E-Commerce Law
Exam Answer Key
Course Introduction
E-Commerce Law explores the legal frameworks governing online business transactions, digital contracts, electronic signatures, consumer protection, privacy, intellectual property, and jurisdictional issues in cyberspace. The course examines both national and international regulations, emphasizing the challenges posed by rapidly evolving technologies and online business models. Students will learn how to navigate legal compliance, risk management, and dispute resolution in the context of e-commerce, preparing them to anticipate legal issues and adopt best practices in a digital economy.
Recommended Textbook
Contemporary Business and Online Commerce Law 7th Edition by Henry R. Cheeseman
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41 Chapters
5608 Verified Questions
5608 Flashcards
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Page 2
Chapter 1: Legal Heritage and the Information Age
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123 Verified Questions
123 Flashcards
Source URL: https://quizplus.com/quiz/10985
Sample Questions
Q1) Influential Civil Codes include the following except:
A) the Napoleonic Code.
B) the Roman Corpus Juris Civilis.
C) the Mexican Civil Code of 1898.
D) the German Civil Code of 1896.
E) the French Civil Code of 1804.
Answer: C
Q2) Which of the following is true about the Law and Economics School of jurisprudence?
A) It is also known as the Chicago School.
B) It promotes the use of economic principles in resolving cases, so long as the case is one involving business.
C) It would say that a case which no lawyer would take on a contingent fee basis should be brought by an attorney who is paid by the state.
D) It holds that antitrust cases should be vigorously prosecuted in order to protect the economic viability of smaller firms.
E) There is no Law and Economics School of jurisprudence.
Answer: A
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3
Chapter 2: Constitutional Law for Business and E-Commerce
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126 Verified Questions
126 Flashcards
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Sample Questions
Q1) Providing government subsidies to farmers,but not to those in other occupations,is a violation of the "strict scrutiny" test of equal protection.
A)True
B)False
Answer: False
Q2) The level of scrutiny in equal protection cases refers to how difficult it is for alleged equal protection violations to be justified.
A)True
B)False
Answer: True
Q3) Political speech is an example of fully protected speech.
A)True
B)False
Answer: True
Q4) The Articles of Confederation did not grant the federal government the right to levy and collect taxes.
A)True
B)False
Answer: True
Page 4
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Chapter 3: Courts and Jurisdiction
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125 Verified Questions
125 Flashcards
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Sample Questions
Q1) Each state has a separate,independent court system.
A)True
B)False
Answer: True
Q2) A decision of the U.S.Supreme Court that is known as a "plurality decision" means that less than six of the justices agreed to the reasoning used to decide the case.
A)True
B)False
Answer: False
Q3) The exercise of long-arm jurisdiction is generally permitted over nonresidents who have committed torts within the state.
A)True
B)False
Answer: True
Q4) General jurisdiction trial courts are also called courts of record.
A)True
B)False
Answer: True
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Page 5
Chapter 4: Judicial, Alternative, Administrative, and
E-Dispute Resolution
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121 Verified Questions
121 Flashcards
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Sample Questions
Q1) If the defendant does not answer the complaint,a(n)________ is entered against him or her.
A) summons
B) arrest warrant
C) search warrant
D) default judgment
E) proclamation
Q2) If an agreement does not contain an arbitration clause,the parties may nevertheless agree to arbitration by entering into a(n)________ agreement.
A) submission
B) compliance
C) capitulation
D) deference
E) assent
Q3) If both parties waive their right to a jury,the trial will occur without a jury.
A)True
B)False
Q4) Administrative agencies may be created by federal,state and local governments.
A)True
B)False
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Chapter 5: Torts and Strict Liability
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155 Verified Questions
155 Flashcards
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Sample Questions
Q1) When a student states in a written student evaluation that her professor is boring and uninspiring,if in fact her professor has won the professor of the year award for the past three years,she is committing libel.
A)True
B)False
Q2) Powdersurf is a manufacturer of snowboards.Powdersurf is an aggressive marketer,and new to this product line.Powdersurf has adopted several strategies to help it rapidly build market share.One approach was to begin an advertising campaign that criticizes its competitor's products.For example,it has made several claims,known to be (false) ,about the materials used in the competitor's boards.It has also made claims about a tendency of one competitor's boards to break during use.This was based on an independent lab's report that later proved to be (false).Lastly,Powdersurf made several allegations about the president of the leading competitor,primarily claiming that it was the opinion of Powdersurf that he did a poor job as president.Discuss any tort claims that might be brought against Powdersurf and their likely resolution.
