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business
business law principles

Questions and Answers of Business Law Principles

companies were instrumentalities of the state under the FSIA? Why or why not?
4 ETHICAL DIMENSION. Under what circumstances might a court “pierce the corporate veil” to hold a corporation’s owner liable? Should the United States Supreme Court have applied these
3 SOCIAL CONSIDERATION. Why did the majority conclude that “[m]ajority ownership by a foreign state, not control, is the benchmark of instrumentality status”?
2 LAW. Why did the dissent disagree with the majority’s ruling?
1 LAW. What did the majority rule in this case, and why? \
46.10 Video Question. Go to this text’s Web site at www.cengage.com/blaw/blt and select “Chapter 46.” Click on “Video Questions” and view the video titled International: Letter of Credit.
46.9 Critical Legal Thinking. Business cartels and monopolies that are legal in some countries may engage in practices that violate U.S. antitrust laws. In view of this fact, what are some of the
46.8 A Question of Ethics. On December 21, 1988, Pan Am Flight 103 exploded 31,000 feet in the air over Lockerbie, Scotland, killing all 259 passengers and crew on board and 11 people on the ground.
46.7 Sovereign Immunity. When Ferdinand Marcos was president of the Republic of the Philippines, he put assets into a company called Arelma. Its holdings are in New York. A group of plaintiffs,
46.6 Case Problem with Sample Answer. Jan Voda, M.D., a resident of Oklahoma City, Oklahoma, owns three U.S. patents related to guiding catheters for use in interventional cardiology, as well as
46.5 Dumping. A newspaper printing press system is more than one hundred feet long, stands four or five stories tall, and weighs 2 million pounds. Only about ten of the systems are sold each year in
46.4 Comity. E&L Consulting, Ltd., is a U.S. corporation that sells lumber products in New Jersey, New York, and Pennsylvania. Doman Industries, Ltd., is a Canadian corporation that also sells lumber
46.3 Import Controls. DaimlerChrysler Corp. made and marketed motor vehicles. DaimlerChrysler assembled the 1993 and 1994 model years of its trucks at plants in Mexico. Assembly involved sheet metal
46.2 Hypothetical Question with Sample Answer. As China and other nations move toward free enterprise, they must develop a new set of business laws. What kind of business law system would you adopt,
46.1 Letters of Credit. The Swiss Credit Bank issued a letter of credit in favor of Antex Industries to cover the sale of 92,000 electronic integrated circuits manufactured by Electronic Arrays. The
5 Do U.S. laws prohibiting employment discrimination apply in all circumstances to U.S. employees working for U.S. employers abroad?
4 In what circumstances will U.S. antitrust laws be applied extraterritorially?
3 Under the Foreign Sovereign Immunities Act of 1976, on what bases might a foreign state be considered subject to the jurisdiction of U.S. courts?
2 What is the act of state doctrine? In what circumstances is this doctrine applied?
1 What is the principle of comity, and why do courts deciding disputes involving a foreign law or judicial decree apply this principle?
5 IMPLICATIONS FOR THE GRANTOR. What does the interpretation of the language in the will at the center of this case suggest to grantors who wish to impose certain restrictions on their beneficiaries?
4 SOCIAL D IMENSIONS. Why is a restraint on marriage considered to be against public policy?
3 ECONOMIC D IMENSIONS. Does the majority’s ruling make real property more alienable (available for transfer), or is the dissent’s position more favorable for the real estate market? Why?
2 LAW. How does the dissent analyze the majority’s distinction between conditions and limitations?
1 LAW. How does the majority respond to the trustee’s argument in this case? What is the majority’s reasoning?
45.9 Video Question. Go to this text’ s Web site at www.cengage.com/blaw/blt and select “Chapter 45.” Click on “Video Questions” and view the video titled Double Indemnity. Then answer the
45.7 A Question of Ethics. Vickie Lynn Smith, an actress and model also known as Anna Nicole Smith, met J. Howard Marshall II in 1991. During their courtship, J. Howard lavished gifts and large sums
45.6 Insurance Coverage. PAJ, Inc., a jewelry company, had a commercial general liability (CGL) policy from Hanover Insurance Company. It covered, among other things, liability for advertising
45.5 Wills. James Lillard’s first wife had a child whom James adopted when he married the child’s mother. James fathered other children with her until they divorced in the early 1970s. In 1975,
45.4 Case Problem with Sample Answer. Richard Vanderbrook’s home in New Orleans, Louisiana, was insured through Unitrin Preferred Insurance Co. His policy excluded coverage for, among other
45.3 Cancellation of Insurance Policy. James Mitchell bought a building in Los Angeles, California, in February 2000 and applied to United National Insurance Co. for a fire insurance policy. The
45.2 Hypothetical Question with Sample Answer. Benjamin is a widower who has two married children, Edward and Patricia. Patricia has two children, Perry and Paul. Edward has no children. Benjamin
45.1 Timing of Insurance Coverage. On October 10, Joleen Vora applied for a $50,000 life insurance policy with Magnum Life Insurance Co.; she named her husband, Jay, as the beneficiary. Joleen paid
5 What are the four essential elements of a trust? What is the difference between an express trust and an implied trust?
4 What is the difference between a per stirpes distribution and a per capita distribution of an estate to the grandchildren of the deceased?
