Legal Aspects of Business Exam Questions
Course Introduction
Legal Aspects of Business provides an overview of the fundamental laws and regulations impacting organizations and commercial activities. The course covers key topics such as contract law, company formation, intellectual property, labor laws, consumer protection, and dispute resolution mechanisms. Emphasis is placed on understanding the legal environment in which businesses operate, identifying legal risks, and applying legal principles to real-world business scenarios. Students will gain practical insights into how legal frameworks influence business decisions and learn to navigate the compliance requirements essential for ethical and lawful business operations.
Recommended Textbook
The Legal Environment of Business Text and Cases 8th Edition by Frank B. Cross
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35 Chapters
1251 Verified Questions
1251 Flashcards
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Page 2
Chapter 1: Business and Its Legal Environment
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42 Verified Questions
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Sample Questions
Q1) The Securities Exchange Commission is an administrative agency.The chief purpose of such agencies is to
A)act as liaisons between federal and state governments.
B)impose uniform laws on the states.
C)perform specific government functions.
D)standardize laws for the executive and judicial branches.
Answer: C
Q2) Law is a body of enforceable rules governing relationships among individuals and between individuals and their society.
A)True
B)False
Answer: True
Q3) A defendant is a person against whom a lawsuit is brought.
A)True
B)False
Answer: True
Q4) Constitutional law includes only the U.S.Constitution.
A)True
B)False
Answer: False
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Chapter 2: The Court System
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Sample Questions
Q1) A default judgment is entered against a party who fails to respond to the allegations in a complaint.
A)True
B)False
Answer: True
Q2) To prepare for a trial between Condo Development Corporation and Demo Construction Company,Condo's attorney places Demo's president under oath.An authorized court official makes a record of the attorney's questions and the officer's answers.This is
A)a cross examination.
B)a deposition.
C)e-evidence.
D)an interrogatory.
Answer: B
Q3) Hearsay evidence is testimony about a statement made by someone who was not under oath at the time.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Alternative and Online Dispute Resolution
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Sample Questions
Q1) Deepwell Drilling Service and Eco-Refuge,Inc. ,agree to have their dispute resolved in arbitration.The arbitrator makes an erroneous finding of fact.This is a ground for a court to
A)do nothing.
B)review the merits of the dispute.
C)review the sufficiency of the evidence.
D)set aside the award.
Answer: A
Q2) An arbitrator's award may be set aside if it was the result of corruption or fraud.
A)True
B)False
Answer: True
Q3) The award in court-annexed arbitration is always binding on the parties. A)True
B)False
Answer: False
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Chapter 4: Ethics and Business Decision Making
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Sample Questions
Q1) Lyle,vice-president of sales for Mi-T Electric,Inc. ,adheres to Judeo-Christian religious ethical standards.With respect to their application,these standards are A)absolute.
B)analytical.
C)discretionary.
D)utilitarian.
Q2) Chuckie,president of DrinkUp Fresh Beverages,Inc. ,does not apply utilitarianism to business ethical issues.One problem with utilitarianism is that it
A)gives business profits priority over production costs.
B)ignores the practical costs of a given set of circumstances.
C)requires complex cost-benefit analyses of simple situations.
D)tends to justify human costs that many find unacceptable.
Q3) Bribery of foreign government officials is both an ethical and a legal issue.
A)True
B)False
Q4) The legality of an action is always clear.
A)True
B)False
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6
Chapter 5: Constitutional Law
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Sample
Questions
Q1) A Massachusetts state statute imposes a prison term,without a trial,on all street entertainers who operate in certain areas.A court would likely review this statute under the principles of A)equal protection.
B)free exercise.
C)procedural due process.
D)substantive due process.
Q2) Ulrich,a citizen of Virginia,wants to enforce in the state of Washington certain rights that he has under a contract with Xtreme SnoBoards Inc.A Washington state court is most likely to enforce such rights under A)no provision in the U.S.Constitution.
B)the commerce clause.
C)the full faith and credit clause.
D)the privileges and immunities clause.
