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business
business law legal environment

Questions and Answers of Business Law Legal Environment

Thought of as a “catchall” statute designed to cover unfair methods of competition, the ______ prohibits anticompetitive conduct that may fall outside of other antitrust laws.a. Federal Trade
When a borrower pledges certain properties of value as a guarantee that she will pay the debt back, the creditor is called a _____ party.a. Lenderb. Securedc. Collaterald. Indebted
NewCo is a start-up venture applying for a bank loan. Because NewCo has no assets, the bank asks the owners of NewCo to pay back the loan from personal assets only in the event that NewCo defaults.
The primary protection for a debtor who files for bankruptcy, which immediately halts any collection efforts by creditors, is called _________.a. Accord and satisfactionb. Workoutc. Order for
Which warranty applies when a buyer relies on a seller’s promises that a product can be used in a certain way that is not necessarily its ordinary use?a. Expressb. Implied—merchantabilityc.
The use of the words “as is” or “with all faults” are typically sufficient to ______ express and implied warranties.a. Affirmb. Disclaimc. Conferd. Assert
Which amendment provides the right to a speedy trial?a. Firstb. Secondc. Fourthd. Sixth
Which of the following elements is/are necessary to protect a trade secret?a. Independent economic valueb. Efforts to maintain secrecyc. Fixed mediumd. (a) and (b)
Which of the following is an example of the arbitrary or fanciful trademark?a. Uberb. Netflixc. Smartphoned. Hilton Hotels
A start-up venture begins to market a new online service called “Foodbook” that targets consumers looking for a particular dish at a restaurant. If Facebook sues the venture under trademark laws,
Which of the following is not required in order for an invention to receive a patent?a. Noveltyb. Nonobviousc. Used in commerced. Proper subject matter
What term is used to describe the general notion that nations will defer to and give effect to the laws and court decisions of all nations?a. Comityb. Mutual aidc. Benefit doctrined. Equal protection
The Foreign Corrupt Practices Act (FCPA)includes which of the following provisions?a. Anti-briberyb. Record keepingc. Dispute resolutiond. Both (a) and (b)
Ahab, a U.S. citizen, orders a whale harpoon from Ishmael Corporation, which is located in the United Kingdom. When the harpoon arrives, Ahab discovers it is defective and seeks relief under the
When the seller is to provide transportation at the seller’s expense only to the carrier named by the buyer, the correct INCO term is:a. FOBb. EXWc. FCAd. WTO
International trademark policy is primarily governed by the:a. Berne Conventionb. Paris Conventionc. Madrid Protocold. Both (b) and (c)
In a shipping contract, the risk of loss shifts to the buyer when:a. The seller delivers to the buyer’s warehouse.b. The seller delivers to the hands of the carrier.c. The buyer accepts delivery at
Dorian enters into a supply contract with BigCo on behalf of Gray Industries. Dorian is a manager for Gray Industries but is not authorized to enter into supply contracts. Which of the following
NewCo hires Troy as a consultant to assist the company with improving its technical efficiency.Which of the following is not true?a. Troy owes a fiduciary duty to NewCo.b. If Troy breaches his
The duty of ___ is an agent’s fiduciary duty to act in the same careful manner when conducting the principal’s affairs as a reasonable person would use in conducting their own personal
Which of the following are methods used by partnerships to raise capital:I. Borrow money from a bank.II. Sell equity to private investors/partners.III. Borrow money from partners.IV. Sell equity
Which of the following is not true about a Limited Liability Partnership (LLP) entity?a. Pass-through taxation for partners.b. No personal liability for negligent acts of other partners.c. Partners
Which of the following is an important purpose of the law in a business context?a. Provides reliability.b. Promotes good-faith among merchants.c. Protects individual rights.d. Both (a) and (b).