Q3) Merchant protection statutes are also known as the "shopkeeper's discretion."
A)True
B)False
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7
Chapter 6: Criminal Law and Cyber Crimes
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Sample Questions
Q1) The prohibition against double jeopardy prevents a defendant from being tried for crimes in two different jurisdictions if the crimes arise out of the same conduct. A)True
B)False
Q2) Barry is the computer systems director for a medium-sized consulting firm.One night Barry is at happy hour at a local bar talking about his job with some people he has just met.Barry mentions that he needs to buy computers for the three new persons the firm has recently hired.One of the persons he has just met,Tom,asks Barry what kind of computers he plans to purchase.Barry says,"I'm not sure.I'm still checking out what's available." Tom says,"Well,I can get you anything you want for much less than the stores." A week later Barry calls Tom and says he is interested in the Cyber-mega 4000 model,and would order three if the price was right.Tom quotes a price,which is about half the normal price.Three days later Tom comes to Barry's office with the three computers.Barry is curious why only one is in a box and Tom replies,"Oh,I thought you wouldn't want the trash in your office.I also already sent in the warranty cards for you to save you the trouble." Later it is learned that the computers were stolen a few days before Tom took them to Barry.Is Barry or the consulting firm guilty of receiving stolen property?
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Chapter 7: Intellectual Property and Cyber Piracy
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155 Verified Questions
155 Flashcards
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Sample Questions
Q1) Under current law,the statutory period for patent protection begins to run at the time that:
A) the inventor finalizes the idea for the patent.
B) a working model for the invention is completed.
C) the patent application is filed.
D) the patent is actually issued.
E) the first unit of the patented invention is sold.
Q2) The following can properly be the subject of a patent except:
A) mechanical processes.
B) asexually reproduced plants.
C) conceptual ideas.
D) designs for manufactured objects.
E) compositions of matter.
Q3) The U.S.Court of Appeals for the Federal Circuit was created to promote diversity in patent laws.
A)True
B)False
Q4) Utility patents for inventions are valid for seventeen (17)years.
A)True
B)False
Page 9
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Chapter 8: Ethics and Social Responsibility of Business
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134 Verified Questions
134 Flashcards
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Sample Questions
Q1) The four theories of social responsibility of business discussed in the text can best be described as:
A) laws, only one of which applies in each state.
B) laws, more than one of which can apply in a particular state.
C) mutually-exclusive policies on which laws should be based.
D) policies on which laws should be based, more than one of which might be proper.
E) policies, only one of which is proper.
Q2) Under Rawl's social justice theory,the principle of equal opportunity in employment would be promulgated by ________.
A) public interest attorneys
B) federal legislators
C) state legislators
D) people who do not yet know if they are in a favored class
E) the federal judiciary
Q3) Adhering to the teachings and philosophies of Karl Marx is a form of ethical fundamentalism.
A)True
B)False
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10
Chapter 9: Nature of Traditional and E-Contracts
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154 Verified Questions
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Sample Questions
Q1) Most contracts are performed without the aid of the court system.
A)True
B)False
Q2) Which of the following is true?
A) Contracts can be classified as either voluntary or involuntary.
B) All contracts are legally enforceable.
C) The terms of a valid contract become private law between the parties.
D) Contract promises are generally not enforced by the courts.
E) The terms of a valid contract become public law between the parties.
Q3) Negotiable instruments are special forms of contracts recognized by the Uniform Commercial Code.
A)True
B)False
Q4) In an action "in equity," the judge decides the equitable issue.
A)True
B)False
Q5) If a contract is void,neither party is obligated to perform the contract,and neither party can enforce the contract.
A)True
B)False
11
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Chapter 10: Agreement and Consideration
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158 Verified Questions
158 Flashcards
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Sample Questions
Q1) In a(n)________ the seller is the offeror,and the bidders are the offerees.