Q3) Congress can regulate all commerce in the United States.
A)True B)False
Q4) A law that has any impact on religion is unconstitutional.
A)True
B)False
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Chapter 6: Administrative Law
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Sample Questions
Q1) Frequently,disputes over violations of administrative rules are resolved through informal adjudication proceedings.
A)True
B)False
Q2) The Federal Trade Commission (FTC)orders GR8 Steaks Company to reveal certain information.GR8 Steaks complains to a court,arguing that the order is an abuse of the FTC's discretion.Like other agencies,the FTC can use a subpoena to
A)compel a party to testify,but not to obtain documents.
B)obtain any information except what a party refuses to reveal.
C)pressure a party to settle an unrelated matter.
D)reveal violations of the law.
Q3) A party can challenge an administrative regulation as so irrational as to be arbitrary and capricious.
A)True
B)False
Q4) The period for persons to comment on a proposed administrative rule must be at least thirty days.
A)True
B)False
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Chapter 7: Criminal Law and Cyber Crime
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Sample Questions
Q1) Ivan signs Jeb's name,without his authorization,to the back of a check.This is A)no crime.
B)forgery.
C)larceny.
D)robbery.
Q2) Thinking about killing someone constitutes the crime of attempted murder.
A)True B)False
Q3) Rashad accesses Quant Company's computer system without authority to obtain protected financial data.Under federal law,this is
A)a felony if it is committed for a commercial purpose. B)a felony if Quant brings a civil suit against Rashad.
C)not a crime.
D)a crime,but not a felony.
Q4) A stolen credit card is more likely to hurt a consumer than a merchant. A)True B)False
Q5) A wrongful mental state is typically required for criminal liability. A)True
B)False
9
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Chapter 8: International Law in a Global Economy
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Sample Questions
Q1) U.S.antidiscrimination laws,as they affect employment relationships,generally do not apply extraterritorially.
A)True
B)False
Q2) The United States taxes each barrel of imported oil at a flat rate.This is
A)an antidumping duty.
B)a dumping duty.
C)a quota.
D)a tariff.
Q3) Continents Two Corporation,a U.S.firm,establishes a wholly owned subsidiary firm in Argentina.In this situation,Continents Two retains complete control and authority over A)all of the operation.
B)only the part of the operation in the United States.
C)none of the operation.
D)about half of the operation.
Q4) The doctrine of sovereign immunity can immunize a foreign nation from the jurisdiction of U.S.courts.
A)True
B)False
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Chapter 9: Contract Formation
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Sample Questions
Q1) Kelsey promises to pay Jon,her son,$5,000 if he obtains his degree at Ivy University,where he is currently in his second year.Jon graduates.Kelsey is
A)not required to pay,because Jon was already at Ivy.
B)not required to pay,because obtaining a degree benefits Jon.
C)required to pay,because a job can be hard to find after college.
D)required to pay,because Jon obtained a degree at Ivy.
Q2) The only requirement of a valid contract is that it be voluntarily entered into.
A)True
B)False
Q3) To be effective,an offer must be communicated to the offeree.
A)True
B)False
Q4) Phil agrees to work for Vacation Resorts,Inc. ,as a chef.In determining whether a contract has been formed,an element of prime importance is
A)the parties' intent.
B)Phil's rate of pay.
C)the duration of the work.
D)Vacation Resorts's facilities.
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Page 11
Chapter 10: Contract Performance,breach,and Remedies
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Sample Questions
Q1) Most contracts are discharged by rescission.
A)True
B)False
Q2) Ray breaches his lease with Sunny Properties and vacates the premises six months before the end of the term.In some states,Sunny would have to
A)avoid reletting the premises to recover damages from Ray.
B)make reasonable efforts to relet the premises to mitigate damages.
C)relet the premises to recover damages from Ray.
D)sell the premises to recover damages from Ray.
Q3) When a contract party alters a written contract,the other party must adapt his or her performance accordingly.
A)True
B)False
Q4) Any breach excuses the nonbreaching party's duty to perform.
