Introduction to Law Test
Preparation
Course Introduction
Introduction to Law provides students with a comprehensive overview of the legal system, its principles, and its role in society. The course examines the foundations of law, including its sources, types, and classifications, while introducing students to key legal concepts such as rights, duties, justice, and liability. Students will explore the structure and functions of courts, the process of legal reasoning, and the relationship between law and ethics. Through case studies and practical examples, the course also highlights the impact of law on individuals, organizations, and communities, preparing students for more advanced studies in legal disciplines.
Recommended Textbook
Business Law 17th Edition by Arlen W Langvardt
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Chapter 1: The Nature of Law
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Q1) The critical legal studies movement regards law as the product of political calculation and longstanding class biases on the part of lawmakers.
A)True
B)False
Answer: True
Q2) According to the U.S.Constitution,treaties made by the president with foreign governments and approved by two-thirds of the U.S.Senate validate inconsistent state and federal laws.
A)True
B)False
Answer: False
Q3) Which of the following is false about the power of courts?
A)Courts are not absolutely bound to favor one technique of statutory interpretation over another.
B)Courts can distinguish prior decisions in common law cases.
C)State supreme courts can overrule their own prior decisions.
D)Courts can make or interpret law in the absence of a case.
Answer: D
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3
Chapter 2: The Resolution of Private Disputes
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Q1) Which of the following situations would not satisfy a state's long-arm statute?
A)The defendant committed a tort while in the state.
B)The defendant wrote a defamatory statement about one of the state's residents on a website.
C)The defendant committed a tort outside of the state that nonetheless caused harm to the state.
D)A business buys and sells good within the state.
Answer: B
Q2) What is a court's power to hear a case and to issue a decision binding on the parties called?
A)Jurisdiction
B)Prerogative
C)Venue
D)Assignment
Answer: A
Q3) As in a criminal case,a defendant in a civil case may not be compelled by the plaintiff to testify.
A)True
B)False
Answer: False
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Chapter 3: Business and the Constitution
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Q1) Which of the following is applied to the equal protection standard?
A)The due process test
B)The still-controlling test
C)The proximate cause test
D)The rational basis test
Answer: D
Q2) Federal restrictions that forbid beer producers from listing the alcohol content of their beer on product labels are unconstitutional.
A)True
B)False
Answer: True
Q3) In the case discussed in the text,Kelo v.City of New London,the plaintiff challenged whether:
A)the land-use restriction constituted a taking.
B)his type of property was subject to the Takings Clause.
C)he received just compensation for the taking of his property.
D)the government's taking was for a public use.
Answer: D
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5
Chapter 4: Business Ethics, Corporate Social Responsibility,
Corporate Governance, and Critical Thinking
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Q1) The Sarbanes-Oxley Act requires public companies to have board audit committees comprising only independent directors.
A)True
B)False
Q2) How can a corporation improve its corporate governance and corporate responsibility?
Q3) Which of the following factors can impose direct penalties for corporate misbehavior?
A)Market forces
B)Corporate management
C)Labor unions
D)Investors
Q4) Which of the following is not contemplated when a person "buys time" after being asked to do something he thinks might be unethical?
A)Seek advice and assistance from other people
B)Find more facts
C)Prepare to lose the job
D)Evaluate the ethics of the action
Page 6
Q5) What is confirmation bias and how can it be detrimental? How can it be avoided?
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Chapter 5: Criminal Law and Procedure
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Q1) During a Terry stop,officers may not conduct a pat-down search of an individual without a warrant.
A)True
B)False
Q2) Which of the following is the infliction of deserved suffering on violators of society's most fundamental rules?
A)Rehabilitation
B)Deterrence
C)Probation
D)Retribution
Q3) According to the law,crimes are statutory offenses;this essentially means that:
A)it must be proved that the crime is dangerous or detrimental to society.
B)a behavior is not a crime unless Congress or a state legislature has criminalized it.
C)the prevention of crime should include deterrence and rehabilitation.
D)courts may assess punitive damages in order to punish the wrongdoer.
Q4) Voluntary intoxication usually serves as a complete defense to criminal liability.
A)True
B)False
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Chapter 6: Intentional Torts
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Q1) For a battery to exist,the plaintiff must be aware of a harmful or offensive contact at the time that contact occurs.
A)True
B)False
Q2) A party other than the person who initially made a defamatory statement may be liable along with the original speaker or writer if that other party served as a ________ of the defamatory falsehood but not if the other party was a mere ________.
A)publisher;distributor
B)distributor;listener
C)distributor;publisher
D)publisher;listener.
Q3) ________ is defined as the desire to cause certain consequences or the substantial certainty that those consequences will result from one's behavior.
A)Intent
B)Negligence
C)Liability
D)Battery
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Chapter 7: Negligence and Strict Liability
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Q1) If an individual can foresee that his/her actions will cause a risk of harm to another,then the individual has a duty to protect that other person from harm.
A)True
B)False
Q2) Patrick sues Derek for negligence.During the trial,it is determined that Patrick's negligence was 40 percent responsible for his injury,and Derek's negligence was 60 percent responsible.Patrick's losses total $10,000.Under a pure comparative negligence system,Patrick will recover:
A)nothing.
B)$4,000.
C)$6,000.
D)$10,000.
Q3) Negligence per se is defined as negligence where one party is a citizen of a foreign nation.
A)True
B)False
Q4) What are the strategies followed by the tort reform movement?