A) auction with reserve
B) auction without reserve
C) unilateral contract
D) bilateral contract
E) executory contract
Q2) Which of the following would terminate an offer?
A) a revocation by the offeror
B) a rejection by the offeree
C) a counteroffer by the offeree
D) a revocation or a rejection by the offeree
E) a revocation by the offeror, a rejection by the offeree, or a counteroffer by the offeree
Q3) Most "best efforts" contracts do not meet consideration requirements because the promise is a promise to try,but not an absolute promise of performance.
A)True
B)False
Q4) Why are advertisements not generally considered to be offers? Does this mean that an advertiser is not required to honor the terms of an advertisement?
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Page 12
Chapter 11: Capacity and Legality
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Sample Questions
Q1) If a court finds that a contract clause is unconscionable,it may limit the applicability of the unconscionable clause so as to avoid an unconscionable result.
A)True
B)False
Q2) For what period of time may a minor disaffirm a contract after reaching the age of majority?
A) three (3) months
B) six (6) months
C) one (1) year
D) three (3) years
E) a reasonable period of time
Q3) The infancy doctrine gives minors the right to disaffirm most contracts they have entered into with adults.
A)True
B)False
Q4) The seller's recovery for necessaries of life sold to a minor is based on the equitable doctrine of quasi-contract.
A)True
B)False
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Chapter 12: Genuineness of Assent and Statute of Frauds
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168 Verified Questions
168 Flashcards
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Sample Questions
Q1) Treble damages is a possible remedy for:
A) fraud.
B) innocent misrepresentation.
C) duress.
D) undue influence.
E) breach of a quasi-contract.
Q2) What is the purpose of the parol evidence rule? Should parties to a contract always be able to tell their story and then leave it to the jury to determine who is telling the truth? Does the parol evidence rule deny a party's right to be heard in court? Why are oral statements made after the contract is formed not subject to the rule?
Q3) Undue influence occurs when one person,the ________ party,takes advantage of another person's mental,emotional,or physical weakness and unduly persuades that person,the ________ party,to enter into a contract.
A) principal; accessory
B) principal; agent
C) dominant; servient
D) primary; secondary
E) salient; impertinent
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Chapter 13: Third-Party Rights and Discharge
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150 Verified Questions
150 Flashcards
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Sample Questions
Q1) How is a creditor beneficiary relationship usually formed?
A) a party buys a consumer good from a retail store and the retail store extends credit for the purchase
B) a party buys a good second-hand from someone who borrowed money to purchase the good, and the second-hand buyer promises to pay the remaining balance of the loan
C) a party purchases a good on credit, but the creditor requires a co-signer before the credit will be extended
D) a party purchases a good from the seller, but asks the seller to deliver it as a gift to a third person
E) a party borrows money from a bank prior to needing the funds to make the purchase
Q2) Contracts for the provision of personal services are generally not assignable without the permission of the obligor.
A)True B)False
Q3) Anti-assignment clauses are usually given legal effect.
A)True
B)False
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Chapter 14: Breach of Contract and Remedies
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Sample Questions
Q1) The tort of intentional interference with contractual relations usually arises when a third party induces a contracting party to breach a contract with another party.
A)True
B)False
Q2) Cases involving nominal damages are usually brought on principle.
A)True
B)False
Q3) Betty is retired and works on antique cars as a hobby,sometimes working on those belonging to others,and sometimes on cars that she purchases and restores for resale.Betty has a 1965 Ford Mustang on which she has completed the mechanical and exterior restoration.She has not yet begun the restoration of the interior,which needs a lot of work.Betty needs some money quickly so she advertises the Mustang for $13,000.Bob looks at it and enters into a written contract at $12,500.Bob then offers to pay Betty $2,300 to complete the interior restoration.They agree,with the work to begin in two months and take about three months to complete.Betty changes her mind about selling the car.Can Bob get specific performance for these two contracts?
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Page 16
Chapter 15: Digital Law and E-Commerce
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114 Verified Questions
114 Flashcards
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Sample Questions
Q1) In order to register for a domain name,the U.S.Patent and Trademark Office must issue an authorization that the name is available and is not confusingly similar to existing names.
A)True
B)False
Q2) The Electronic Communications Privacy Act makes it a crime to intercept an electronic communication while in transit.