3 What are the basic requirements for executing a will? How may a will be revoked?
2 Is an insurance broker the agent of the insurance applicant or the agent of the insurer?
1 What is an insurable interest? When must an insurable interest exist—at the time the insurance policy is obtained, at the time the loss occurs, or both?
44.10 Critical Thinking and Writing Assignment for Business. Garza Construction Co. erects a silo (a grain storage facility) on Reeve’s ranch. Garza also lends Reeve funds to pay for the silo under
44.9 A Question of Ethics. In 1999, Stephen and Linda Kailin bought the Monona Center, a mall in Madison, Wisconsin, from Perry Armstrong for $760,000. The contract provided, “Seller represents to
44.8 Ownership in Fee Simple. Thomas and Teresa Cline built a house on a 76-acre parcel of real estate next to Roy Berg’s home and property in Augusta County, Virginia. The homes were about 1,800
44.7 Case Problem with Sample Answer. The Hope Partnership for Education, a religious organization, proposed to build a private independent middle school in a blighted neighborhood in Philadelphia,
44.6 Easements. The Wallens family owned a cabin on Lummi Island in the state of Washington. A driveway ran from the cabin across their property to South Nugent Road. In 1952, Floyd Massey bought the
44.5 Commercial Lease Terms. Metropolitan Life Insurance Co. leased space in its Trail Plaza Shopping Center in Florida to Winn-Dixie Stores, Inc., to operate a supermarket. Under the lease, the
44.4 Adverse Possession. In 1972, Ted Pafundi bought a quarry in West Pawlet, Vermont, from his neighbor, Marguerite Scott. The deed vaguely described the eastern boundary of the quarry as “the
44.3 Landlord’s Responsibilities. Sarah has rented a house from Frank. The house is only two years old, but the roof leaks every time it rains. The water that has accumulated in the attic has
44.2 Hypothetical Question with Sample Answer. Wiley and Gemma are neighbors. Wiley’s lot is extremely large, and his present and future use of it will not involve the entire area. Gemma wants to
44.1 Property Ownership. Twenty-two years ago, Lorenz was a wanderer. At that time, he decided to settle down on an unoccupied, three-acre parcel of land that he did not own. People in the area told
5 What are the respective duties of the landlord and tenant concerning the use and maintenance of leased property? Is the tenant responsible for all damage that he or she causes?
4 What is a leasehold estate? What types of leasehold estates, or tenancies, can be created when real property is leased?
3 What limitations may be imposed on the rights of property owners?
2 What are the requirements for acquiring property by adverse possession?
1 What can a person who holds property in fee simple absolute do with the property?
43.10 Video Question. Go to this text’s Web site at www.cengage.com/blaw/blt and select “Chapter 43.” Click on “Video Questions” and view the video titled Personal Property and Bailments.
43.9 Critical Legal Thinking. Suppose that a certificate of deposit (CD) owned by two joint tenants (with the right of survivorship) is given by one of the joint tenants as security for a loan
43.8 A Question of Ethics. Marcella Lashmett was engaged in the business of farming in Illinois. Her daughter Christine Montgomery was also a farmer. Christine often borrowed Marcella’s farm
43.7 Concurrent Ownership. In July 2003, Chester Dellinger and his son Michael opened a joint bank account with Advancial Federal Credit Union in Dallas, Texas. Both of them signed the “Account
43.6 Case Problem with Sample Answer. Vincent Slavin was a partner at Cantor Fitzgerald Securities in the World Trade Center (WTC) in New York City. In 1998, Slavin and Anna Baez became engaged and
43.5 Found Property. A. D. Lock owned Lock Hospitality, Inc., which in turn owned the Best Western Motel in Conway, Arkansas. Joe Terry and David Stocks were preparing the motel for renovation. As
43.4 Gratuitous Bailments. Raul, David, and Javier immigrated to the United States from Colima, Mexico, to find jobs and help their families. When they learned that a mutual friend, Francisco,
43.3 Hypothetical Question with Sample Answer. Curtis is an executive on a business trip to the West Coast. He has driven his car on this trip and checks into the Hotel Ritz. The hotel has a guarded
43.2 Gifts. Jaspal has a severe heart attack and is taken to the hospital. He is aware that he is not expected to live. Because he is a bachelor with no close relatives nearby, Jaspal gives his car
43.1 Duties of the Bailee. Discuss the standard of care traditionally required of the bailee for the bailed property in each of the following situations, and determine whether the bailee breached
5 What are the basic rights and duties of a bailee? What are the rights and duties of a bailor?
4 What are the three elements of a bailment?
3 What are the three elements necessary for an effective gift? How else can property be acquired?
2 What does it mean to own property in fee simple? What is the difference between a joint tenancy and a tenancy in common?
