights in real property?
A)the right to possess the earth beneath the land
B)the right to occupy the land
C)the right to possess personal property
D)the right to convert personal property to negotiable instruments
Q2) Kitchen cabinets in an apartment are considered fixtures.
A)True
B)False
Q3) A ticket to a movie theater or sporting event is an example of a license.
A)True
B)False
Q4) A terminated life estate property reverts to the grantor or the grantor's estate or other designated person.
A)True
B)False
Q5) Buildings constructed on land are considered personal property.
A)True
B)False
Q6) Give an account of concurrent ownerships in a multiple-dwelling building.
Q7) Give an account of zoning.What are nonconforming uses?
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Chapter 49: Landlord-Tenant Law and Land Use Regulation
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Q1) A tenant's interest in real property is called a(n)________.
A)easement estate
B)free simple absolute estate
C)gifted estate
D)leasehold estate
Q2) An estate where the tenant has a right to possess the real property but does not own title to the property is called ________.
A)free simple absolute estate
B)gifted estate
C)nonfreehold estate
D)easement estate
Q3) What are the only payments made by a tenant in a double net lease?
A)property taxes and assessments on the property
B)rent, property taxes, utilities, and insurance
C)rent and property taxes
D)rent, property taxes, and utilities
Q4) The death of one of the parties of a tenancy at will does not terminate the contract.
A)True
B)False
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Chapter 50: Insurance
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Q1) An employee of a company that provides ________ insurance to its employees can receive payments,as provided by the policy,for injuries suffered by employees while working on the job.
A)disability
B)life
C)homeowner's
D)standard fire
Q2) Henry works as an assembly line worker at MM Corporation.Two weeks back,he suffered multiple fractures while trying to repair a block in the machinery.The doctors have advised him to take two months of rest to recuperate from this accident.However,Henry is reassured that the ________ that he is eligible for will provide him with a monthly income until he is fit to return to work.
A)life insurance
B)disability insurance
C)health insurance
D)homeowner's policy
Q3) Insurance policies can only be sold by direct agents of an insurer.
A)True
B)False
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Chapter 51: Accountants Duties and Liability
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Q1) Which of the following can be used by an accountant to counter liability imposed under Section 11(a)of the Securities Act of 1933?
A)the nolo contendere rule
B)the due diligence defense
C)the Ultramares doctrine
D)the foreseeability standard
Q2) In the case of Ultramares Corporation vs.Touche,the defendant was found to be not guilty of negligence due to lack of privity of contract.
A)True
B)False
Q3) A formal entrance into a contract between a client and an accountant is known as an ________.
A)abatement
B)arraignment
C)easement
D)engagement
Q4) Explain Section 552 of the Restatement (Second)of Torts.
Q5) Give an account of the Private Securities Litigation Reform Act of 1995.
Q6) What is the accountant-client privilege?
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Chapter 52: Wills, trusts, and Estates
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Q1) Which of the following wills is an exception to the writing rule of the Statute of Wills?
A)a reciprocal will
B)a holographic will
C)a nuncupative will
D)a codicil will
Q2) A properly executed subsequent will revokes a prior will.
A)True
B)False
Q3) What are the requirements of the Statute of Wills?
Q4) Which of the following is a similarity between a living trust and an inter vivos trust?
A)both of them are subject to probate
B)both of them require the beneficiaries to be present during the time of creation of the trust
C)both of them are created while the settlor is still alive
D)both of them are free from changes resulting from operations of law like annulment
Q5) What is intestate succession?
Q6) Give an account of the funding and operation of a living trust.
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Chapter 53: Family Law
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Q1) A minor's act of legally separating from his or her parents and providing for himself or herself is known as ________.
A)ademption
B)revocation
C)redemption
D)emancipation
Q2) Which of the following is a legal requirement of marriage?
A)Neither party can be currently married to someone else.
B)Neither party can be eligible to marry if they are emancipated from their parents.
C)Both parties have to be above 18 years to marry even if they are emancipated from their parents.
D)The marrying couple must be closely related by blood.
Q3) States will permit younger persons to be married if they have the consent of their parents or if they are emancipated from their parents.
A)True
B)False
Q4) What is child support? How is it awarded?
Q5) What is an annulment? On what grounds are annulments provided?
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Chapter 54: International and World Trade Law
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Q1) What is the World Bank? What is its function?
Q2) The Organization of the Petroleum Exporting Countries (OPEC)sets quotas on the output of oil production by its individual member nations.
A)True
B)False
Q3) The Code of Canon Law of 1983 stipulates the code of conduct to be followed by all Christians around the world.
A)True
B)False
Q4) The International Monetary Fund is an autonomous agency that is a part of the United Nations (UN).
A)True
B)False
Q5) Rabbinic jurisprudence is administered by rabbi-judges sitting as the Beis Din.
A)True
B)False
Q6) The United Nations (UN)Secretariat is headed by the secretary-general of the UN.
A)True
B)False
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