A)True
B)False
Q3) A licensor can recover lost profits caused by the licensee's failure to accept or complete performance of the contract.
A)True
B)False
Q4) Discuss how the Communications Decency Act and how it applies to ISPs.Do you agree or disagree with the protections provided under this law?
Q5) Many spam messages are fraudulent and deceptive.
A)True
B)False
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Chapter 16: Formation of Sales, Lease, and E-Contracts
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127 Verified Questions
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Sample Questions
Q1) The UCC's Statute of Frauds applies to contracts for the sale of goods costing $500 or more and to lease contracts involving payments of $1,000 or more.
A)True
B)False
Q2) In order to be governed by Article 2 of the UCC,goods must be both movable and tangible.
A)True
B)False
Q3) A contract may be exempt from the Statute of Frauds requirement if it deals with specially manufactured goods.
A)True
B)False
Q4) The lessor is the person who acquires the right to possession and use of goods under a lease.
A)True B)False
Q5) The UCC requires that lease contracts,but not sale contracts,be in writing. A)True
B)False
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Chapter 17: Performance of Sales, Leases and E-Contracts
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128 Verified Questions
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Sample Questions
Q1) Lessees obtain title to the goods they lease.
A)True
B)False
Q2) Seller who is located in Atlanta,Georgia contracted to sell a shipment of peaches to the 1910 fruit gum company located in Buffalo,New York.The peaches were sold f.o.b.Buffalo.Seller delivered the peaches to the proper carrier in Atlanta and the peaches were destroyed during shipping.Under these facts:
A) This is a trick question; goods can't be shipped f.o.b. Buffalo.
B) Buyer bears the risk of loss and is responsible.
C) Seller and buyer share the risk of loss.
D) Seller bears the risk of loss and is responsible.
E) Neither the seller nor the buyer bear risk of loss, the carrier bears the risk of loss.
Q3) Susan orders a great computer from an out-of-state company.The terms of the contract provide F.O.B.place of destination.The seller ships the computer to Susan.Unfortunately,it never arrives.Between Susan and the seller,who is responsible for loss?
Q4) What is the most favorable shipping terms to buyers? Why? What about to sellers? Why?
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Page 19
Chapter 18: Remedies for Breach of Sales and Lease Contracts
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Sample Questions
Q1) Grinning Pig Restaurant contracts to purchase 100 specially-manufactured tablecloths with its logo of a smiling pig on them.After the seller completes them,Grinning Pig wrongfully refuses to accept or pay for the tablecloths.The tablecloths cannot be sold in the open market.If the seller sues Grinning Pig,what is the proper measure of damages?
A) the contract price less the resale price
B) fair market value less the contract price
C) the contract price
D) the cover price less the contract price
E) lost profits
Q2) Acceptance of goods can be revoked in fewer circumstances than goods can be initially rejected.
A)True
B)False
Q3) An installment contract is a contract that requires or authorizes goods to be delivered and accepted in separate lots.
A)True
B)False
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Chapter 19: Warranties and Product Liability
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Sample Questions
Q1) A written contract contains an express warranty that the goods will be "made of stainless steel." The seller wishes to disclaim this express warranty.How may the seller accomplish this?
A) This express warranty may not be disclaimed.
B) by language stating that no warranties, express or implied are contained in this contract
C) by general language, such as "as is" or "with all faults"
D) by specifically mentioning "merchantability"
E) by specifically mentioning "fitness for a particular purpose"
Q2) In order to recover in a negligence case,the plaintiff must be in privity of contract with the defendant.
A)True
B)False
Q3) Which of the following statements would most likely create an express warranty?
A) "This is the best used car available in town."
B) "This painting is worth a fortune."
C) "Others would gladly pay $20,000 for this car."
D) "You look like a million bucks in that dress."
E) "This car has been driven only 20,000 miles."
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Page 21
Chapter 20: Creation and Transfer of Negotiable Instruments
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Sample Questions
Q1) An I.O.U.is another form of note that is considered to be a promise to pay.
A)True
B)False
Q2) Regarding a certificate of deposit,the depositor is the maker of the instrument.
A)True
B)False
Q3) An instrument that is not payable to a specific payee or indorsee is ________.