BigCo is planning an acquisition of the assets of SmallCo and plans to hire SmallCo’s management team. Which of the following areas of the law may have an impact on its acquisition planning?a. Tax
Which of the following source of law is created by a legislative body?a. Constitutionalb. Common lawc. Statutoryd. Administrative
The notion of applying the law of previous cases to current cases with substantially similar facts is called _____.a. Applicationb. Precedentc. Breachd. Comparison
If a party has suffered damages as a result of another’s conduct, but the money damages are not adequate to compensate the injured party, a court may provide _____ relief.a. Equitablec. Juryb.
The Village of Glendale, Ohio, enacted a local ordinance prohibiting anyone from parking a vehicle on a public road for the purpose of displaying it for sale. Christopher Pagan, a resident of
In which of the following cases is a court most likely to apply “rational basis” review?a. A case involving an economic regulation.b. A case involving the right to vote.c. A case involving speech
Regarding the right to “equal protection,” which of the following statements is true?a. Laws must treat persons who are similarly situated equally.b. Laws may never make classifications, even
Article I of the Constitution confers on the Congress the power to regulate interstate commerce. Which of the following statements about the Commerce Clause is true? I. The commerce power is an
Which of the following statements regarding “commercial speech” like advertising is true?a. Commercial speech has absolute First Amendment protection like political speech, since the Constitution
Which of the following is a major distinction between trial courts and appellate courts?a. Only appellate courts decide questions of constitutional law; trial courts interpret statutes.b. Only
Diversity of citizenship is an example of what type of federal jurisdiction?a. Original jurisdictionb. Voluntary jurisdictionc. Personal jurisdictiond. Quasi in rem jurisdictione. Subject matter
Which of the following scenarios illustrates the concept of voluntary jurisdiction? (More than one answer might be literally true. Choose the best one.)a. An out-of-state defendant who signs a
Which of the following statements regarding the three scales of the Zippo standard is true? I. Fully interactive websites always generate minimum contacts. II. Passive websites never generate minimum
Which of the following statements regarding minimum contacts in Internet jurisdiction cases is true?a. Most courts apply the totality test.b. Most courts apply the Zippo standard.c. Most courts
The major formal phases of civil litigation occur in this order:a. Pleadings stage, trial, posttrialb. Pleadings stage, settlement, trial, posttrialc. Pleadings stage, discovery stage, trial,
If a plaintiff brings a civil lawsuit against a defendant for breach of contract, what burden of proof applies?a. Preponderance of the evidence (“more likely than not”)b. Probable causec.
The major methods of “discovery” before trial are: I. Depositions and Interrogatories II. Requests for Admission III. Requests for Productiona. I onlyb. I and IIc. II and IIId. I and IIIe. I, II,
Which of the following statements is always true about arbitration?a. Arbitration does not produce a decision.b. The disputing parties must consent to the arbitrator’s decision in cases involving
What is the main difference between arbitration and mediation?a. Mediation is more formal than arbitration.b. Arbitration produces a decision; mediation does not.c. Mediation produces a decision;
A(n) ____________ system of morals holds that an action is ethical if it promotes good outcomes overall.a. Ethical-basedb. Principles-basedc. Contract-basedd. Rastafarian-basede. Consequences-based
Which of the following statements is most consistent with a Kantian or duty-based system of ethics?a. Like cases should not be treated alike because people are different.b. “Do not do unto others
Which of the following statements regarding business ethics is generally true?a. Law and ethics are always synonymous.b. One should weigh the interests of all stakeholders equally.c. The moral
The main difference between the moral minimum view of business ethics and the maximizing profits model is ____________. I. The moral minimum theory requires business to take active steps to avoid
Which of the following statements is most consistent with the broad view of corporate social responsibility (CSR)?a. A company’s primary responsibility is to serve the public good and promote the
In a contract to install network cable in a new office building, the parties allocate the price as follows: 75 percent for the installation and 25 percent for materials. What source of law governs
Ginsberg signs an agreement with Roberts to lease a 1,000 square foot warehouse for one year. Which of the following categories does this contract fall into?a. Express and unilateralb. Implied and
Jackson agrees to provide consulting services to Frankfurter Industries for a period of two years. Before he begins his services, Jackson finds out he has won the lottery and decides he no longer
In order to claim discharge through substantial performance, the deviation cannot be _____.a. Minorb. Substantialc. More than $500d. Material
ETHICS Life insurance policies place the burden on beneficiaries to notify the insurance company when an insured dies. The company itself has no obligation to hunt down the heirs of dead customers.