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9
Chapter 8: Intellectual Property and Unfair Competition
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Q1) CW,Inc.publishes Consumer Watchdog,a magazine whose articles consist of the writers' personal experiences with and reactions to a variety of products.In the June 1997 issue of Consumer Watchdog,a review included this statement: "Fungus Co.'s 'Fungo' brand athlete's foot powder doesn't cut the mustard in comparison to most athlete's foot powders on the market--and I've tried them all,sports fans.Fungo fails to attack athlete's foot with enough force because the product doesn't contain AF88,the active ingredient in any decent athlete's foot powder." In fact,Fungo contains as much AF88 as any other athlete's foot powder on the market.Fungus Co.has filed suit against CW on the theory that the above statements violated section 43(a)of the Lanham Act.On these facts,should Fungus win the section 43(a)case? Why or why not? Would Fungus have success under any other claims?
Q2) Even though no one else had developed an invention like that of the patent applicant,the application will be denied if,at the time of the invention,the invention would have been obvious to a person having ordinary skills in the area.
A)True
B)False
Q3) Discuss a criticism of the first-to-file policy.
Q4) Why does the law disfavor noncompetition agreements?
Q5) What is the first-to-invent rule?
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Chapter 9: Introduction to Contracts
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Sample Questions
Q1) Which types of transactions are governed by the Uniform Commercial Code?
A)Contracts for the sale of goods.
B)Contracts for services.
C)Contracts for the sale of land.
D)Any commercial contract,whether for goods,services,or land.
Q2) The ________ of contracts is court-made law that is in a constant state of evolution.
A)Common law
B)Statutory law
C)The Uniform Commercial Code
D)Administrative law.
Q3) Why was the emergence of large corporations so important in shaping the 20th century contract law?
Q4) Standardized contracts present the dangers that the party who signs the contract:
A)will not know what he is agreeing to.
B)will be defrauded.
C)will not have enough time to read the agreement as a whole.
D)will not understand he is signing a binding agreement.
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11
Chapter 10: The Agreement: Offer
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Q1) Which of the following offerors is free to revoke his offer?
A)An offeror that agreed to keep an offer open without consideration.
B)An offeror,who is a merchant,agreed in writing to sell goods and gave assurances that the offer would remain open.
C)An offeror of a unilateral contract where the offeree already started performance.
D)An offeror who promised to keep an offer open without consideration,but later changed his mind and the offeree foreseeably and reasonable relied on the offeror's promise.
Q2) A(n)________ is a separate contract in which an offeror agrees not to revoke her offer for a stated time in exchange for some valuable consideration.
A)offer
B)option
C)bid D)advertisement
Q3) The offeror's death automatically terminates an offer,but the offeree's death does not.
A)True
B)False
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Chapter 11: The Agreement: Acceptance
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Q1) Under the mailbox rule,the acceptance of an offer is effective at the time the acceptance is dispatched unless:
A)both the offeror and offeree are merchants.
B)the offer proposes a sale of real estate.
C)the acceptance is not in the authorized mode of communication.
D)the acceptance is lost or never reaches the offeror.
Q2) What is the "mailbox rule"? What risk does it create for the offeror?
Q3) Which party to contract negotiations is the master of the offer and can specify what behavior is necessary to constitute a valid acceptance?
A)The Offeror
B)The Offeree
C)The Secretary of State
D)The court
Q4) A bilateral contract is accepted when the offeree:
A)performs the requested act.
B)makes the promise requested by the offer.
C)accepts the offer in silence without prior indication.
D)makes additional inquiries regarding the terms.
Q5) Why is an offeree's silence not considered to be acceptance of an offer?
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Chapter 12: Consideration
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Q1) Michael and William contracted for Michael to mow William's lawn once a week for 20 weeks,at a price of $20 per week.Later,without terminating the first contract,the parties modify the contract as follows: Michael will mow William's lawn in exactly the same way for exactly the same time period,in exchange for William's promise to pay Michael $22 per week.There is no consideration for William's promise.
A)True
B)False
Q2) David,a debtor,owes debts to creditors Paul,Mark,and Gary.Paul,Mark,and Gary agree with each other and with David to release him from his debts,in exchange for his promise to pay Paul,Mark,and Gary 75 percent of the amount he owes each of them.This is called a composition agreement,and such agreements generally are binding contracts.
A)True
B)False
Q3) A contract in which one party to the agreement agrees to buy all of the other party's production of a particular commodity is called a requirements contract.
A)True
B)False
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Page 14
Chapter 13: Reality of Consent
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Q1) Which of the following statements,if false,is most likely to create liability for fraud or misrepresentation?
A)"This rare antique chair is probably worth $10,000."
B)"This crane will lift a 10,000-pound load."
C)"This car is a perfect gem."
D)"In my opinion,this car is in flawless mechanical condition."
Q2) Which of the following is not required to prove innocent representation?
A)The fact asserted was material.
B)The complaining party entered the contract because of his reliance on the fact asserted.
C)The complaining party's reliance was reasonable.
D)The fact asserted constituted a mistake of law.
Q3) A party who has the right to rescind a contract may do so at any time.
A)True
B)False
Q4) A fact is considered to be material in a misrepresentation case when:
A)the misrepresentation is considered to be innocent.
B)it plays a significant role in inducing a person to enter into a contract.
C)it is relied upon by a person,even though it could not possibly be true.