A) legally unenforceable
B) a void contract
C) a voidable contract
D) order paper
E) bearer paper
Q4) If an instrument is payable jointly using the word "and," both persons' indorsements are necessary to negotiate the instrument.
A)True
B)False
Q5) An instrument can be a sight draft or a demand draft but cannot be both.
A)True
B)False
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Chapter 21: Holder in Due Course and Liability of Parties
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Sample Questions
Q1) A holder in due course:
A) has greater obligations to pay an instrument than a mere holder.
B) must notify subsequent transferees of his holder in due course status.
C) can obtain greater rights to payment of an instrument than a holder.
D) can give greater rights to a transferee than he has as a holder in due course.
E) has less rights to payment of an instrument than a holder.
Q2) In terms of the requirements for becoming a holder in due course,"good faith" means honesty in fact in the conduct or transaction concerned.
A)True
B)False
Q3) Which of the following is personal defense?
A) fraud in the inception
B) extreme duress
C) fraud in the inducement
D) material alteration
E) discharge in bankruptcy
Q4) A holder is any person in possession of a negotiable instrument.
A)True
B)False
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Chapter 22: Banking System, E-Money, and Financial Reform
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Sample Questions
Q1) In January 2010,Fred had a cocktail party for his co-workers.The following day,after cleaning up,Fred noticed that a check had been stolen from his checkbook.Fred immediately called his bank and issued a stop- payment order on the check.One week later,the check was received by the bank,and the bank paid it.Fred's signature was forged on the check.Fred never followed his oral stop- payment order with a written stop- payment order.Fred received his bank statement and cancelled checks,including the forged check,on January 30,2010.Because Fred was notoriously sloppy with his personal financial affairs,Fred did not notice that the bank had paid the check until he was preparing his income tax return in April 2011.Can Fred recover from the bank?
A) yes, because the bank paid the check contrary to a valid stop payment order
B) yes, because the indorsement on the check was forged
C) no, because he did not execute a written stop payment order to follow up his oral order
D) no, because the fact that the check was stolen was not the bank's fault
E) no, because too much time had passed from when Fred had the information about the bank having paid the check to notify the bank
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Page 24
Chapter 23: Credit and Secured Transactions
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Sample Questions
Q1) Frank has agreed to be a surety for his daughter's loan.If she defaults,the lender must attempt to collect the debt from the daughter first,and may only sue Frank if the daughter refuses to pay.
A)True
B)False
Q2) Attachment is a post-judgment court order that permits the seizure of a debtor's property that is in the debtor's possession.
A)True
B)False
Q3) Intangible personal property includes equipment,vehicles,furniture,computers,clothing,and jewelry,while tangible personal property includes securities,patents,trademarks,and copyrights.
A)True
B)False
Q4) An improperly recorded document is not effective against either subsequent purchasers of the real property,or other mortgagees or lienholders who have no notice of the prior mortgages.
A)True
B)False
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Chapter 24: Bankruptcy and Reorganization
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Sample Questions
Q1) A debtor and creditor can enter into a reclamation agreement,whereby the debtor agrees to pay the creditor for a debt that is dischargeable in bankruptcy.
A)True
B)False
Q2) The median income test uses:
A) the national average income for a family similar to the debtor's family.
B) the state median income for a family similar to the debtor's family in the debtor's state of residence.
C) the city or township average income for a family similar to the debtor's family in the debtor's city or township of residence .
D) the county average income for a family similar to the debtor's family in the debtor's county of residence .
E) the average of the debtor's income as reported on the debtor's past three years of income tax filings.
Q3) The United States Bankruptcy Code is contained in Article II of the United States Code.
A)True
B)False
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Chapter 25: Agency Law
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Sample Questions
Q1) ________ agency occurs when an agent acts for two (2)or more different principals in the same transaction.
A) Bilateral
B) Mutual
C) Dual
D) Bifurcated
E) Common
Q2) Which of the following is not a duty that the principal owes to the agent in an agency relationship?
A) compensation
B) reimbursement
C) obedience
D) cooperation
E) indemnification
Q3) Even if the home countries of the principal and the agent are at war,the parties may choose to continue the agency.
A)True
B)False
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Chapter 26: Small Business, Entrepreneurship, and Partnerships
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Sample Questions
Q1) General partners are personally liable for partnership debts in a limited partnership.