If there has been no account activity for an extended period of time, state laws require banks to turn the customers’ property over to the state. State treasurers or comptrollers are responsible
Historically, the law has viewed animals as personal property. As a result, when a pet is wrongfully killed, its owner can only recover the cost of replacing the animal. Some groups have challenged
“Finders keepers, loser’s weepers” is a common children’s rhyme. Does the law mirror its sentiment?
ETHICS During the Great Recession, home foreclosures hit an all-time high. In many instances, banks ended up as landlords and property managers, a job for which they were ill-prepared. As a result,
The America Invents Act allows inventors to expedite review of their inventions by paying a fee. This clearly favors those applicants with money. Do you agree with this practice? Why or why not?
ETHICS Should employers check an applicant’s credit report as part of the hiring process? Each year retailers lose $30 billion a year from employee theft and $55 million because of workplace
Is Regulation Crowdfunding a good idea? Does it provide enough protection to investors?
What about the rules regarding repeated bankruptcy filings? (See the chart in Exam Review.) Are these rules too onerous, too lenient, or just right?
Would the following initiatives improve corporate governance? Can you think of others that would?a. Require the board of directors to implement shareholder proposals that receive a majority voteb.
In a recent year, three individuals accounted for 70 percent of all shareholder proposals at 250 companies. Fewer than 10 percent of those proposals passed. These individuals typically8 own only a
Shareholders at Citigroup have offered a shareholder proposal that would require the bank to hold back a substantial percentage of its top executives’ pay for ten years. This sum could then be used
Under Delaware law, corporations have the right to decide that the corporate opportunity doctrine does not apply to its managers. Thousands of companies have done so. Why would a company do that?
The United States is the only developed country that allows boards to adopt poison pills. Are they a good idea? Do they protect shareholders? Or do they entrench management? Why shouldn’t any
Some commentators have proposed tenure voting as an alternative to multi-class voting systems. With tenure voting, the longer a shareholder owns the stock, the more votes it is worth. Thus, shares
When Facebook went public, its disclosure document read:As a board member and officer, Mr. Zuckerberg owes a fiduciary duty to our stockholders and must act in good faith in a manner he
Some companies have created multiple classes of common stock that enable the founders to control their company long after it goes public. Should corporate laws permit this? If the founders want to
ETHICS Edward Snowden was a contractor at the National Security Agency (NSA) who publicly released a huge number of highly classified documents. From these files, the world learned for the first time
ETHICS: Should employers be allowed to fire smokers? Nicotine is highly addictive and many smokers begin as teenagers, when they may not fully understand the consequences of their decisions. As Mark
Under the 1934 Act, accountants are only liable if they act with scienter. Make an argument that they should be liable for negligence. What do you think is the right standard?
Which of the three negligence doctrines—Ultramares, Foreseeable or Restatement— is the most reasonable and appropriate?
Which of the three negligence doctrines—Ultramares, Foreseeable or Restatement— is the most reasonable and appropriate?