D)it is similar to an opinion or promise about some future happening.
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Chapter 14: Capacity to Contract
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Q1) ________ refers to the position a person was in before the creation of the contract.
A)Restitution
B)Status quo
C)Estoppel
D)Bargaining position
Q2) Three days before she was judicially declared mentally incompetent and institutionalized,Irma bought a $50,000 automobile by cash and took delivery of it.Which of the following is true about this contract?
A)It is voidable at the discretion of the seller.
B)The contract is voidable due to Irma's institutionalization.
C)The contract cannot be disaffirmed because it was fully executed.
D)Irma ratified the contract by paying the price of the car.
Q3) Which of the following is true of contracts involving intoxicated parties?
A)The rules are similar to the ones for people with a mental incapacity.
B)Courts are generally sympathetic to people involved in such contracts.
C)A person incapacitated by intoxication can disaffirm at any period of time.
D)In most such cases,people have escaped their contractual obligations.
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Page 16
Chapter 15: Illegality
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Q1) Courts will provide a remedy for the breach of illegal agreements.
A)True
B)False
Q2) Which of the following is NOT a requirement in the enforceability of a noncompetition clause?
A)The noncompetition clause must serve a legitimate business purpose.
B)The noncompetition clause must be regarding the sale of goods.
C)The restriction on competition must be reasonable in time,geographic area,and scope.
D)The noncompetition clause should not impose an undue hardship.
Q3) Statutes that impose a significant license fee and allow anyone who pays the fee to obtain a license are usually classified as ________.
A)regulatory
B)revenue raising
C)enabling
D)transparent
Q4) Describe the three criteria that need to be fulfilled to enforce a noncompetition clause.
Q5) What is an exculpatory clause?
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Chapter 16: Writing
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Q1) Mr.Green signs a memorandum of understanding with Mr.Blue to buy his widgets.Mr.Green signs the last page of the memorandum by writing his initials in cursive.A court will enforce the agreement between Mr.Green and Mr.Blue.
A)True
B)False
Q2) In the case in the text,Browning v.Poirier,the court held that:
A)Poirier was entitled to a judgment in her favor because the statute of frauds required the agreement to be in writing.
B)Poirier was entitled to a judgment in her favor because evidence showed that Browning did not contribute to the purchase of the winning lottery ticket.
C)Browning was entitled to judgment in his favor because the agreement was to continue as long as the parties were involved in a romantic relationship.
D)Browning was entitled to judgment in his favor because the statute of frauds did not require the agreement to be in writing.
Q3) Arnold promised to sell his car to Adams in lieu of full payment of his debt.However,in the written contract,Adams had forgotten to specify which car he wants to sell.Is there any remedy?
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Page 18
Chapter 17: Rights of Third Parties
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Q1) The transfer of a right under a contract is called assignment.
A)True
B)False
Q2) A contract may be enforced by a third-party beneficiary if that beneficiary:
A)is an incidental beneficiary.
B)is a witness to the contract.
C)is the intended beneficiary.
D)has given some consideration.
Q3) A third party is categorized as a donee beneficiary when:
A)the promisee's primary purpose in contracting is to make a gift of the agreed-on performance to the third party.
B)the benefit derived by the third party was merely an unintended by-product of a contract that was created for the benefit of those who were parties to it.
C)he/she is unable to establish that the contract was made with the intent to benefit him/her.
D)the promisor's performance is intended to satisfy a legal duty that the promisee owes to the third party.
Q4) What is the purpose of vesting?
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Page 19
Chapter 18: Performance and Remedies
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Q1) What is the term for a condition that is specified in a contract?
A)Express condition
B)Implied condition
C)Corporate condition
D)Bilateral condition
Q2) In general,an employee who has been fired and who wants to sue for breach of contract need not do anything to limit or mitigate his damages,such as looking for another job.This would unfairly benefit an employer who has wrongfully breached a contract.
A)True
B)False
Q3) What is the term for a condition that is not stated in the contract but is created by the nature of the transaction between parties?
A)Express condition
B)Implied-in-fact condition
C)Corporate condition
D)Bilateral condition
Q4) A condition subsequent cannot be a valid reason for the discharge of a duty. A)True
B)False
Page 20
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Chapter 19: Formation and Terms of Sales Contracts
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Q1) Frank,a business law professor who has never sold a car before;sells his 1995 Honda Civic to Wanda.This sale is governed by:
A)the common law of contracts.
B)Article 2 of the UCC.
C)Article 2A of the UCC.
D)section 208 of Restatement (SeconD)of Contracts.
Q2) Which of the following statements regarding when a person with voidable title sells a good to a good-faith purchase is false?
A)Good-faith purchasers can do nothing to avoid injury.
B)The rightful owners of goods have the opportunity to protect themselves.
C)The rightful owners of goods bear the burden of collecting from fraudulent buyers.
D)A seller who has a voidable title cannot pass good title to a good-faith purchaser.
Q3) A music store lets Laura take a guitar home with her so that Laura can test how it plays.After playing the guitar for a day,Laura puts it on her sofa and forgets about it.Two weeks later,the guitar is damaged due to a fire.Who must bear the risk of loss for the damage to the guitar?
Q4) What is the UCC approach to the risk of loss of goods during transportation?
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21
Chapter 20: Product Liability
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Q1) Which of the following factors will be most important in determining whether an express warranty has been created concerning goods sold?