A)True
B)False
Q2) Under the Uniform Partnership Act,general partners have ________ liability for torts and breaches of trust.
A) express and implied
B) legal and equitable
C) joint and several
D) conditional and unconditional
E) reserved and unreserved
Q3) The Uniform Partnership Act treats partnerships as separate legal entities.
A)True
B)False
Q4) In a limited partnership,a general or limited partner's capital contribution can be in the form of services rendered.
A)True
B)False
Q5) Why should the death or withdrawal of a partner result in dissolution of a partnership?
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Chapter 27: Corporate Formation and Financing
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Sample Questions
Q1) Which of the following is true about the registered agent of a corporation?
A) The registered agent is the chief promoter in the formation of the corporation.
B) The registered agent is the entity designated to receive service of process on behalf of the corporation.
C) The registered agent must be an individual person.
D) The registered agent is the party authorized to enter into contracts on behalf of the corporation.
E) The registered agent is the corporation's outside legal counsel.
Q2) A corporation is terminated if a shareholder dies,becomes insane or goes bankrupt.
A)True
B)False
Q3) Where a foreign corporation is required to qualify to conduct intrastate commerce in a state,it must obtain a certificate of incorporation from the state. A)True
B)False
Q4) Why should shareholders of a corporation not be held liable for corporate contracts and torts?
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Chapter 28: Corporate Governance and Sarbanes-Oxley Act
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Sample Questions
Q1) What is the consequence of holding a special shareholders' meeting after giving proper notice to some,but not all,shareholders?
A) All actions taken at the meeting are effective, unless one of the shareholders who did not receive notice objects.
B) Any actions that received enough overall shareholder support that they would have been approved even if the shareholders not receiving notice had attended and voted against them are effective, and all other actions are not effective.
C) The action can be made effective only through ratification by the board of directors.
D) All actions taken at the meeting are not effective.
E) All actions taken at the meeting are valid, unless a special meeting was involved, in which case all actions taken are invalid.
Q2) If adequate notice is not given of a shareholders' meeting,the actions at that meeting are void.Should this be true if the votes of the shareholders not receiving notice would not have made a difference in the outcome of any elections?
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Chapter 29: Corporate Acquisitions and Multinational Corporations
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126 Verified Questions
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Sample Questions
Q1) Solicitation of proxies is regulated under the:
A) Securities Act of 1933.
B) Securities Exchange Act of 1934.
C) Williams Act.
D) Proxy Solicitation Act of 1968.
E) Uniform Commercial Code.
Q2) In order for a proxy to become valid,the shareholder must:
A) complete a written proxy statement, and file it with the Securities and Exchange Commission.
B) complete a written proxy statement, file it with the Securities and Exchange Commission, and receive the appropriate approval from the SEC.
C) complete a written proxy statement, and deliver it to the proxy holder.
D) complete a written proxy statement, and deliver it to the corporation.
E) reach agreement with the proxy holder, but no written statement is required.
Q3) In a merger,the surviving corporation gains all the rights,privileges,powers,duties,obligations,and liabilities of the merged corporation.
A)True
B)False
Q4) Explain what a "poison pill" is,and how it affects business dealings.
Page 31
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Chapter 30: Limited Liability Company and Limited Liability Partnership
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122 Verified Questions
122 Flashcards
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Sample Questions
Q1) A transfer of an interest in a limited liability company:
A) may not be made without the express, written permission of all other members.
B) is personal property, and may be transferred in whole, but not in part.
C) is personal property, and may be transferred in whole or in part.
D) does not entitle the transferee to receive distributions to which the transferor would be entitled.
E) is a "per se" violation of the Uniform Limited Liability Company Act.
Q2) In a "manager-managed" limited liability company,members who are not managers have no rights to manage the limited liability company.
A)True
B)False
Q3) The ________ of a limited liability company involves preserving and selling the assets of the LLC and distributing the money and property to creditors and members.
A) winding down
B) winding up
C) disassociation
D) dismemberment
E) disavowment
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Chapter 31: Franchise and Special Forms of Business
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109 Verified Questions
109 Flashcards
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Sample Questions
Q1) An "area" franchise grants the franchisee the authority to sell franchises on behalf of the franchisor.
