1. Heavy Hauling, Inc., is a public company whose shares are traded in the public securities markets. Under the Sarbanes-Oxley Act of 2002, to ensure that Heavy Hauling’s financial results are accurate and timely, the firm’s senior officers must set up and maintain (Points : 2) internal "disclosure controls and procedures." external "release and reveal timetables." personal "peruse and review liability policies." public "information and discussion forums." 2. A shareholder in a professional corporation can be liable for malpractice arising from the rendering of professional services. (Points : 2) True False 3. A reference to "28 U.S.C. Section 1332" means that a federal court’s decision can be found on Page 28 of Section 1332 of the United States Cases. (Points : 2) True False 4. Leo, a resident of Missouri, owns a warehouse in Nebraska. He becomes involved in a dispute over the ownership of the warehouse with Opal, a resident of Kansas. Opal files a suit against Leo in Nebraska. Regarding this suit, Nebraska has (Points : 2) diversity jurisdiction. in personam jurisdiction. in rem jurisdiction. no jurisdiction. 5. B2B, LLC, is a limited liability company. Among its members, a dispute arises that the operating agreement does not cover. The dispute is governed by (Points : 2) the applicable state LLC statute. a federal Uniform LLC Law. the principles of partnership law. a state corporation statute. 6. Kirk is the chief financial officer of Lemon Corporation, which is required to file certain financial statements with the Securities and Exchange Commission (SEC). Under the Sarbanes-Oxley Act of 2002, Kirk must personally (Points : 2) certify that the statements are accurate. delegate the responsibility for preparing the statements. deliver the statements to the appropriate SEC officer. prepare the statements. 7. To act ethically is to think narrowly about what is best in the short run for one’s employer. (Points : 2) True False 8. Three elements—agreement, consideration, and contractual capacity—are sufficient to form a binding contract. (Points : 2) True False 9. Dion, an accountant for Engineering Associates, Inc., attempts to apply the duty-based approach to ethical reasoning in conflicts that occur on the job. This approach is based on the idea that a person must (Points : 2) achieve the greatest good for the most people. avoid unethical behavior regardless of the consequences. conform to society’s ethical standards. place his or her employer’s interest first. 10. The state governments retain all powers not specifically delegated to the federal government. (Points : 2) True False 11. George owns Murphy's Grill, a restaurant in a small town in Ohio. Without George's consent, Food Business, Inc., opens a club in New York City called Murphy’s and begins to use "murphys" as part of the URL for the club's website. Food Business has committed (Points : 2) copyright infringement. patent infringement. trademark dilution. none of the choices. 12. Corporate officers hire corporate directors. (Points : 2) True False 13. Mary, who is charged with a crime, claims that Nick, a government agent, entrapped her. For entrapment to be a valid defense (Points : 2) Mary must not have been predisposed to commit the crime. Nick must have pressured Mary into committing the crime. Nick must have suggested that the crime be committed. all of the choices. 14. Preemptive rights entitle shareholders to bring a derivative suit against the corporation. (Points : 2) True False 15. Browse-wrap terms are generally enforceable. (Points : 2) True False 16. Geof offers to sell his Honda for $10,000 to Ilsa, who says, "I'll pay no more than $5,000." Geof says, "Forget it. I changed my mind." Geof's offer was terminated by (Points : 2) Geof and Ilsa. Geof. Ilsa. the market prices of similar vehicles. 17. Clay buys an MP3 player for $200 and a pair of stereo speakers for $600 from a Discount City store, and downloads $300 worth of digital music from E-Music.com. To be enforceable, the contract that must be in writing is the purchase of (Points : 2) the digital music, the MP3 player, and the speakers. the MP3 player and the speakers only. the MP3 player only. the speakers only. 18. The roles that women play in some foreign countries may present some difficult ethical problems for firms doing business internationally. (Points : 2) True False 19. Criminal liability depends on the commission or omission of an act. (Points : 2) True False 20. A federal judge must adhere strictly to federal sentencing guidelines. (Points : 2) True False 21. In winding up a limited partnership, non-partner creditors are paid before the partners receive their capital contributions. (Points : 2) True False 22. Callie, a lawyer on the staff of Droll International Ltd., applies the utilitarian theory of ethics in business contexts. Utilitarianism focuses on (Points : 2) moral values. religious beliefs. the consequences of an action. the nature of an action. 23. A corporate officer is not expected to be informed on corporate matters. (Points : 2) True False 24. An employer must verify documents establishing a prospective worker's identity and eligibility to work in the United States. (Points : 2) True False 25. A service mark is used to distinguish products produced by the federal government from those produced by private corporations. (Points : 2) True False 26. Some states provide for the termination of minority status on marriage. (Points : 2) True False 27. An offer to form a unilateral contract is accepted by a promise to perform. (Points : 2) True False 28. Lora files a suit in Michigan against Ned over the ownership of a boat docked in a Michigan harbor. Lora and Ned are residents of Ohio. Ned could ask for a change of venue on the ground that Ohio (Points : 2) has a sufficient stake in the matter. has jurisdiction. has sufficient minimum contacts with the parties. is a more convenient location to hold the trial. 29. Barb allows Candy to enter Barb's warehouse and take a DVD player. Charged with theft, Candy can successfully claim, as a defense, (Points : 2) consent. duress. entrapment. self-defense. 