A)The seller's description of the goods formed the basis of the bargain.
B)The buyer or seller is a merchant with respect to the goods being sold.
C)The seller intended to create the express warranty.
D)The buyer relied on the seller's statements.
Q2) In the case in the text,Bissinger v.New Country Buffet,what was one reason why the intermediate court held that the trial court's decision to grant the suppliers' motion for summary judgment was proper?
A)The suppliers' labels were insufficient because they failed to mention death as a potential risk.
B)The suppliers' labels were insufficient to meet the reasonable care standard.
C)The suppliers had no ability to directly warn customers of restaurants.
D)The suppliers were responsible because the object found in the food did not naturally occur in that food.
Q3) Mental distress and pain and suffering are examples of noneconomic damages.
A)True
B)False
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Chapter 21: Performance of Sales Contracts
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Q1) UCC section 2-301 outlines what basic duty of the buyer?
A)To pay a price on the goods that gives seller a profit
B)To designate an agent in each state the buyer operates
C)To accept and pay for conforming goods shipped by the seller
D)To be honest to creditors regarding the sales contract
Q2) The goods required for the performance of a contract are destroyed without fault of either party prior to the time that the risk of loss passed to the buyer.In this case,
A)the contract cannot be cancelled.
B)the contract is voided.
C)the seller will not be excused.
D)the seller has to make good for the loss.
Q3) A(n)________ occurs when the buyer and/or the seller delegates their duties or rights to someone else.
A)major modification
B)transfer
C)consignment
D)assignment
Q4) List a few scenarios under which sellers may be excused from performing contractual obligations.
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Chapter 22: Remedies for Breach of Sales Contracts
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Q1) If the parties agree on a reasonable amount of damages that will be paid to the injured party,this amount is known as ________.
A)liquidated damages
B)unconscionable damages
C)punitive damages
D)unenforceable damages
Q2) Under UCC section 2-712,the buyer is required to seek cover during a breach of contract dispute.
A)True
B)False
Q3) A buyer breaches a contract with a seller.If the contract states the manner in which resale of the goods is to be made,which of the following statements is false?
A)The courts will enforce the agreement unless it is found to be unconscionable.
B)The seller should make it clear that the goods he is selling are those related to the broken contract.
C)The buyer must assist the seller in finding a new buyer.
D)The resale must be made in good faith and in a commercially reasonable manner.
Q4) Explain the concept of a buyer's right to cover.
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Chapter 23: Personal Property and Bailments
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Q1) Kato checked out a book (Freeloading for Fun and Profit)from the library.While he was reading it,he discovered three $50 bills in the book.Is the money lost,mislaid,or abandoned property? Why is this determination significant?
Q2) When personal property is used in conjunction with real property in such a way as to be treated as part of the real property,it is known as a ________.
A)consideration
B)gift
C)fixture
D)bailment
Q3) While eating dinner at a restaurant,Elvis placed his backpack on an empty chair located next to his table.When Elvis left the restaurant,he forgot to pick up the backpack.A few minutes later,Priscilla discovered the backpack and took possession of it.What rights to the backpack do Elvis,Priscilla,and the restaurant have?
Q4) Under the Uniform Transfers to Minors Act,a minor is an individual under the age of 18.
A)True
B)False
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Chapter 24: Real Property
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Q1) Alex executed a deed in favor of Baxter which conveys in his favor whatever title he has at the time he executes the deed.This deed is called a warranty deed.
A)True
B)False
Q2) The term ________ is used to describe the nature of a person's ownership interest in real property.
A)tenancy
B)fixture
C)estate
D)easement
Q3) In the sale of a home,which of the following would likely be treated as a fixture?
A)A couch to match the upholstery
B)A ceiling fan
C)A lawn mower
D)A new console table
Q4) Remote control devices used for automatic garage doors are examples of fixtures.
A)True
B)False
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Chapter 25: Landlord and Tenant
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Q1) Which of the following statements about the rights of the tenant is false?
A)The tenant has the right to exclusive possession and quiet enjoyment of the property during the term of the lease.
B)Generally,a landlord is not entitled to enter the leased property without the tenant's consent.
C)The tenant may use the leased premises for any lawful purpose that is reasonable and appropriate,unless such activity is limited in the lease.
D)The tenant has the right to receive the leased residential property in a habitable condition only at the beginning of the lease.
Q2) Which of the following is true of eviction?
A)The law gives landlords the power to forcibly evict tenants who default on rents.
B)An eviction results when the tenant unjustifiably vacates the leased premises.
C)It results from a breach of contract by a tenant.
D)The tenant need not be given a notice before eviction.
Q3) International law regulates lease terms in the United States.
A)True
B)False
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Chapter 26: Estates and Trusts
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Q1) A gift is given to the testator's issue or descendants,with each surviving descendant dividing the share that his or her parent would have taken if the parent had survived.This is known as division ________.
A)per stirpes
B)per capita
C)inter vivos
D)causa mortis
Q2) The residuary is the remaining property of a person's estate after bequests and devises have been made.
A)True
B)False
Q3) Lineal descendants-the children and grandchildren of a person-are known as: A)devises.
B)issue.
C)residuary.
D)obligees.
Q4) A bequest is a gift of personal property or money provided in a will.
A)True
B)False
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Chapter 27: Insurance Law
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Q1) What lawsuit should an insurer file to resolve uncertainty over whether it must defend a policyholder under the scope of a liability policy?