A)True
B)False
Q2) Franchise agreements normally require fees to be paid by the franchisee to the franchisor before the start of the franchisee's operations,but not after the business is underway.
A)True
B)False
Q3) The Uniform Franchise ________ requires a franchisor to make specific presale disclosures to prospective franchisees.
A) Memorandum
B) Offering Circular
C) Disclosure Statement
D) Memorandum of Understanding
E) Acceptance Statement
Q4) Strategic alliances are often used by companies to enter a foreign market.
A)True
B)False
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Chapter 32: Investor Protection,E-Securities
Transactions,and Wall Street Reform
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139 Verified Questions
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Sample Questions
Q1) Section 11 of the 1933 Act provides for criminal liability for damages when a registration statement on its effective date misstates or omits a material fact.
A)True
B)False
Q2) A subscription contract is any contract whereby an investor invests money or other consideration in a common enterprise and expects to make a profit from the significant efforts of others.
A)True
B)False
Q3) The ________ was enacted to prevent fraud in the subsequent trading of securities.This act has been applied to prohibit insider trading and other frauds in the purchase and sale of securities in the after-markets,such as trading on securities exchanges.
A) Securities Act of 1933
B) Securities Act of 1934
C) Securities Exchange Act of 1933
D) Securities Exchange Act of 1934
E) Securities Exchange Act of 1935
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Chapter 33: Antitrust Law
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153 Verified Questions
153 Flashcards
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Sample Questions
Q1) A government judgment obtained against a defendant for an antitrust violation may be used as prima facie evidence of liability in a private civil treble-damages action.
A)True
B)False
Q2) The federal antitrust statutes are narrowly defined to reflect the government's enforcement policy and to allow it to respond to economic,business,and technological changes.
A)True
B)False
Q3) The Supreme Court leniently construes implied exemptions from antitrust law. A)True
B)False
Q4) State antitrust laws are used to attack anticompetitive activity that occurs in intrastate commerce.
A)True B)False
Q5) Resale price maintenance is also known as vertical price fixing. A)True B)False
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Chapter 34: Consumer Safety, Consumer Financial
Protection, and Environmental Protection
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130 Verified Questions
130 Flashcards
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Sample Questions
Q1) The United States ________ is the federal administrative agency the is primarily responsible for regulating meat,poultry,and other food products.
A) Department of Agriculture (USDA)
B) Food and Drug Administration (FDA)
C) Federal Trade Commission (FTC)
D) Interstate Commerce Commission (ICC)
E) Department of Homeland Security (DHS)
Q2) The Fair Credit Billing Act requires that creditors promptly acknowledge in writing consumer billing complaints and investigate billing errors.
A)True
B)False
Q3) The Clean Water Act forbids the filling or dredging of wetlands,unless a permit has been obtained from the United States Army Corps of Engineers.
A)True
B)False
Q4) The Truth in Lending Act is administered by the Federal Trade Commission (FTC).
A)True
B)False
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Chapter 35: Labor, Worker Protection, Employment, and Immigration Law
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164 Verified Questions
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Sample Questions
Q1) Under the Fair Labor Standards Act,for purposes of overtime,each week is treated separately,even within the same pay period.
A)True
B)False
Q2) Under which of the following must an employee join the union within a certain number of days after being hired?
A) union shop
B) agency shop
C) closed shop
D) open shop
E) steward shop
Q3) Under the Immigration Reform and Control Act of 1986 and the Immigration Act of 1990,border states (for example,the state of Arizona)are delegated exclusive authority and jurisdiction to administer United States immigration law.
A)True
B)False
Q4) Private civil actions are permitted under the Fair Labor Standards Act.
A)True
B)False
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Chapter 36: Equal Opportunity in Employment
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Sample Questions
Q1) Punitive damages are not recoverable for violations of Title VII.
A)True
B)False
Q2) Because the Americans with Disabilities Act was not passed until 1990,the Equal Employment Opportunity Commission is not involved in the Act's enforcement.
A)True
B)False
Q3) If the Equal Pay Act of 1963 is violated,the employer must increase the wages of the employee who was discriminated against in order to remedy the discrimination.