A)True
B)False
Q5) A duty to perform under a contract is never absolute.
A)True
B)False
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Chapter 11: Sales,leases,and E-Contracts
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Sample Questions
Q1) Tune Products,Inc. ,offers to sell to Unlimited Sales Company one hundred MP3 players at $50 a piece,subject to certain specific delivery dates.Unlimited replies with a signed purchase order that reads,"Accept your offer for 100 I-appliances at $50 each.Must be delivered to our warehouse." Tune does not respond or deliver the goods.Unlimited files a suit for breach of contract,to which Tune answers that there is no contract because Unlimited's purchase order contained additional terms and is not signed by Tune.Can Unlimited recover Explain.
Q2) Town Style Stores orders Hidebound-brand leather jackets from Cowhide & Cotton Company (CCC).CCC mistakenly ships denim jackets,which Town rejects and returns via Valu Transport,Inc.During the return,the jackets are lost.The loss is suffered by A)Town.
B)Hidebound.
C)Valu.
D)CCC.
Q3) If performance is commercially impracticable,the perfect tender rule no longer applies.
A)True
B)False
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Chapter 12: Torts and Cyber Torts
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Sample Questions
Q1) After two years of research and an investment of a substantial amount of money,Coast-to-Coast Company (CC)develops a new product that it hopes will produce substantial profits.CC learns that a competitor,National Sales,Inc. ,has made and begun to sell a nearly identical product.CC learns from a reliable source that National paid a CC employee to obtain the plans for CC's product when it was in development.What legal recourse does CC have against National
Q2) An act that causes indignity is sufficient to recover for the infliction of emotional distress.
A)True
B)False
Q3) An anonymous person posts online a defamatory message about Dewitt.Not knowing the poster's identity,Dewitt files a suit against "John Doe." Using the authority of the court,Dewitt can obtain from the poster's Internet service provider
A)an apology.
B)damages.
C)the identity of the poster.
D)nothing.
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Chapter 13: Strict Liability and Product Liability
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Sample Questions
Q1) Welding Systems,Inc.(WSI),makes welding torches,masks,and related products.A WSI product may be unreasonably dangerous due to
A)a defect in its design.
B)the expectations of its seller.
C)the intentions of its distributor.
D)the method of accounting of its maker.
Q2) An action in strict product liability requires that the product not be in a defective condition when the defendant sells it.
A)True
B)False
Q3) A product liability action may be based on warranty theories.
A)True
B)False
Q4) A manufacturer is not liable in strict product liability for injuries caused by commonly known dangers.
A)True
B)False
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15
Chapter 14: Intellectual Property and Internet Law
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Sample Questions
Q1) Sights Unseen,Inc. , (SUI)sells scopes with distinctively designed and made lenses and mirrors to scientists.Telescopes,Etc.Corporation later begins to sell scopes with identical set-ups of lenses and mirrors,without SUI's permission,to consumers.This is most likely
A)copyright infringement.
B)patent infringement.
C)trademark infringement.
D)none of the choices.
Q2) Rockstar Software,Inc. ,develops a new series of performance-related video games.The games are most likely protected by A)copyright law.
B)patent law.
C)trademark law.
D)trade secrets law.
Q3) Patent protection begins on the date that a patent is issued. A)True B)False
Q4) Patent infringement occurs only if an invention is copied in its entirety. A)True B)False
Page 16
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Chapter 15: Creditor-Debtor Relations and Bankruptcy
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Sample Questions
Q1) In a repayment plan case,the plan must provide for payment of all obligations in full.
A)True
B)False
Q2) Diego performs a contract with Elwood to add a swimming pool to Elwood's property,but Elwood does not pay.Diego can file a lien on Elwood's property if,from the last date labor or materials were provided,he acts
A)immediately.
B)within 60 to 120 days.
C)within two years.
D)within a reasonable time.
Q3) A debtor's vehicle is never exempt from satisfaction of a judgment debt.
A)True
B)False
Q4) On the entry of an order for relief in a reorganization case,the creditors generally take over the operation of the debtor's business.
