Introduction to Business Law Test
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Course Introduction
Introduction to Business Law provides students with a foundational understanding of the legal principles and frameworks that govern commercial activities. The course explores essential topics such as contract law, torts, agency, business organizations, intellectual property, and the regulatory environment affecting businesses. Through real-world examples and case studies, students gain insights into how laws impact decision-making, risk management, and ethical practices within various business contexts. By the end of the course, learners will be equipped to identify legal issues, understand the implications of business decisions, and communicate effectively with legal professionals.
Recommended Textbook
The Legal Ethical and Regulatory Environment of Business in a Diverse Society 1st Edition by Dawn
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Chapter 1: Introduction to the Business and Ethics
Environment in a Diverse Society
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Q1) Which of the following statements is true regarding public law?
A) The harmed party bringing suit pays for suit.
B) The suit brought on behalf of harmed party.
C) The suit does not proceed if the harmed party doesn't want it to.
D) It often deals with criminal cases.
Answer: D
Q2) What is the difference between law and morality?
Answer: Law may often reflect our morals, but law and morality, or ethics, are not the same. While law is our government's determination as to our limitations and rights, morality is our own personal view of what we believe is proper and how we should conduct ourselves.
Q3) A law regarding trade secrets is an example of _____ law.
A) civil
B) substantive
C) private
D) criminal
Answer: B
Q4) Distinguish between public law and private law.
Answer: 11ea679f_0dd2_053d_8b3b_61dcbbe77c39_TB1590_00
Page 3
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Chapter 2: Alternative Dispute Resolution
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Q1) Which of the following statements is true regarding the alternative dispute resolution (ADR) mechanism?
A) Usually it is more expensive than litigation.
B) ADR outcomes are crafted by the parties.
C) Very few disputes are resolved by the ADR mechanism.
D) Usually it is more time consuming than litigation.
Answer: B
Q2) Which of the following is the largest arbitration organization in the U.S?
A) Federal Mediation & Conciliation Service
B) Chicago International Dispute Resolution Association
C) American Arbitration Association
D) Commercial Arbitration and Mediation Centre for the Americas (CAMCA)
Answer: C
Q3) Minitrial is generally carried out after the case has been filed with the court.
A)True
B)False
Answer: False
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Chapter 3: The Court System and Legal Process
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Q1) Describe the role of the federal courts.
Answer: Unlike the state court systems, the federal court system is uniform throughout the country. In the federal court system, a case is heard initially in a general trial court, the United States District Court, which is the court of original jurisdiction in the federal system. Federal district courts have the authority to hear most questions involving federal law and have the power to review the decisions of some administrative agencies. Appeals from the decisions of the district courts are heard by the United States Courts of Appeal. The highest federal court is the United States Supreme Court, and it is the final appellate court.
Q2) With reference to state courts, which of the following courts is at the lowest level?
A) Supreme Court
B) District Court
C) Trial Court
D) Circuit Court of Appeal
Answer: C
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Chapter 4: Administrative Law
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Q1) Administrative agencies are generally created by way passing executive orders.
A)True
B)False
Q2) Executive agencies are created by _____.
A) federal acts
B) statutes
C) executive orders
D) decrees
Q3) The Wage & Hour division enforces safe workforce laws.
A)True
B)False
Q4) Describe the role of statutes in creating administrative agencies.
Q5) The de novo review of an administrative decision generally takes place at the appellate court level.
A)True
B)False
Q6) The American Medical Association is an executive agency.
A)True
B)False
Q7) What is quasi-legislative authority?
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Chapter 5: Contracts and Sales
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Q1) The _____ is one of the two sets of laws that governs contracts.
A) Uniform Commercial Code
B) Code of Federal Regulations
C) main purpose doctrine
D) nondelegation doctrine
Q2) Which of the following statements is true regarding consideration?
A) The law does not deal with the value of consideration unless fraud is involved.
B) A valid and binding contract can exist without consideration.
C) If you buy a car the seller's consideration is the price of the automobile.
D) If you buy a car the buyer's consideration is the title and possession to the car.
Q3) The _____ Rule provides that if there is a valid, written, integrated contract between the parties, then evidence of prior or contemporaneous agreements will not be permitted to vary or alter its terms.
A) Parol Evidence
B) Mailbox
C) Deposited Acceptance
D) Main Purpose
Q4) Discuss undue influence as a challenge to mutual assent.
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Chapter 6: Torts
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Q1) In order for negligence liability to attach to the tortfeasor, plaintiffs must prove all of the following requirements EXCEPT:
A) damages.
B) actual and proximate cause.
C) breach of duty.
D) intent to harm.