A)A subrogation action
B)A declaratory judgment action
C)An indemnity action
D)A reservation of rights action
Q2) The insurable interest requirement with regard to property insurance:
A)may be waived by a writing signed by the insured and insurer.
B)may be satisfied by a person other than the legal owner of the property.
C)must be satisfied at the time the policy is issued.
D)must be satisfied by the insured's legal title to the property at the time of loss.
Q3) With respect to property insurance,the insurable interest requirement:
A)need only be satisfied at the time the policy is issued.
B)must be satisfied both at the time the policy is issued and at the time of the loss.
C)will be satisfied only if the insured owns the property in fee simple absolute.
D)will be satisfied by an insured who possesses a lienhold interest in the property.
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Chapter 28: Introduction to Credit and Secured Transactions
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Q1) What Article of the UCC deals with carriers' liens and warehousemen's liens?
A)Article 2
B)Article 7
C)Article 3
D)Article 1
Q2) What does the term "judgment-proof" imply about a debtor?
A)He/she has defaulted on a mortgage.
B)He/she has paid the full amount for the transaction.
C)He/she has provided a security interest for the debt.
D)He/she has no property subject to execution.
Q3) Xavier deeds to Peter,a trustee,his property in the form of security for the loan,which is lent by Smith,the beneficiary of the trust.The nature of this transaction renders it as a deed of trust.Under these circumstances,if Xavier defaults to pay the loan,which of the following is the appropriate way in which Smith can recover his loan?
A)By asking Xavier to enter into an action and sale contract
B)By exercising the right of exoneration
C)By exercising right of reimbursement
D)By notifying Peter to sell the property
Q4) Explain why the surety-guarantor distinction is important.
Page 30
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Chapter 29: Security Interests in Personal Property
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Q1) The secured party whose interest in fixtures is perfected will have priority where the security interest is perfected prior to the time the goods become fixtures.
A)True
B)False
Q2) Which of the following is most likely to be perfected by the secured party's possession of the collateral?
A)A security interest in inventory
B)A security interest in consumer goods
C)A security interest in general intangibles
D)A security interest in equipment
Q3) In 2000,Samson Dsouza submits a financing statement to perfect his security interest against Kevin.In 2006,Samson tries to attach a security interest in the property.Will Samson succeed in the attachment of the security interest?
A)Samson will succeed since he has filed his financing statement.
B)Samson will not succeed because the financing statement lapsed.
C)Samson may enforce his security interest by filing a continuation statement.
D)The security interest will automatically be enforced.
Q4) What is the general priority rule established by the Uniform Commercial Code?
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Chapter 30: Bankruptcy
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Q1) Which of the following would be eligible for a discharge in bankruptcy?
A)Sole proprietor
B)LLC
C)Corporation
D)Partnership
Q2) In the case in the text,In re Rogers,the court found in favor of Rogers and held that she was entitled to her full homestead exemption.In reaching this conclusion,the court analyzed:
A)the statute's legislative history.
B)preemption law.
C)whether Wallace was entitled to recover as a matter of law.
D)when exactly Wallace and Rogers entered into the contract.
Q3) As demonstrated in the case in the text,In re Bernard Madoff Investment Securities,a trustee:
A)can initiate a criminal action against a fraudulent debtor.
B)can seek to avoid monies paid as part of a fraudulent transfer.
C)can seek to prevent discharge of the debtor's unpaid liabilities.
D)can require the debtor to provide a full accounting under oath after an allegation of fraud.
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Page 32
Chapter 31: Negotiable Instruments
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Q1) In 1990,Revised Article 3 of the UCC was developed,which has now been adopted by all 50 states.
A)True
B)False
Q2) Which of the following statements in regard to the "fixed amount" requirement for negotiable instruments is false?
A)If a variable rate of interest is prescribed,the amount of interest is calculated by trade standards.
B)The requirement of a "fixed amount" applies only to principal.
C)If the description of the interest in the instrument does not allow the amount of interest to be ascertained,then interest is payable at the judgment rate in effect at the time interest first accrues.
D)Interest may be stated in the instrument as a fixed or variable amount of money.
Q3) Under the Revised Article 3 of the UCC,variable interest rate notes are not negotiable.
A)True
B)False
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Chapter 32: Negotiation and Holder in Due Course
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Q1) Under the most modern revision to Article 3,a depositary bank cannot become a holder of a check that is deposited by a customer without an indorsement.
A)True
B)False
Q2) In some circumstances, Revised Article 3 allows a person to become a holder by negotiation even though the transfer of possession is involuntary.
A)True
B)False
Q3) Negotiation,as defined by the UCC in section 3-201,is the transfer of a negotiable instrument by one person to another person.
A)True
B)False
Q4) With limited exceptions,a ________ indorsement is not an effective indorsement and prevents a person from becoming a holder.
A)qualified
B)special
C)restrictive
D)forged
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Chapter 33: Liability of Parties
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Q1) When a person is ________,he or she is released from liability.
A)liquidated
B)converted
C)dismissed
D)discharged
Q2) If Jay signs Mila's name to a negotiable instrument without Mila's authorization or approval:
A)the signature is not effective as the signature is of the unauthorized signer.
B)the signature cannot be ratified later by the person represented.
C)the signature does not bind the person whose name appears.
D)Jay is not liable on the check.