A)True
B)False
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17
Chapter 16: Mortgages Foreclosures After the Recession
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Sample Questions
Q1) Brendan borrows $150,000 from Countywide Credit Union to buy a home.The loan is a fixed-rate mortgage at 5.5 percent with a thirty-year term secured by Brendan's home,which is his principal residence.When Brendan has paid off $10,000 of the mortgage-still owing $140,000-he loses his job and defaults on the loan.The market for homes has declined since Brendan took out the loan,and the value of the home at the time of default is $100,000.Despite the default,Brendan assures Countywide that he has accepted a new position,which will begin in six months.What are Brendan's options to recover the amount still owed on the mortgage Which option would most benefit these parties Why
Q2) Main Street Lenders,Inc. ,attempts to coerce Nolan-who specializes in determining the value of real and personal property-into misstating the value of a property on which a loan is to be issued.This is
A)a legal and ethical-but morally arguable-financial ploy.
B)a legal-but unethical-business practice.
C)a necessary tactic to generate a profitable loan in today's market.
D)a violation of the law.
Q3) There are additional disclosure requirements for a higher-priced mortgage loan.
A)True
B)False
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Page 18
Chapter 17: Sole Proprietorships, franchises, Partnerships
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Sample Questions
Q1) Good faith and fair dealing are not important in terminating a franchise relationship.
A)True
B)False
Q2) Sweet Styles,Inc. ,a franchisor of clothing stores,wishes to standardize the pricing practices of its franchisees that have engaged in price-cutting to increase their respective shares of the market.The most prudent action might be for Sweet to
A)mandate the prices at which its franchisees sell their products.
B)suggest the prices at which its franchisees sell their products.
C)require its franchisees to buy inventory exclusively from Sweet.
D)threaten its franchisees with a material breach of contract.
Q3) Some states require franchisors to provide presale disclosures to prospective franchisees.
A)True
B)False
Q4) A franchise is a contractual arrangement.
A)True
B)False
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19
Chapter 18: Limited Liability Companies and Limited Partnerships
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Sample Questions
Q1) A limited liability company must be managed by non-member managers.
A)True
B)False
Q2) Jack and Kyra are partners in Law Firm,LLP,a limited liability partnership.Jack supervises Kyra,who negligently fails to appear in court on behalf of Milo,a client.Liability to Milo rests with
A)Jack and Kyra.
B)Jack only.
C)Kyra only.
D)neither Jack nor Kyra.
Q3) Vijay is a member of Watchit,LLC,a limited liability company.Vijay is liable for Watchit's debts
A)in proportion to the total number of members.
B)to the extent of his capital contribution.
C)to the extent that the other members do not pay the debts.
D)to the full extent.
Q4) Normally,a dissociated member of an limited liability company (LLC)has the right to force the LLC to dissolve.
A)True
B)False
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Chapter 19: Corporations
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Sample Questions
Q1) Clark is a shareholder of Bedrest Mattress Company.Clark will be deemed to have a fiduciary duty to Bedrest and its minority shareholders if he has A)preferred stock.
B)a right of first refusal.
C)a sufficient number of shares to exercise de facto control.
D)watered stock.
Q2) Officers hire the directors and other executive employees.
A)True
B)False
Q3) A director must make a full disclosure of any potential conflict of interest that might arise in any corporate transaction.
A)True
B)False
Q4) When a third party harms a corporation,only the shareholders can bring a suit in the corporation's name against that party.
A)True
B)False
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21
Chapter 20: Agency
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Sample Questions
Q1) Emery is an agent for Downtown Market Corporation.Emery makes an innocent misrepresentation when entering into a contract on behalf of Downtown Market with Cool Fruits,Inc.Cool Fruits
A)is directly responsible for performing the contract.
B)is estopped from performing the contract.
C)may rescind the contract.
D)must ratify the contract.
Q2) A principal owes an agent a duty of estoppel.
A)True
B)False
Q3) An agency coupled with an interest is an agency created for the agent's benefit.
