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Questions and Answers of Business Law

Match the following terms with their defi nitions:___ A. Term agreement___ B. Apparent authority___ C. Agency at will___ D. A duty of an agent___ E. Implied authority1. When two parties make no
True or False:1. A principal is always liable on a contract, whether he is fully disclosed, unidentified, or undisclosed.2. When a contract goes wrong, a third party can always recover damages from
(Multiple-Choice Questions)1. A principal will not be liable to a third party for a tort committed by an agent:A. Unless the principal instructed the agent to commit the tortB. Unless the tort was
Roy Watson sold vacuum cleaners door-to-door as an independent contractor for T & F. Before hiring Watson, the president of T & F checked with two of his former employers but could not remember if he
Radio TV Reports (RTV) was in the business of recording, transcribing, and monitoring radio and video programming for its clients. The Department of Defense (DOD) in Washington, D.C. was one of
Sara Kearns went to an auction at Christie’s to bid on a tapestry for her employer, Nardin Fine Arts Gallery. The good news is that she purchased a Dufy tapestry for $77,000. The bad news is that
Jack and Rita Powers purchased 312 head of cattle at an auction conducted by Coffeyville Livestock Sales Co. They did not know who owned the cattle they bought. The Powers, in turn, sold 159 of this
This is a tale of marital woe. At the urging of her husband, Phyllis Thropp placed $40,000 in a brokerage account with her husband’s friend Richard Gregory, a broker at Bache Halsey. Mrs. Thropp
1. Antonia wants to buy a car. The dealer permits her to take an automobile home to show her mother. On the way home, she gets into an accident. Is Antonia an agent for the dealer? (If she is, the
Match the following terms with their definitions:___ A. GAAS___ B. Tracing___ C. Qualified opinion___ D. GAAP___ E. Vouching___ F. Unqualified opinion1. Rules for preparing financial statements2.
True or False:1. Auditors are only liable under the 1933 Act if they intentionally misrepresent financial statements.2. Auditors generally are not liable if they follow GAAP and GAAS.3. Accountants
1. To be successful in a suit under the Securities Act of 1933, the plaintiff must proveImportantMistake in the PlaintiffRegistration LostStatement MoneyA. No ........YesB. No .........NoC. Yes
Color-Dyne printed patterns on carpets. After reviewing the company’s audited financial statements, the plaintiff s provided materials to Color-Dyne on credit. These financial statements showed
James and Penelope Monroe purchased securities offered by Hughes Homes, Inc., a retailer of manufactured housing in Tacoma, Washington. During its audit, Deloitte & Touche found that Hughes Homes’
The British Broadcasting Corp. (BBC) broadcast a TV program alleging that Terry Venables, a former professional soccer coach, had fraudulently obtained a £1 million loan by misrepresenting the value
Medtrans, an ambulance company, was unable to pay its bills. In need of cash, it signed an engagement letter with Deloitte & Touche to perform an audit that could be used to attract investors.
1. As this example illustrates, what is the advantage of using GAAP?2. What is the moral of this story?
1. Is GAAP enough to protect investors?2. Is there a solution to this problem?
1. What does “material” mean?2. What is the problem with this kind of manipulation?
What else could the firm have done?
Are the directors of a corporation agents of the shareholders?
1. Why would the Taylors be liable for Kenny’s negligence? Why?2. Was there an explicit agency agreement?
1. Did the Taylors have control over their yard? Could Joyce have asked Kenny to stop mowing her yard?2. Was Kenny acting as an agent for the Taylors?
Was the Federal Express employee an agent of the DEA?
Is a basketball player on scholarship an agent of the university team for which he plays>
1. What are the tree elements of an agency relationship?2. Didn’t Folk consent to do what BU wanted him to do, namely, play basketball?3. And didn’t Folk have to follow the guidelines and rules
And because of his scholarship wasn’t Folk obligated to put Boston University’s needs before his own?
Do all employees owe a duty of loyalty to their employer?
Does it make sense to hold low-level employees to the same standard as high-ranking employees?
Did Klein violate his fiduciary duty to Harrison by using confidential information after the agency relationship terminated?
What did Klein do wrong?