A)True
B)False
Q4) Kate is HIV positive,but shows no obvious symptoms of her disease.In spite of her disease,Kate is still physically strong,and able to perform all of her job functions.Under the Americans with Disabilities Act,Kate is nevertheless considered disabled because she is regarded as having an impairment.
A)True
B)False
Q5) What is the primary purpose of affirmative action,and how does it work?
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Chapter 37: Personal Property, Bailment, and Insurance
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181 Verified Questions
181 Flashcards
Source URL: https://quizplus.com/quiz/11021
Sample Questions
Q1) Which of the following is true?
A) Insurance brokers usually work for multiple companies, while insurance agents work for one company.
B) Insurance agents usually work for multiple companies, while insurance brokers work for one company.
C) Insurance brokers are generally shareholders of the companies they work for, while insurance agents are not.
D) There is no real distinction between insurance brokers and insurance agents.
E) Insurance agents are regulated by the state, while insurance brokers are not.
Q2) If properly created,a bailment can exist for either real or personal property.
A)True
B)False
Q3) Dirt in a wheelbarrow would be considered real property.
A)True
B)False
Q4) When you buy a tree with its roots wrapped in burlap from a nursery,at the moment of purchase,that tree is personal property.
A)True
B)False
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Chapter 38: Real Property, Landlord-Tenant Law, and Land Use Regulation
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158 Verified Questions
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Sample Questions
Q1) If a married couple who lives in a non-community property state purchases real property located in a community property state,community property laws apply to that property.
A)True
B)False
Q2) Jessica owns a piece of land on the outskirts of Happy City.The residence on the land was built by her great-great grandfather; since its construction,her greatgrandmother,grandfather and mother were born in the house,as were Jessica and her daughter.Jessica is sixty-nine years old,retired and in good health.The mayor of Happy City has just visited her,informing her that the city needs her land for a highway project.Happy City has experienced enormous economic and population growth,and needs the highway to maintain its continued prosperity.Jessica is extremely unhappy,and refuses to sell.Is there anything that Jessica can do? What will the final outcome likely be?
Q3) A fee simple defeasible is also known as an unqualified fee.
A)True
B)False
Q4) An "easement by grant" automatically occurs when land-locked property is sold.
A)True
B)False
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Chapter 39: Family Law, Wills, and Trusts
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Sample Questions
Q1) The United States Supreme Court has not ruled on the issue of whether the United States Constitution provides the right to refuse medical treatment.
A)True
B)False
Q2) A dissolution is an order of the court declaring that a marriage did not exist.
A)True
B)False
Q3) Adoption agencies are always required to provide information regarding an adoption to either the biological parent or to the adopted child upon formal request.
A)True
B)False
Q4) Under the fault rule,if the prospective bride breaks off the engagement,she must return the engagement ring to the prospective groom.
A)True
B)False
Q5) Why are the requirements for will validity so specific and detailed? Should they be specific and detailed,or more flexible?
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Chapter 40: Accountants' Liability
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Sample Questions
Q1) The landmark case that initially defined the liability of accountants to third parties was Supramares Corporation v.Goldman Sachs.
A)True
B)False
Q2) Accountants cannot be held liable for their negligence in preparing unaudited financial statements.
A)True
B)False
Q3) Generally accepted accounting principles specify the methods and procedures that must be used to conduct audits.
A)True
B)False
Q4) In terms of the Public Company Accounting Oversight Board (PCAOB),all of its members must be certified public accountants (CPAs).
A)True
B)False
Q5) An unqualified opinion is the least favorable opinion an auditor can give. A)True
B)False
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Chapter 41: International and World Trade Law
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Sample Questions
Q1) Article II,Section 2,Clause 2 of the United States Constitution states that the federal judiciary "shall have the power,by and with the advice and consent of the Senate,to make treaties,provided two-thirds of the senators present concur."
A)True
B)False
Q2) The WTO has jurisdiction to enforce the most important and comprehensive trade agreements in the world among its more than 150 member nations.
A)True
B)False
Q3) The International Monetary Fund is part of the United Nations. A)True
B)False
Q4) What are some of the issues and reasons that have kept an international uniform code of legal principles from being established?
Q5) Classical Hindu law is based on civil codes. A)True
B)False
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Page 43