A)True
B)False
Q4) Normally,all employees who deal with third parties are deemed to be agents.
A)True
B)False
Q5) A principal may be liable for the tort of an agent committed within the scope of the agency or employment.
A)True
B)False
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Chapter 21: Employment Relationships
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Sample Questions
Q1) There is no general duty on employers to keep workplaces safe.
A)True
B)False
Q2) Emma,Frick,Glenda,and Huey are employees of different-sized employers in different industries.Under the Fair Labor Standards Act,a minimum wage must be paid to employees in
A)all industries.
B)covered industries only.
C)no industries.
D)small-business industries only.
Q3) Only state law governs drug tests of private-sector employees.
A)True
B)False
Q4) Nita works as an employee for Optimal Sales Corporation.To protect Nita and other employees from arbitrary discharge,courts have created exceptions to the employment-at-will doctrine based on
A)an implied agency theory.
B)a public policy theory.
C)a standard operating agreement theory.
D)a "fair and balanced" theory.
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Chapter 22: Employment Discrimination
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Sample Questions
Q1) Refer to Fact Pattern 22-2A.To succeed with a claim against COC under the Americans with Disabilities Act,Beth will have to show that
A)Beth consistently met the essential requirements of her job.
B)COC refused to make reasonable accommodation for Beth.
C)Dian is unqualified for Beth's position.
D)the doors were installed as an act of intentional discrimination.
Q2) Protection against retaliation under the Civil Rights Act of 1964 does not extend to an employee who speaks out about discrimination on his or her own initiative.
A)True
B)False
Q3) State employers are not immune from private suits brought by employees under the Age Discrimination in Employment Act of 1967.
A)True
B)False
Q4) A tangible employment action is a significant change in employment status or benefits.
A)True
B)False
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Chapter 23: Immigratiion and Labor Law
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Sample Questions
Q1) During a union election campaign at Builders & Pavers Corporation,the employer asks the employees to publicly state their personal views on unionization.This is an unfair labor practice
A)only if it is a condition of continued employment.
B)only if the employees do not want to state their views.
C)under all circumstances.
D)under no circumstances.
Q2) An employer who violates the law by hiring an unauthorized alien is subject only to the penalty of a forced discharge of the employee.
A)True
B)False
Q3) Clerical Workers Union demands that Miracle Medical Research Company hire unnecessary workers.This most likely violates
A)federal labor law.
B)state right-to-work laws.
C)federal wage-and-hour laws.
D)no federal or state law.
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Chapter 24: Consumer Protection
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Sample Questions
Q1) Wheels & Deals Corporation is subject to the Truth-in-Lending Act,which is a key statute regulating the credit and credit-card industries and concerns
A)the credit-worthiness of financial institutions.
B)the disclosure of credit terms.
C)the limits on types of credit.
D)the limits on types of debt.
Q2) Darren wants to go into the business of direct merchandise sales.What are the legal problems that Darren might encounter in telemarketing In selling door-to-door In marketing over the Internet In soliciting sales through the mail
Q3) Milo buys an all-terrain-vehicle (ATV)from No-Limit Toys,Inc. ,on credit but makes no payments on the account.Odell,the owner of No-Limit Toys,calls Milo at home on a Monday morning at three a.m.Odell represents himself as PayNow Collection Agency and demands payment "or else." The next day,Odell sends Milo notice that he has thirty days to request verification of the debt,during which its payment will be suspended,but that if he does not pay the full amount due within five business days,Odell will arrange for the "destruction of Milo's good credit rating." Which laws has Odell violated,if any,and in what ways
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26
Chapter 25: Environmental Law
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Sample Questions
Q1) ChemoCorp,Inc. ,makes and sells pesticides.If a substance is identified as harmful and the harm is imminent,the Environmental Protection Agency can
A)conduct an inspection of ChemoCorp's plant.
B)declare the substance to be unregulated and allow its production.
C)ignore the risk if the benefit outweighs the harm.
D)order the substance to be sold in an adulterated form.