Q3) If a person is ________ Article 3 precludes her from using an alteration or lack of authorization as a reason for not paying a holder in due course.
A)forgetful
B)ignorant
C)negligent
D)deemed incompetent
Q4) How can an indorser avoid secondary liability on the instrument? Can an indorser disclaim transfer warranty liability?
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Chapter 34: Checks and Electronic Transfers
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Q1) A drawer's written stop-payment order is valid for six months and the drawer can extent it for an additional ________ by giving the bank instructions in writing to continue the order.
A)six months
B)30 days
C)90 days
D)month
Q2) Under the Electronic Funds Transfer Act how many days do operators of EFT systems have to investigate errors or provisionally recredit a consumer's account?
A)10 working days
B)60 days
C)14 working days
D)90 days
Q3) A drawer's written stop-payment order is valid for:
A)six months,unless the drawer extends it in writing.
B)only 14 days,and can be extended if the drawer sends a written order.
C)one year,unless it is renewed in writing.
D)a check of $500 and above.
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Chapter 35: The Agency Relationship
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Q1) The legal relations between agent and subagent closely parallel the legal relations between principal and agent.
A)True
B)False
Q2) Which of the following best represents an agent's duty of segregation?
A)The agent should not deal with the principal's property so that it appears to be the agent's.
B)The agent should not profit or receive any other benefit from acting on behalf of the principal.
C)The agent has a duty to act within her actual authority and to obey the principal's reasonable instructions.
D)The agent may not use or communicate confidential information of the principal for the agent's own purpose.
Q3) Under the theory of agency law,the agent is required to follow whose instructions?
A)The principal
B)The subagent
C)The incorporator
D)The organizer
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Chapter 36: Third-Party Relations of the Principal and the Agent
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Q1) ________ means that the principal's rights and liabilities are what they would have been if the principal had known what the agent knew.
A)Notification
B)Authorization
C)Ratification
D)Imputation
Q2) What is the most important factor in considering whether an agent is an employee?
A)The express authority vested in the agent.
B)The intention of the principal regarding the relationship.
C)The beliefs of the agent regarding the relationship.
D)The principal's right to control the agent's work.
Q3) ________ is the authority the principal wants the agent to possess and is based on the principal's communications or manifestations to the agent.
A)Apparent authority
B)Actual authority
C)Incidental authority
D)Traditional authority
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Page 38
Chapter 37: Introduction to Forms of Business and Formation of Partnerships
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Q1) Which of the following is true about a partnership?
A)It is not a tax-paying entity for federal income tax purposes.
B)Business losses are deductible based on the limit on a partner's individual tax return.
C)It does not have a life apart from its owners.
D)Partners of a partnership do not assume personal liability for obligations of the business.
Q2) Loans made by partners to a partnership are:
A)partnership property.
B)partnership capital.
C)partnership cash flow.
D)partnership liabilities.
Q3) A ________ is found when an arrangement is made not to establish an ongoing business involving many transactions,but is limited to a single project.
A)corporation
B)limited liability company
C)partnership
D)joint venture
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Chapter 38: Operation of Partnerships and Related Forms
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Q1) A trading partnership:
A)borrows money to avoid cash flow problems.
B)engages in providing services.
C)has no substantial inventory.
D)buys but does not sell merchandise.
Q2) A partnership agreement of a large auditing firm states that no partner shall provide auditing services except on behalf of the partnership.Violation of this clause is an example of:
A)a breach of a partner's duty to account.
B)a breach of a partner's duty to serve.
C)a breach of a partner's duty of care.
D)conduct that would constitute competing with the partnership.
Q3) Which of the following is true about implied authority?
A)It is the sole determinant of a partner's actual authority.
B)It is determined with reference to what is usual business for partnerships of the same general type.
C)It exists because it reasonably appears to a third party that a partner has authority to do an act.
D)It may contradict a partner's express authority.
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Page 40
Chapter 39: Partners Dissociation and Partnerships
Dissolution and Winding up
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Q1) ________ may be proved by a creditor's knowledge of a partner's withdrawal and his continued extension of credit to the partnership.
A)Implied novation
B)Actual novation
C)Apparent novation
D)Express novation
Q2) Which of the following is a mutual agreement,between all parties concerned,for the discharge of a valid existing obligation by the substitution of a new valid obligation on the part of the debtor or another?
A)Novation
B)Ratification
C)Accession
D)Proclamation
Q3) Which of the following is true about partnership rules for mining partnerships?
A)Mining partnerships are easiest to dissolve.
B)The transferability of mining partnership interest is restricted.
C)A mining partner may sell his interest to another person.
D)The death of a mining partner affects a dissolution.
Q4) Discuss a partner's authority to borrow money during winding up.
Page 41
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Chapter 40: Limited Liability Companies, limited
Partnerships, and Limited Liability Limited Partnerships
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Q1) In general,the ULPA does not grant partners much power to expel other partners from the partnership.
A)True
B)False
Q2) Amanda and Sally are close friends who form a limited partnership to open a salon.They refuse to put a buyout clause for withdrawing partners in the limited partnership agreement,assuming that their friendship and business will last forever.Amanda,as a general partner,contributes $100,000 and Sally,as a limited partner,contributes $125,000.Two years later,Sally accuses Amanda of falsifying data and withdraws from the limited partnership.How much will Sally receive from the limited partnership?
A)$125,000
B)$10,000
C)$100,000
D)$0
Q3) A majority of the members of an LLC must agree to the plan of merger.