European consumer laws are much more protective than the UCC. In the European Union, buyers have an unqualified 14-day right of return for all goods – no questions asked. If a seller fails to
Gene and Martha Jannusch owned a food truck business. They verbally agreed to sell it to Lindsey and Louann Naffziger for $150,000. The Naffzigers paid an initial $10,000 deposit and took possession
The publication of the original UCC in 1952 sparked an expansion of the statute of frauds in the United States to cover sales of goods of $500 or more. At about the same time (in 1954), the
The publication of the original UCC in 1952 sparked an expansion of the statute of frauds in the United States to cover sales of goods of $500 or more. At about the same time (in 1954), the
ETHICS Sophianegotiated a contract with Pete under which she would buy his company for $10 million plus the amount of the company’s outstanding debt (approximately $1 million). But when Pete sent a
Upon graduation from business school, Zoe has been offered a job as a product manager at a start-up, Appsley Co. She would be Employee #18. But first she has to negotiate a contract with the CEO,
In response to the subprime mortgage crisis, the federal government created the HomeAffordable Modification Program (HAMP) to help struggling homeowners refinance their mortgage debt, thereby
Now that you know about Browning v. Poirier and the Statute of frauds, will you change the way you enter into lottery pools?
When Ruth Klopp was injured in a serious accident with an uninsured motorist, she filed a claim under her own policy with Worldwide Insurance. Her policy contained an arbitration provision, stating
Imagine that you are starting your own company in your hyper-competitive industry: You are putting your life savings, your professional contacts, and your innovative ideas on the line. As you begin
“Riots, Suicides and More,” blares an internet headline about a FoxConn factory where iPhones and other Apple products are assembled, Apple is not alone in facing supplier scandals. So have Nike,
Amber Williams and Frederick Ormsby were lovers, embroiled in a turbulent romantic relationship. After knowing each other for a short time, Frederick moved into Amber’s house and paid off her
The consideration doctrine is controversial. Critics argue that it is a remnant of a bygone era, lacking any reasonable modern purpose and that it undermines the purpose of contract law, which is to
Albert and Luis, lifelong friends, had a tradition. Every Friday, they took turns going to the corner store and buying what they called a “package”—some vodka and a lottery ticket. One lucky
Have you read your apartment lease lately?How about your cellular service agreement?One study found that 67% of consumers do not read the contracts they sign. But notice that a contract is still
ETHICS JuicyCampus.com was a website where college students could anonymously gossip about their schools. To encourage users to “dish dirt,” the site promised total anonymity: It did not require
The European Union has created a “right to be forgotten” online. This right allowsEuropeans to request that websites take down their personal information, as long as it is not in the public
Imagine that you are the judge in the Elonis case. Would you have excused Elonis’s conduct under the First Amendment? When is a threat a true threat and when is it just social media banter?
Eric Schmidt, former CEO of Google, has written:The communication technologies we use today are invasive by design, collecting our photos, comments and friends into giant databases that are
Congress passed the Protection for Lawful Commerce in Arms Act which provides that gun manufacturers and retailers cannot be sued for injuries arising from the criminal misuse of a weapon. Critics
Recall the Texas case Del Lago v. Smith from Chapter 1. In that case, a bartender served drinks when it was obvious that drunken patrons were about to engage in a dangerous bar fight. Smith, who
Self-driving cars are no longer science fiction. These vehicles are programmed to use lasers, sensors, software, and maps to drive themselves. A handful of states have passed laws allowing driverless
The Supreme Court has defined public figures as those who have “voluntarily exposed themselves to increased risk of injury by assuming an influential role in ordering society.” When deciding
Many retailers have policies that instruct employees not to attempt to stop shoplifters. Some store owners fear false imprisonment lawsuits and possible injuries to workers more than losses related
With a national debt in the trillions, people are desensitized to "mere" billions. Stop for a moment and consider$1 billion dollars. If you had that sum, invested it conservatively, and got a 5%
You have most likely heard of the Liebeck v. McDonald’s case. Liebeck spilled hot McDonald's coffee in her lap, and suffered third degree burns. At trial, evidence showed that her cup of coffee was
The Supreme Court has held that businesses can force consumers to arbitrate rather than bring class actions. But at least one study found that individuals rarely sue on their own because it is too

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