1. Klein felt he had been unfairly fired by the Beatles. What if he had simply told Bright Tunes information about “My Sweet Lord” out of spite, not to benefit himself?2. Suppose that, during his
1. Is there anything wrong with what KPMG did?2. What is a fiduciary duty?3. If KPMG wanted to start a consulting business, what should it have done?
Oliver and Campbell signed a contract agreeing that Campbell would represent Oliver in his divorce. Near the end of the trial, Oliver decided he would handle the case himself and fired Campbell. Does
Did Joan have the right to convey the Shelburne farm to a trust that she had established? Does the property belong to the trust or to Mr. Gagnon?
1. What is a power of attorney?2. When does it expire?
1. Mr. Gagnon never explicitly told Joan that he had revoked the power of attorney, so why wasn’t she still operating under it at the time she transferred the property into the trust?2. But Mr.
1. Does Anne Dawson have express authority to act for the Pure Brush Company?2. Does she have implied authority?3. Does she have any authority?
1. What has Pure Brush Company done to make Connie Lynch believe that Dawson was authorized to act?2. Is there anything else the company could have done?
1. Did Lambo and Kennedy have express or implied authority to sell the worthless stock?2. How practical would it have been for Paulson to tell customers that it had not approved of these particular
What did Paulson do to confer apparent authority?
How practical would it have been for Paulson to tell customers that it had not approved of these particular securities?
Is it fair to hold Paulson liable for something it did not know about? Would it be fair to hold the Pure Brush Company liable for Anne Dawson’s unauthorized actions?
Did the roommate who left town have apparent authority in this case?
1. Is this rule fair? William Zeckendorf used agents to purchase a large parcel of land without any of the sellers knowing he was behind the deal. Whatever happened to a “meeting of the minds”?2.
Is it fair for Coffeyville to be liable? What did it know about the cattle?
What is the liability of Christie’s in these sales?
1. Why wouldn’t Morris be liable on the contract?2. Did Morris intend to be personally liable on the contract?3. Did Hopkins know about the LLC?4. Is Morris personally liable on the contract?
Why would he be liable if Hopkins knew she was working for “Ct. Arena Football II, LLC”? Wasn’t Morris an agent for a disclosed principal?
1. What is a master?2. What is a servant?3. Are all agents servants?4. What kind of agent is an employee?
1. Why do we care whether an agent is a servant or an independent contractor?2. You said “generally not liable for the torts of an independent contractor.” When is a principal liable for these
Did the trial court properly grant Furr’s motion for summary judgement? Is Duran entitled to a trial?
1. Then why would the store be liable for his assault on Duran?2. Was the store negligent?
What are the policy arguments in favor of holding the principal liable for the torts of an independent contractor if the principal was negligent in hiring him?
1. What is the policy argument against holding the principal liable for the torts of an independent contractor if the principal was negligent in hiring him?2. Was Romero an agent for Furr’s?3. Was
I thought principals were only liable for the negligent torts of their agents. Romero’s tort was intentional.
Did Coopers’ negligence cause the loss to Oregon?
1. Was Coopers negligent in advising Oregon on the gain from the sale of its subsidiary?2. Did this negligence cause a delay in Oregon’s public offering?3. Did Oregon receive less money in the
1. After work, Evans went to someone’s house to socialize. On his way home from the party, he ran into O’Connor. How could that possibly be within the scope of the McDonald’s business?2. But
1. Is Coopers liable for this harm that resulted from its negligence?2. What did cause Oregon’s harm?3. What caused this decline?
I’m still confused. Could you give another example?
Liberatore’s abuse of Doe happened while Liberatore was employed by Sacred Heart, how then could the court conclude that the abuse did not happen during the scope of Liberatore’s employment?
1. Did Alexander Grant breach its duty of trust to Wagenheim and CDS?2. What should Alexander Grant have done?
What does the Court mean when it says “a reasonable jury could conclude that the Diocese, Sacred Heart, and Bishop Timlin were negligent or reckless in supervising and retaining Liberatore” and
1. Was CDS having financial problems?2. What would an accountant normally do after discovering such a discrepancy?3. What did Alexander Grant do?
