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business
essentials of business law

Questions and Answers of Essentials of Business Law

Tying Arrangement. John Sheridan owned a Marathon gas station franchise. He sued Marathon Petroleum Co. under Section 1 of the Sherman Act and Section 3 of the Clayton Act,charging it with illegally
Case Problem with Sample Answer—Section 2 of the Sherman Act. When Deer Valley Resort Co.(DVRC) was developing its ski resort in the Wasatch Mountains near Park City, Utah, it sold parcels of land
The Sherman Act. Together, EMI, Sony BMG Music Entertainment, Universal Music Group Recordings, Inc., and Warner Music Group Corp. produced, licensed, and distributed 80 percent of the digital music
Price Discrimination. Dayton Superior Corp. sells its products in interstate commerce to several companies, including Spa Steel Products, Inc. The purchasers often compete directly with each other
A Question of Ethics—Section 1 of the Sherman Act.In the 1990s, DuCoa, LP, made choline chloride, a B-complex vitamin essential for the growth and development of animals.The U.S. market for choline
Business Law Writing. Write two paragraphs explaining some ways that antitrust laws might place too great of a burden on commerce in the global marketplace.
Business Law Critical Thinking Group Assignment.Residents of the city of Madison, Wisconsin, became concerned about overconsumption of liquor near the campus of the University of Wisconsin (UW). The
When will advertising be deemed deceptive? LO1
What are the major federal statutes providing for consumer protection in credit transactions? LO2
Under what common law theories can polluters be held liable? LO3
What is contained in an environmental impact statement, and who must file one? LO4
What major federal statutes regulate air and water pollution? LO5
When will advertising be deemed deceptive? LO3
What are the major federal statutes providing for consumer protection in credit transactions? LO3
What is contained in an environmental impact statement, and who must file one? LO3
What major federal statutes regulate air and water pollution? LO3
Environmental Laws. Fruitade, Inc., is a processor of a soft drink called Freshen Up. Fruitade uses returnable bottles, which it cleans with a special acid to allow for further beverage processing.
Question with Sample Answer—Credit Protection.Maria Ochoa receives two new credit cards on May 1.She had solicited one of them from Midtown Department Store, and the other arrived unsolicited from
Case Problem with Sample Answer—Food Labeling. The Nutrition Labeling and Education Act (NLEA) requires packaged food to have a “Nutrition Facts” panel that sets out “nutrition
Deceptive Advertising. Brian Cleary and Rita Burke filed a suit against cigarette maker Philip Morris USA, Inc., seeking class-action status for a claim of deceptive advertising. They claimed that
Environmental Impact Statement. The U.S. National Park Service (NPS) manages the Grand Canyon National Park in Arizona under a management plan that is subject to periodic review. In 2006, after nine
Fair Debt-Collection Practices. Bank of America hired Atlantic Resource Management, LLC, to collect a debt from Michael Engler. Atlantic called Engler’s employer and asked his supervisor about the
A Question of Ethics—Clean Air Act. In the Clean Air Act, Congress allowed California, which has particular problems with clean air, to adopt its own standard for emissions from cars and trucks,
Business Law Critical Thinking Group Assignment.Many states have enacted laws that go even further than federal laws to protect consumers. These laws vary tremendously from state to state.1. The
Under what common law theories may professionals be liable to clients? LO1
What are the rules concerning an auditor’s liability to third parties? LO2
How might an accountant violate federal securities laws? LO3
What crimes might an accountant commit under the Internal Revenue Code? LO4
What constrains professionals to keep communications with their clients confidential? LO5
Under what common law theories may professionals be liable to clients? LO5
What are the rules concerning an auditor’s liability to third parties? LO5
How might an accountant violate federal securities laws? LO5
What crimes might an accountant commit under the Internal Revenue Code? LO5
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. After
Question with Sample Answer—The Ultramares Rule.The accounting firm of Goldman, Walters, Johnson & Co.prepared financial statements for Lucy’s Fashions, Inc. After reviewing the financial
Accountant’s Liability under Rule 10b-5. In early 2014, Bennett, Inc., offered a substantial number of new common shares to the public. Harvey Helms had a long-standing interest in Bennett because
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 Comptroller
Professional’s Liability. Soon after Teresa DeYoung’s husband died, her mother-in-law also died, leaving an inheritance of more than $400,000 for DeYoung’s children.DeYoung hired John Ruggerio,
Professional Malpractice. Jeffery Guerrero hired James McDonald, a certified public accountant, to represent him and his business in an appeal to the Internal Revenue Service.The appeal was about
Case Problem with Sample Answer—Potential Liability to Third Parties. In 2006, twenty-seven people and entities became limited partners in two hedge funds that had invested with Bernard Madoff and
A Question of Ethics—Securities Laws. 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
Business Law Critical Thinking Group Assignment.Napster, Inc., offered a service that allowed its users to browse digital music files on other users’ computers and download selections for free.
What is real property? What is personal property? LO1
What is the difference between a joint tenancy and a tenancy in common? LO2
What are the three necessary elements for an effective gift? LO3
What are the three elements of a bailment? LO4
What are the basic rights and duties of a bailee? What are the rights and duties of a bailor? LO5
What is real property? What is personal property? LO4
What is the difference between a joint tenancy and a tenancy in common? LO4
What are the three necessary elements for an effective gift? LO4
What are the basic rights and duties of a bailee? What are the rights and duties of a bailor? LO4