Q2) Which of the following best represents a legal mechanism used to allow legal responsibility only for consequences of our actions if the consequences were foreseeable?
A) Passing off
B) Outrageous conduct
C) Proximate cause
D) Injurious falsehood
Q3) Wiretapping is most likely to be an example of _____.
A) publication of private facts
B) false light
C) appropriation of name or likeness
D) intrusion upon seclusion
Q4) What is a tort?
Q5) What are the three large categories of torts?
Page 8
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Chapter 7: Property, Real and Personal
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Q1) The tenant:
A) can will the property to someone else.
B) gets the possession of the property for some period.
C) has the reversion interest in the property.
D) can sell the property.
Q2) A lost property is a personal property:
A) that is acquired by someone through a validly executed will.
B) that has been placed somewhere by the owner or rightful possessor and he or she has forgotten where the property is located.
C) to which an owner has relinquished all right and title has been abandoned.
D) that the owner has accidentally allowed to leave his or her possession and control.
Q3) Discuss the fee simple property interest.
Q4) If the grantor of land orders that the land will go to a third party (i.e., not the grantor or grantee/life tenant) after the life estate is over then this is known as reversion.
A)True
B)False
Q5) List the various ways in which a person can acquire title to personal property.
Q6) How is title to real property transferred?
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Chapter 8: Business Crimes
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Q1) Entering into the agreement to perform an illegal act is called _____.
A) embezzlement
B) perjury
C) collusion
D) misappropriation
Q2) Which of the following crimes uses unfair marketing techniques and conduct designed to eliminate competition through unfair means?
A) Insider trading
B) Antitrust crimes
C) Embezzlement
D) Ponzi scheme
Q3) Price discrimination is an antitrust violation under the _____.
A) Federal Trade Commission Act
B) Robinson-Patman Act
C) Sherman Act
D) Clayton Act
Q4) What is embezzlement?
Q5) What is price discrimination?
Q6) What are the various constitutional rights of business?
Q7) What are the various categories of white collar crimes?
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Chapter 9: Secured Transactions and Bankruptcy
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Q1) For attachment, the creditor can enforce the security interest against third parties.
A)True
B)False
Q2) Filing an involuntary bankruptcy triggers an automatic stay of the debts owed.
A)True
B)False
Q3) What is meant by reaffirming a debt?
A) Securing a debt with the help of a collateral
B) Taking a loan for repaying the debt
C) Extending the time period allowed for repaying the debt
D) Voluntarily repaying a debt even after it has been discharged
Q4) A debtor that files under Chapter 11 can remain "in possession of the assets" while undergoing reorganization under Chapter 11, without the appointment of a trustee.
A)True
B)False
Q5) What are the two most common types of guarantees?
Q6) Discuss the significance of the '341' meeting.
Q7) Explain the following terms: Secured party, Security interest.
Page 11
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Chapter 10: Agency and Business Organizations
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Q1) All fiduciary relationships are agency relationships.
A)True
B)False
Q2) Which of the following is referred to as ratification?
A) Giving permission to an agent to carry out certain tasks without disclosing the identify of the principle
B) The liability of a principal for the tort of an agent
C) Affirmation by a person of a prior act which did not bind him but which was done on his account
D) The liability of an agent for the tort of a principal
Q3) In the case of partnership, partners owe each other a fiduciary duty of loyalty.
A)True
B)False
Q4) Which of the following terms best represents the authority that is communicated to an agent in writing or orally?
A) Apparent authority
B) Implied authority
C) Express authority
D) Inherited authority
Q5) Discuss the concept of the corporate veil.
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Chapter 11: The Employment Relationship and Equal Employment Opportunity
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Q1) The defense of business necessity can be used against discrimination claims that are based on disparate impact.
A)True
B)False
Q2) Discuss disparate impact.
Q3) According to the Executive Order 11246, those who contract to provide the federal government with goods or services worth $20,000 or more must conduct an audit of the workplace to determine if there is an underrepresentation of women or minorities in job categories traditionally closed to them.
A)True
B)False
Q4) Which of the following concepts is true regarding disparate impact?
A) In a disparate impact case, intent to discriminate must be shown directly.
B) Disparate impact is a group concept of discrimination rather than an individual one.
C) In a disparate impact case, intent to discriminate must be shown.
D) In disparate impact, the employee alleges that he or she was treated differently from other similarly situated employees regarding some aspect of employment.
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Chapter 12: Labor and Management Relations
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Q1) Which of the following is an important provision for employers in a collective bargaining agreement?
A) Union security
B) Freedom from slowdowns
C) Job security
D) Freedom from management security
Q2) If the employers refuse to bargain with the union representatives over pay hikes, it will be regarded as an unfair labor practice because:
A) pay hike is a mandatory subject of bargaining.