1 What is real property? What is personal property?
5 IMPLICATIONS FOR EMPLOYERS. What does the ruling in this case suggest to employers who are not yet subject to the smoking ban at issue?
4 ECONOMIC D IMENSIONS. What are the likely economic effects of the outcome in this case? Explain.
3 POLITICAL D IMENSIONS. To reach its conclusion, did the majority have to agree with the legislature’s decision to exempt most private clubs from the smoking ban? Why or why not?
2 LAW. What was the dissent’s analysis with regard to the question?
1 LAW. What did the majority conclude on the central question in this case, and what points supported this conclusion?
42.10 Video Question. Go to this text’s Web site at www. cengage.com/blaw/blt and select “Chapter 42.” Click on “Video Questions” and view the video titled Accountant’s Liability. Then
42.9 Critical Legal Thinking. In cases involving third parties who have suffered losses in reliance on negligent misrepresentation in accountants’ financial reports, the courts apply different
42.8 A Question of Ethics. Portland Shellfish Co. processes live shellfish in Maine. As one of the firm’s two owners, Frank Wetmore held 300 voting and 150 nonvoting shares of the stock. Donna
42.7 Accountant’s Liability for Audit. A West Virginia bank ran its asset value from $100 million to $1 billion over seven years by aggressively marketing subprime loans. The Office of the
42.6 Confidentiality and Privilege. Napster, Inc., offered a service that allowed its users to browse digital music files on other users’ computers and download selections for free. Music industry
42.5 Case Problem with Sample Answer. In October 1993, Marilyn Greenen, a licensed certified public accountant (CPA), began working at the Port of Vancouver, Washington (the Port), as an account
42.4 Accountant’s Liability under the Private Securities Litigation Reform Act. Solucorp Industries, Ltd., a corporation headquartered in New York, develops and markets products for use in
42.3 Accountant’s Liability under Rule 10b-5. In early 1995, Bennett, Inc., offered a substantial number of new common shares to the public. Harvey Helms had a long-standing interest in Bennett
42.2 Hypothetical Question with Sample Answer. The accounting firm of Goldman, Walters, Johnson & Co. prepared financial statements for Lucy’s Fashions, Inc. After reviewing the various financial
42.1 The Ultramares Rule. Larkin, Inc., retains Howard Perkins to manage its books and prepare its financial statements. Perkins, a certified public accountant, lives in Indiana and practices there.
5 What constrains professionals to keep communications with their clients confidential?
4 What crimes might an accountant commit under the Internal Revenue Code?
3 How might an accountant violate federal securities laws?
2 What are the rules concerning an auditor’s liability to third parties?
1 Under what common law theories may professionals be liable to clients?
discrimination? Explain your answer. 3 What defenses might Gil’s current employer raise if Gil sues for age discrimination?
1 In the video, Gil (Steve Martin) threatens to leave his job when he discovers that his boss is promoting another person to partner instead of him. His boss (Dennis Dugan) laughs and tells him that
41.11 Video Question. Go to this text’s Web site at www. cengage.com/blaw/blt and select “Chapter 41.” Click on “Video Questions” and view the video titled Parenthood. Then answer the
41.10 Critical Legal Thinking. Why has the federal government limited the application of the statutes discussed in this chapter to firms with a specified number of employees, such as fifteen or
41.9 A Question of Ethics. Titan Distribution, Inc., employed Quintak, Inc., to run its tire mounting and distribution operation in Des Moines, Iowa. Robert Chalfant worked for Quintak as a
41.8 Discrimination Based on Gender. The Milwaukee County Juvenile Detention Center started a new policy that required each unit of the facility to be staffed at all times by at least one officer of
41.7 Discrimination Based on Disability. Cerebral palsy limits Steven Bradley’s use of his legs. He uses forearm crutches for short-distance walks and a wheelchair for longer distances. Standing
41.6 Case Problem with Sample Answer. Kimberly Cloutier began working at the Costco store in West Springfield, Massachusetts, in July 1997. Cloutier had multiple earrings and four tattoos, but no
41.5 Discrimination Based on Age. The United Auto Workers (UAW) is the union that represents the employees of General Dynamics Land Systems, Inc. In 1997, a collective bargaining agreement between
41.4 Discrimination Based on Disability. PGA Tour, Inc., sponsors professional golf tournaments. A player may enter in several ways, but the most common method is to successfully compete in a
41.3 Religious Discrimination. Mary Tiano, a devout Roman Catholic, worked for Dillard Department Stores, Inc., (Dillard’s) in Phoenix, Arizona. Dillard’s considered Tiano a productive employee
41.2 Hypothetical Question with Sample Answer. Chinawa, a major processor of cheese sold throughout the United States, employs one hundred workers at its principal processing plant. The plant is

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