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 that
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 keys to
Question with Sample Answer—Bailments. 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
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 they
Spotlight on Joint Tenancy—Property Ownership.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
Gifts. John Wasniewski opened a brokerage account with Quick and Reilly, Inc., in his son James’s name. Twelve years later, when the balance was $52,085, the account was closed, and the funds were
Case Problem with Sample Answer—Bailment Obligation. Bob Moreland left his plane at Don Gray’s aircraft repair shop to be painted. When Moreland picked up the airplane, he was disappointed in the
A Question of Ethics—Gifts. Marcella Lashmett was engaged in farming in Illinois. Her daughter Christine Montgomery was also a farmer. Christine often borrowed Marcella’s farm equipment. More
Business Law Critical Thinking Group Assignment.On learning that Sébastien planned to travel abroad, Roslyn asked him to deliver $25,000 in cash to her family in Mexico. During a customs inspection
What is a fixture, and how does it relate to real property rights? LO1
What is an easement? Describe three ways that easements are created. LO2
What are the requirements for acquiring property by adverse possession? LO3
What is a leasehold estate? What types of leasehold estates, or tenancies, can be created when real property is leased? LO4
What are the respective duties of the landlord and the tenant concerning the use and maintenance of leased property? LO5
What is a fixture, and how does it relate to real property rights? LO5
What is an easement? Describe three ways that easements are created. LO5
What are the requirements for acquiring property by adverse possession? LO5
What is a leasehold estate? What types of leasehold estates, or tenancies, can be created when real property is leased? LO5
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 him
Question with Sample Answer—Deeds. 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 build a
Eviction. James owns a three-story building. He leases the ground floor to Juan’s Mexican restaurant. The lease is to run for a five-year period and contains an express covenant of quiet enjoyment.
Ownership in Fee Simple. Thomas and Teresa Cline built a house on 76 acres next to Roy Berg’s home in Virginia.The homes were about 1,800 feet apart but in view of each other. After several
Commercial Lease Terms. Gi Hwa Park entered into a lease with Landmark HHH, LLC, for retail space in the Plaza at Landmark, a shopping center in Virginia. The lease provided that the landlord would
Case Problem with Sample Answer—Adverse Possession. The McKeag family operated a marina on their lakefront property in Bolton, New York. For more than forty years, the McKeags used a section of
A Question of Ethics—Adverse Possession. Alana Mansell built a garage on her property that encroached on the property of her neighbor, Betty Hunter, by fourteen feet.Hunter knew of the encroachment
Case Analysis Question. Go to Appendix I at the end of this text and examine the excerpt of Case No. 7, Kelo v. City of New London, Connecticut. Review and then brief the case, making sure that your
Business Law Critical Thinking Group Assignment.The Wallen 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.
Is an insurance broker the agent of the insurance applicant or the agent of the insurer? LO1
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? LO2
What are the basic requirements for executing a will? LO3
What is the difference between a per stirpes distribution and a per capita distribution of an estate to the grandchildren of the deceased? LO4
What are the four essential elements of a trust? What is the difference between an express trust and an implied trust? LO5
Is an insurance broker the agent of the insurance applicant or the agent of the insurer? LO5
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? LO5
What are the basic requirements for executing a will? LO5
What is the difference between a per stirpes distribution and a per capita distribution of an estate to the grandchildren of the deceased? LO5
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 the
Question with Sample Answer—Wills and Intestacy Laws. Benjamin is a widower who has two married children, Edward and Patricia. Patricia has two children, Perry and Paul. Edward has no children.
Intestacy Laws. A Florida statute provides that the right of election of a surviving spouse can be waived by written agreement: “A waiver of ‘all rights,’ or equivalent language, in the
Requirements of a Will. Katherine Hagan executed a will that left her estate to various charitable organizations, such as the Humane Society, and expressly excluded her relatives.When Hagan died, her
Case Problem with Sample Answer—Revocation of a Will. Marion Peterson executed a will that contained a bequest to Vasta Lucas in the form of a trust. On Lucas’s death, the trustee was to
Bad Faith Actions. Leo and Mary Deters owned Deters Tower Service, Inc., in Iowa. Deters Tower serviced television and radio towers and antennas in a multistate area. The firm obtained a commercial
Undue Influence. Susie Walker executed a will that left her entire estate to her grandson. When her grandson died, Susie executed a new will that named her great-grandson as her sole beneficiary and
Insurance Provisions and Clauses. Darling’s Rent-a-Car carried property insurance on its cars under a policy issued by Philadelphia Indemnity Insurance Co. The policy listed Darling’s as the
A Question of Ethics—Will Requirements. 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
Business Law Critical Thinking Group Assignment.PAJ, Inc., a jewelry company, had a commercial general liability (CGL) policy from Hanover Insurance Company.The policy required PAJ to notify Hanover
What is a writ of execution? What is a prejudgment attachment? How does a creditor use these remedies? LO1
What is garnishment? When might a creditor undertake a garnishment proceeding? LO2
In a bankruptcy proceeding, what constitutes the debtor’s estate in property? What property is exempt from the estate under federal bankruptcy law? LO3

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