B) the Employee Free Choice Act says so.
C) pay hike is a permissive subject of bargaining.
D) the employers are prohibited from bargaining with the union.
Q3) What is meant by bargaining in good faith?
Q4) Under which provision did labor and management agree that union membership was a condition of employment for anyone coming into a unionized workplace?
A) Union shops
B) Agency shops
C) Closed shops
D) Open shops
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Chapter 13: Securities Regulation and Compliance
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Q1) When a company decides to go public, it must file a registration statement with the SEC. Which of the following statements is true regarding this registration process?
A) A registration becomes effective 10 days after the final change has been submitted to the SEC.
B) Tombstone ads can be published before the registration becomes effective.
C) Securities can be sold before the registration becomes effective.
D) The financial statements submitted for the registration process must be certified for the past six years. A registration becomes effective 20 days after the final change has been submitted to the SEC. No securities can be sold before the registration becomes effective however the tombstone ads can be published. However, tombstone ads may be published to announce the anticipated offering.
Q2) What is a stock?
Q3) Debt securities are represented by stocks and other instruments that qualify as assets.
A)True
B)False
Q4) In the context of Sarbanes-Oxley Act, what is meant by reporting up and reporting out?
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Chapter 14: Antitrust and Trade Regulation
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Q1) Give a few examples under which trade associations can be held liable for violation of the antitrust laws.
Q2) What is entrenchment?
Q3) A downstream merger occurs when the purchaser acquires the supplier.
A)True
B)False
Q4) Fresno Computers and Seattle Softwares are two computer manufacturing companies in the west coast of the U.S.A. They, non-contractually, agreed on a price range within which they will set the prices of their laptops. Under this situation:
A) they are not in violation of any antitrust laws because they only agreed upon a price range, not a definite fixed price.
B) the courts will not consider their agreement inherently anticompetitive and examine it as per the rule of reason approach.
C) they are not in violation of any antitrust laws because there was no written agreement between the two companies regarding the price fixing.
D) the courts will consider their act anticompetitive because price fixing agreements which merely affect price are also per se violations.
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Chapter 15: Intellectual Property
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Q1) Which of the following things is most likely to be patentable?
A) A law of nature
B) A distinct and new variety of plant produced asexually
C) A fundamental scientific principle
D) A mathematical formula
Q2) The purpose of section 1101 of the Copyright Act is to:
A) allow joint authorship for copyrights.
B) prevent unauthorized fixing or broadcasting of live musical performances.
C) protect trade secrets.
D) allow the Librarian of Congress to appoint the Registrar of the Copyright Office.
Q3) The _____ incorporate a trademarked name into their name and divert the hits on the website to their sites to make a profit from the online advertisers who paid per hit.
A) early adopters
B) cybersquatters
C) laggards
D) cyberpirates
Q4) Discuss briefly the Copyright Reform Act of 1976.
Q5) Discuss the fair-use doctrine in the context of copyrighting.
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Chapter 16: Environmental Law and Business
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Q1) If the ownership is of a nonflowing body of water, such as a lake, the doctrine of _____ gives the ownership of underwater property generally to anyone who owns land adjacent to such nonflowing water body.
A) prior appropriation
B) public trust
C) riparian rights
D) littoral rights
Q2) Give brief information on the Toxic Substances Control Act?
Q3) Which of the following is true regarding noise pollution?
A) Noise is strictly an urban problem.
B) The Environmental Protection Agency (EPA) still enforces noise abatement through the Clean Air Act.
C) The EPA's role currently is to investigate and study noise and its effects and to evaluate the effectiveness of noise on the public's health and welfare.
D) The Federal Aviation Administration is yet to have procedures to respond to the public about aircraft noise questions or complaints within the U.S.
Q4) Mention some of the doctrines and principles that address the issue of ownership of water.
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Chapter 17: International Law and Business
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Q1) The _____ is responsible for implementing and enforcing the Export Administration Regulations (EAR). It is charged with the development, implementation, and interpretation of U.S. export control policy for purely commercial commodities, dual-use commodities, software, and technology.
A) Bureau of Economic Analysis (BEA)
B) Office of Compliance
C) Bureau of Industry and Security (BIS)
D) Federal Judicial Center
Q2) The Red Cross is an intergovernmental organization.
A)True
B)False
Q3) Discuss characteristics of nongovernmental organizations.
Q4) The UN Convention on the International Sale of Goods is also known as the Vienna Convention.
A)True
B)False
Q5) Explain with an example, implications of cultural differences in international business.
Q6) Discuss the establishment of the World Trade Organization.
Q7) What are the three broad principles of the World Trade Organization (WTO)?
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