A)True
B)False
Q4) Kallie and Lisa wish to start XYZ Limited Liability Company.What steps do they need to take in order to establish it?
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Chapter 41: History and Nature of Corporations
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Q1) In Supply Chain Assocs. ,LLC v.ACT Elecs. ,Inc. ,the case in the text,which of the following was not a factor the court considered when it determined that the corporate veil should not be pierced?
A)Although Sun Act was a controlling shareholder of ACT,it did not own all of its stock.
B)Sun Act acted fraudulently in its business with ACT.
C)Sun Act supplied ACT with some operating funds.
D)Separate corporate boundaries were maintained.
Q2) The corporate form of business has facilitated the rapid growth of development by allowing businesses to attain economies of scale compared to other forms of businesses by:
A)giving businesses a greater capacity to raise capital.
B)imposing unlimited management responsibilities on the owners.
C)maximizing the owners' liabilities.
D)granting the persons who control a corporation limited flexibility in operating it.
Q3) A corporation is a legal entity independent of its owners.
A)True
B)False
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Chapter 42: Organization and Financial Structure of Corporations
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Q1) Pedro is a corporate promoter for Nolo Corporation,a corporation yet to be formed.Pedro spends $40,000 of his own money and devotes 400 hours to bring Nolo and its business into existence.When Nolo is incorporated,Pedro asks the board of directors to issue some of its common shares to Pedro as compensation for his expenses and services.Would such an issuance be legal?
Q2) ABC is a nonprofit corporation formed by Alex.As its promoter,Alex made a few contracts with Johnsons,Inc.The following year,Alex formed another for-profit company.Meanwhile,Johnsons,Inc.claimed that Alex has not honored the contracts he made with them as promoter of ABC.Is Alex personally liable for those contracts? If not,what remedies are available for Johnsons,Inc.?
Q3) A corporation is required to reimburse a promoter for her reasonable expenses incurred on behalf of the corporation prior to incorporation.
A)True
B)False
Q4) Corporations are generally liable on preincorporation contracts signed by their promoters.
A)True
B)False
Page 44
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Chapter 43: Management of Corporations
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Q1) Alvin and Billy own 70 percent of Beta Corporation.Claude owns 30 percent of Beta Corporation.Alvin and Billy consistently vote and act in ways that only benefit them and harm Claude.Claude may claim oppression as a minority shareholder.
A)True
B)False
Q2) Directors' meetings:
A)require a majority number of directors to attend,called a quorum.
B)are always called after reasonable notice to the directors.
C)are always required in order for the board to take action.
D)permit directors to cast up to three votes each.
Q3) The board of directors of a nonprofit corporation must have at least ________ director(s).
A)one
B)three
C)eight
D)five
Q4) Officers of a corporation are also agents of the corporation.
A)True
B)False
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Chapter 44: Shareholders Rights and Liabilities
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Q1) A ________ is a lawsuit brought to gain out-of-court settlements for the complaining shareholders personally or to earn large attorney's fees,rather than to obtain a recovery for the corporation.
A)derivative action
B)double derivative suit
C)strike suit
D)class action
Q2) If a shareholder class action suit is unsuccessful and has no reasonable foundation,the court may order the suing shareholder to pay:
A)the defendants' punitive damages.
B)the defendants' reasonable litigation expenses,including attorney's fees.
C)the defendants' compensatory damages for any damage to their reputations.
D)the defendants' reasonable litigation expenses,excluding attorney's fees.
Q3) Most state statutes and the Model Business Corporation Act (MBCA)provide that a quarterly meeting of shareholders shall be held.
A)True
B)False
Q4) Under what circumstances can a shareholder have liability for corporate debts?
Q5) Atria Corporation wishes to dissolve.How can it do so?
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Chapter 45: Securities Regulation
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Q1) Mel is a securities broker who holds shares in Beanbag Inc.Mel does not disclose this to his customer Kim,whom he advises to buy Beanbag shares.Mel hopes that by not disclosing his conflict of interest,he will influence Kim to buy the shares.Kim,believing the information on Beanbag shares is given from Mel's disinterested point of view,declares that buying Beanbag shares "sounds like an excellent idea" and purchases the shares.Which of the following statements is most accurate?
A)Kim cannot hold Mel liable because Mel did not make a misstatement of material fact.
B)Kim will have to prove that Mel acted negligently in order to prove a Rule 10b-5 violation.
C)Kim will most likely be able to make a successful claim against Mel under Rule 10b-5.
D)Mel did not have a duty to disclose his conflict of interest to Kim.
Q2) Which of the following instruments is NOT considered to be a security?
A)Mortgage notes
B)Treasury stock
C)Certificate of interest
D)Investment contract
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Chapter 46: Legal and Professional Responsibilities of
Auditors, Consultants, and Securities Professionals
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Q1) Ritz Co.wished to acquire Smart Inc.In conjunction with its plan of acquisition,Ritz hired Felix,a CPA,to audit the financial statements of Smart.Based on the audited financial statements and Felix's unqualified opinion,Ritz acquired Smart.Within six months,it was discovered that the inventory of Smart had been overstated by $500,000.Ritz commenced an action against Felix.Ritz believes that Felix failed to exercise the knowledge,skill,and judgment commonly possessed by CPAs in the locality,but is unable to prove that Felix either intentionally deceived it or showed a reckless disregard for the truth.Ritz is also unable to prove that Felix had any knowledge that the inventory was overstated.Which of the following would provide Ritz with a proper basis for prevailing in a lawsuit against Felix?