1. What is wrong with protecting its clients? Weren’t Alexander Grant’s motives completely pure?2. Once it resigned, could it then warn its other clients?3. Wouldn’t its clients have been angry
What evidence was there that the Defendants were negligent or reckless in retaining or supervising Liberatore?
1. Who hires the accounting firm and pays its bill?2. What incentive does that create for the auditors?3. Who, besides company officers, is concerned about the company’s financial health?4. What
What duty do the auditors owe to the board of directors?
Do we know whether the Diocese, Sacred Heart or Timlin knew that Doe was sleeping in Liberatore’s bed at the rectory? Does that matter?
Was Grant Thornton liable to Ellis for its negligence in preparing keystone’s financial statements?
1. Grant Thornton was negligent in preparing Keystone’s financial statements. Was Ellis harmed by this negligence?2. Was Grant Thornton liable to Ellis? Why not?
Why wasn’t Ellis within the group covered by the Restatement doctrine?
Was KPMG’s failure to disclose this information a material omission? Should the accounting firm be liable to investors?
1. What caused the value of the Fund to fall sharply?2. Did investors understand that they would lose money if rates went up?3. So what were the investors complaining about?
1. But did these undisclosed facts affect the outcome of the investment?2. So, again, what were the investors complaining about?3. Was KPMG liable?
Was Price Waterhouse liable for fraud? Did it act with scienter?
1. Why did Altris’s shareholders file suit against Price Waterhouse?2. Did Price Waterhouse admit any wrongdoing?
Were there warning signs that Price Waterhouse should have noticed?
Is Price Waterhouse liable?
Is this outcome fair?
1. Was Potts responsible for the Kahler audit?2. Did he know there was a problem with the Kahler audit?3. Why would the company want to do that?4. Why was Potts so careless?
1. What did Potts do?2. What else did he do?3. What should Potts have done?
1. What is the purpose of the accountant-client privilege?2. Does the accountant-client privilege mean that an accountant cannot disclose anything her client tells her?3. To which of the questions in
Would a company be liable if its employees download copyrighted software or sent libelous e-mails? Would cyberspace guidelines reduce a company’s liability?
Was Liberatore acting within the scope of his employment? Was the Church negligent in hiring and supervising him? Was the Church liable for his criminal acts?
Match the following terms with their definitions:___ A. Employee at will___ B. Public policy rule___ C. FLSA___ D. Wrongful discharge___ E. OSHA___ F. Whistleblower1. A federal statute that ensures
Circle true or false:1. An employee may be fired for a good reason, a bad reason, or no reason at all.2. An employee may be fired if she disobeys a direct order from her boss not to join a labor
True or False:1. The federal government has the right to inspect workplaces to ensure that they are safe.2. Any employer has the right to insist that employees submit to a lie detector test.3.
(Multiple Choice Question)1. Mike is an employee at will. “You’re fired!” says Regina, his boss. “Why?” asks Mike. “Never mind why,” Regina replies. “I can fire you for any reason at
When Theodore Staats went to his company’s “Council of Honor Convention,” he was accompanied by a woman who was not his wife, although he told everyone she was. The company fired him. Has
When Walton Weiner interviewed for a job with McGraw-Hill, Inc., he was assured that the company would not terminate an employee without “just cause.” McGraw-Hill’s handbook said, “[The]
Debra Agis worked in a Ground Round restaurant. The manager, Roger Dionne, informed the waitresses that “there was some stealing going on.” Until he found out who was doing it, he intended to
Reginald Delaney managed a Taco Time restaurant in Portland, Oregon. Some of his customers told Mr. Ledbetter, the district manager, that they would not be eating there so often because there were
Nationwide Insurance Co. circulated a memorandum asking all employees to lobby in favor of a bill that had been introduced in the Pennsylvania House of Representatives. By limiting the damages that
1. Mark Lewis says he was fired for refusing to sell customers parts and service that they did not need. What is the difference between being an aggressive salesperson and committing fraud? How many
What did it want Mark Lewis to say?
1. Did Firestone expect Lewis to break the law?2. What if Firestone had simply ordered him to tell customers that their cars needed maintenance when he did not believe that to be the case, and then
Does the public policy doctrine protect an employee from being fired for disagreeing with his boss at a hearing?
Why did Ormet fire Wells?

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