Q2) Different standards for air quality apply to existing sources of pollution and major new sources.
A)True
B)False
Q3) Cozy City lies on the shore of a bay that empties into the Atlantic Ocean.Downcycler Waste Company picks up garbage and trash from local businesses.Further inland,Eschew Corporation collects radioactive waste from the local utility's nuclear power plant.On the other side of the bay,Fort Cozy Military Base stores chemical warfare supplies for disposal.Can Downcycler,Eschew,or Fort Cozy dump their waste in the ocean
Q4) Any point source emitting pollutants into water must have a permit.
A)True
B)False
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Chapter 26: Real Property Land-Use Control
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Sample Questions
Q1) A profit is the right to make limited use of another person's real property without taking anything from the property.
A)True
B)False
Q2) The owner of a fee simple absolute has the right to use property for whatever purpose he or she sees fit.
A)True
B)False
Q3) County Zoning Commission classifies Dale's vacant land as single-family residential.This is not in accord with the general plan,which designates the area commercial.Surrounding parcels are zoned commercial.Under the equal protection of the Fourteenth Amendment,this is A)an exercise of the state's police power.
B)a taking.
C)a zoning variance.
D)discriminatory.
Q4) Plant life is not considered to be real property.
A)True
B)False
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Chapter 27: Antitrust and Monopoly
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Sample
Questions
Q1) Health World Corporation may be engaging in conduct that violates the Sherman Act.To bring an action against the firm requires that its conduct have a significant impact on
A)international commerce.
B)Internet commerce.
C)interstate commerce.
D)intrastate commerce.
Q2) Monopsony power is market power on the buy side of a market.
A)True
B)False
Q3) Seaside Cannery,Inc. ,is one of many producers of canned seafood.Seaside refuses to sell its products to Port Harbor Restaurant Corporation.Under antitrust law,this refusal is most likely
A)a per se violation.
B)a violation if its competitors make similar deals.
C)a violation if it thereby acquires monopoly power.
D)not a violation.
Q4) The basic purpose of antitrust law is to restrict competition.
A)True
B)False
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Chapter 28: Antitrust and Restraints of Trade
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Sample Questions
Q1) Electroplate Dishware Corporation conditions shipments of its products to Flo-Thru Stores,Inc. ,on Flo-Thru's agreement not to buy products from Glassy Ware Company,Electroplate's competitor.This is
A)an exclusive-dealing contract.
B)a smart business deal.
C)a trade association.
D)a tying arrangement.
Q2) Maximum resale price maintenance agreements are per se violations of antitrust law.
A)True
B)False
Q3) For purposes of price discrimination,identical products sold under different labels are deemed to be of like quality.
A)True
B)False
Q4) Minimum resale price maintenance agreements are subject to analysis under the rule of reason.
A)True B)False
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Chapter 29: Investor Protection and Corporate Governance
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Q1) Refer to Fact Pattern 29-1A.Fresh decides to sell its new securities via the Internet.This offering
A)will avoid the payment of commissions to brokers or underwriters.
B)is an investment scam.
C)is a Ponzi scheme.
D)constitutes insider trading.
Q2) "Forward-looking" financial forecasts are protected against liability for securities fraud.
A)True
B)False
Q3) Under the Sarbanes-Oxley Act of 2002,chief executive officers no longer need to certify the accuracy of information in corporate financial statements.
A)True
B)False
Q4) The Securities Exchange Act of 1934 is a one-time disclosure law.
A)True
B)False
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Chapter 30: Part I: The Foundations
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Q1) In the pursuit of profits,Global Enterprises Corporation engages in what some observers consider to be bad corporate behavior.The worldwide explosion of information technology has led to a transparent global economy that makes socially responsible behavior
A)more important.
B)less important.
C)neither more nor less important.
D)both more and less important.
Q2) Sustainability-economic development that meets the needs of the present without compromising the ability of future generations to meet their needs-is directly addressed by
A)no U.S.statute or other nation's law.
B)U.S.federal environmental laws.