A)Negligence and breach of contract
B)Gross negligence and fraud
C)Negligence and fraud
D)Gross negligence and breach of contract
Q2) Professionals' tort liability to their clients may be based only on the common law concepts of negligence and fraud.
A)True
B)False
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Chapter 47: Administrative Law
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Q1) The difference between executive agencies and independent agencies is that:
A)independent agency heads are appointed by Congress.
B)independent agency heads serve fixed terms in office.
C)executive agency heads are appointed by executives of corporations.
D)executive agency heads can be removed by Congress.
Q2) A rule made by an agency through the informal rulemaking method can become effective only:
A)45 days after the publication of the rule in its final form in the Federal Register.
B)45 days after the publication of a "Notice of Proposed Rulemaking" in the Federal Register.
C)30 days after the publication of the rule in its final form in the Federal Register.
D)30 days after the publication of a "Notice of Proposed Rulemaking" in the Federal Register.
Q3) The "fourth branch" of government is not bound by basic constitutional guarantees such as due process,equal protection,and freedom of speech,just as the three traditional branches are.
A)True
B)False
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Chapter 48: The Federal Trade Commission Act and Consumer
Protection Laws
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Q1) The Magnuson-Moss Warranty Act of 1975 mainly applies to:
A)presale agreements for products used for commercial purposes.
B)written warranties for products used for consumer purposes.
C)presale agreements for products used for consumer purposes.
D)written warranties for products used for commercial purposes.
Q2) The FTC focuses on ________ when it attacks unfair acts or practices.
A)free and fair trade
B)antitrust action
C)consumer harm
D)anticompetitive behavior
Q3) The main federal body concerned with the safety of consumer products is the Federal Trade Commission.
A)True
B)False
Q4) The FDCPA requires a collector to give a debtor certain information about the debt:
A)within ten days of the collector's first communication with the debtor.
B)within ten days of the debtor receiving the credit amount.
C)within five days of the collector's first communication with the debtor.
D)within five days of the debtor receiving the credit amount.
Page 50
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Chapter 49: Antitrust: the Sherman Act
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Q1) The activities of a corporation and its wholly owned subsidiary will not constitute the concerted action necessary for a violation of Section 1 of the Sherman Act.
A)True
B)False
Q2) Which of the following situations is most likely a case of Sherman Act Section 1 violation?
A)A manufacturer unilaterally assigns exclusive territories to its dealers.
B)A manufacturer unilaterally suggests a retail price to its dealers for its products.
C)A manufacturer causes its dealers to agree not to sell outside their dealership territories.
D)A manufacturer limits the dealerships it grants in a particular geographic area.
Q3) The potential anticompetitive effect of a tying agreement is that the seller's competitors in the sale of the tied product may be foreclosed from competing with the seller for sales to customers that have entered into tying agreements with the seller.
A)True
B)False
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and Immunities
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Q1) Gorgeous is a conglomerate and its major businesses include department store chains and grocery store chains.Gorgeous recently acquired Connect Corp. ,a mobile-network operator.Connect has the third-largest share of the mobile-network market.This is Gorgeous's first venture into the mobile-network business.Which of the following theories is the most appropriate one for challenging Gorgeous's acquisition of Connect under Section 7 of the Clayton Act?
A)Elimination of actual potential competition
B)Potential reciprocity
C)Unfair advantage
D)Elimination of perceived potential competition
Q2) Section 2(b)of the Robinson-Patman Act allows a seller to price discriminate in certain geographic areas if the competition has a lower price.According to Section 2(b),what can the seller lower the price to?
A)To the same price as the competitor
B)To any price that beats the competitor
C)10% discount off the list price of the seller
D)50% discount off the list price of the seller
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Page 52
Chapter 51: Employment Law
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Q1) The federal and state governments are exempt from which of the following acts?
A)The Family and Medical Leave Act
B)The Fair Labor Standards Act
C)The Equal Pay Act
D)The Occupational Safety and Health Act
Q2) For an employee to recover under a workers' compensation system,what percentage of negligence must the employer be found guilty of?
A)The employee does not need to prove employer negligence
B)The employer must be 51% negligent for the injury
C)The employer must be more than 30% negligent for the injury
D)The employer must be more than 75% negligent for the injury
Q3) The 1967 Age Discrimination in Employment Act (ADEA)prohibits age-based employment discrimination against employees who are at least ________ years of age.
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Chapter 52: Environmental Regulation
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Q1) EPA has set national ambient air quality standards for:
A)chlorofluorocarbons.
B)sulfur oxide.
C)carbon dioxide.
D)methane.
Q2) Volatile organic compounds (VOCs)combine with ________ under the influence of sunlight to become ozone-also known as smog.
A)nitrogen oxides
B)carbon monoxide
C)chlorofluorocarbons
D)sulfur oxides
Q3) The permit program for any dredging or filling activity in a wetland is administered by the:
A)Army Corps of Engineers.
B)Wetland Preservation Board.
C)Environmental Protection Agency.
D)National Institute of Health.
Q4) How does the Clean Water Act regulate wetlands?
Q5) How are the cleanups of hazardous waste sites required by CERCLA funded?
Page 54
Q6) What is meant by the term "National Priority List"?
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