C)other nations' laws but no U.S.statute.
D)international law only.
Q3) Ethical behavior on the part of Plastics Products Company may be inhibited by
A)clear ethical standards.
B)collective decision making.
C)legislative determinations of what represents society's best interest.
D)managers' dissent to unethical decisions.
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Chapter 31: Part II: The Public and International Environment
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Q1) Catalyst Corporation is a small,U.S.-based business that makes sophisticated polymers for export.Under the National Export Initiative,the federal government is
A)erecting barriers to deny free access to foreign markets.
B)boosting lending to small businesses,especially for export purposes.
C)placing less emphasis on exports than other governments.
D)playing a less active role in promoting exports in emerging markets.
Q2) Arnie posts online a note that "I have good pix of child & me" with a link to several pictures of minors engaged in sex.Arnie is charged with violating a statute that makes it a crime to distribute material intended to make others believe it is child pornography.He argues that the statute is unconstitutional.The court is most likely to hold that the statute is
A)unconstitutional because it criminalizes speech.
B)unconstitutional because it is overbroad.
C)unconstitutional because it is impermissibly vague.
D)valid because it does not prohibit a substantial amount of protected speech.
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Chapter 32: Part III: The Commercial Environment
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Q1) Hamidi,a coffee farmer in Kenya,forms an alliance with Guthrie,an importer and marketer in Ireland.Their products carry a Fair Trade label.This means that Hamidi
A)accepts whatever price for his products that the market will bear.
B)produces crops with genetically modified organisms.
C)puts children to work whenever possible.
D)uses environmentally sustainable farming methods.
Q2) Merchandise Presentation Company enters into a contract with Newt to perform certain services for a certain price.Newt is later dissatisfied with what he claims is a low level of service for a high price.Whether this deal is unconscionable is subject to
A)the interpretation of a court.
B)the opinion of the buyer.
C)the position of the seller.
D)the precise definition in UCC 2-302.
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Chapter 33: Part IV: The Business Environment
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Q1) Beyond Gamez,Inc. ,a video game retailer based in California,does business in all fifty states exclusively online.According to New York state tax law,an out-of-state online retailer must collect and remit state taxes to New York if the retailer
A)plans to establish a substantial physical presence in New York.
B)targets a potential marketing base in New York.
C)maintains a Web site accessible in New York.
D)pays a party within New York to solicit business for its products.
Q2) Logan is a director for Metal Masters Company.Ordinarily,Logan owes fiduciary duties only to
A)himself.
B)Metal Masters's creditors.
C)Metal Masters's personnel.
D)Metal Masters's shareholders.
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Chapter 34: Part V: The Employment Environment
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Q1) Paisley works for Rick's Air Conditioning & Heating Service.Reasons for holding Rick's liable under the doctrine of respondeat superior for Paisley's tort injuring Nikki do not include the employer's
A)ability to afford Nikki more effective relief.
B)ability to pay for Nikki's injury.
C)control over Paisley.
D)guilt or innocence.
Q2) Desmond is Cassandra's agent.Despite ethical concerns,Cassandra's legal duties to Desmond do not include A)compensation.
B)cooperation. C)loyalty.
D)reimbursement.
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Chapter 35: Part VI: The Regulatory Environment
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Q1) The U.S.Green Building Council verifies that a building meets certain standards before issuing a Leadership in Energy and Environmental Design (LEED)certification.Lolly hires Myron,a subcontractor,and insists that his work conform to the requirements of the LEED rating system.If the standards are not conformed to,then
A)certain tax credits may not be available.
B)the U.S.Green Building Council may impose sanctions.
C)Lolly must pay "just compensation" to the local zoning authority.
D)Myron may be denied a zoning variance.
Q2) Sayer is an employee of Thorny Foliage Eradication,Inc.Sayer tweets messages about Thorny Foliage to employees and outside interested parties,including investors and others.According to the Securities and Exchange Commission,Sayer's messages are subject to
A)federal securities laws.
B)international communications regulations.
C)state blog and tweet rules.
D)no law.
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