30. Parties can form a contract without putting the terms in writing. (Points : 2) True False 31. A corporation whose security does not qualify for an exemption can dispense with the requirement of a registration statement. (Points : 2) True False 32. An expert's false statement to a naive buyer about a technical detail may entitle the buyer to rescind a contract. (Points : 2) True False 33. Embezzlement can be committed only by physically taking property from the possession of another. (Points : 2) True False 34. The U.S. Constitution is the supreme law of the United States. (Points : 2) True False 35. Uri and Vicky orally agree on the sale of Uri’s Nite Club to Vicky and note terms on a pair of the Club’s napkins, which they both sign. A written memorandum evidencing an oral contract that would otherwise be unenforceable must contain (Points : 2) every term. the essential terms. the preliminary terms. the qualitative terms. 36. A Massachusetts state statute imposes a prison term, without a trial, on all street vendors who operate in certain areas. A court would likely hold this statute to be (Points : 2) constitutional. unconstitutional under the commerce clause. unconstitutional under the due process clause. unconstitutional under the free exercise clause. 37. Mona asserts that a contract she entered into with Nate is unenforceable. Defenses to the enforcement of a contract include (Points : 2) a desire not to perform. adverse economic consequences. results that do not match expectations. the lack of a party's genuine assent. 38. Voir dire is a process for presenting evidence in a case. (Points : 2) True False 39. There are no statutes regulating the use of spam. (Points : 2) True False 40. Molly shoots Norm with Opal’s pistol. The proximate cause of Norm being shot is most likely attributable to (Points : 2) Molly and Opal. Molly only. Opal only. neither Molly nor Opal. 41. State securities laws apply only to interstate transactions. (Points : 2) True False 42. In making business decisions, Brian, personnel manager for Conservative Investments, Inc., applies his belief that all persons have fundamental rights. This is (Points : 2) a religious rule. the categorical imperative. the principle of rights. utilitarianism. 43. Recovery under quasi contract may be used when one party partially performs under a contract that is unenforceable. (Points : 2) True False 44. A party seeking to recover compensatory damages may also be entitled to recover incidental damages. (Points : 2) True False 45. Alienation is a transfer of the ownership of land. (Points : 2) True False 46. Cody wants to appeal his case against Digital Corporation to the United States Supreme Court. Cody must ask the Court to issue a writ of (Points : 2) certiorari. jurisdiction. standing. venue. 47. Common law is a term for social manners and customs that are familiar to most of us. (Points : 2) True False 48. A limited liability company cannot be taxed as a corporation. (Points : 2) True False 49. Ethical reasoning is the process through which an individual rationalizes whatever action he or she chooses to take. (Points : 2) True False 50. Eastside Warehouse offers to sell a forklift to Forest Lumber Company, but it is stolen before Forest accepts. Eastside must obtain (Points : 2) a forklift for Forest, if Eastside's insurance covers the loss. a forklift for Forest, if it wants one. nothing for Forest, because that would extend the time of the offer. nothing for Forest, because the theft terminated the offer. 51. A state court can exercise jurisdiction over a nonresident by showing that he or she had minimum contacts with the state. (Points : 2) True False 52. Larceny relies on stealth while robbery relies on fear and force. (Points : 2) True False 53. If a price quotation contains a mistake in the adding of a number of figures, the contract may not be enforceable. (Points : 2) True False 54. Musical Production Company and Nora enter into a contract that calls for Nora to write six songs for which Musical agrees to pay her. Nora transfers her right to payment under the contract to Omni Entertainment Agency. Nora is (Points : 2) a delegator. an assignor. a payor. a righter. 55. An accord and satisfaction requires that the amount of a debt must not be in dispute. (Points : 2) True False 56. Safe-T Guard Services enters into a contract to secure Taylor's Business Park from vandalism and theft between 6 P.M. and 6 A.M. nightly for six months. At the end of the term, if there has been no vandalism or theft in the Park, Safe-T's performance will have been (Points : 2) absolute. complete. conditional. substantial. 57. Quix Fix-It, Inc., offers Polly a job as a plumber. No time for acceptance is specified in the offer. The offer will terminate (Points : 2) after a reasonable period of time. after a typical work week (five business days). after a usual month (thirty calendar days). never. 58. Nina is a director of Omega, Inc. Under the standard of due care owed by directors of a corporation, Nina's decisions must be (Points : 2) ambiguous and questionable. arguable and defensible. informed and reasonable. perfect and unassailable. 59. Hobie, the chief executive officer of Ideal Gamers, Inc. (IGI), intentionally understates the amount of IGI’s debts in information provided to investors as part of an issue of IGI stock. Jaq buys the stock and suffers a loss. Hobie may be subject to (Points : 2) government prosecution and Jaq's suit. neither government prosecution nor Jaq's suit. only government prosecution. only Jaq's suit. 60. Directors are rarely compensated, but when they are, they cannot set their own compensation. (Points : 2) True False 61. The UETA provides that a document cannot be notarized electronically. (Points : 2) True False 62. In studying the legal environment of business, Professor Dooley’s students also review ethics in a business context. Ethics includes the study of what constitutes (Points : 2) fair or just behavior. financially rewarding behavior. legal behavior. religious behavior. 63. Jay tells Kim that he will buy her textbook from the last semester for $80. Kim agrees. Jay and Kim have (Points : 2) an express contract. an implied-in-fact contract. an implied-in-law contract. a quasi contract. 64. Salt Corporation wants to acquire or merge with Pepper Corporation. The board and the shareholders of Pepper are resisting. Salt should (Points : 2) file a plan of merger with the secretary of state. file an article of merger with Pepper. make a tender offer to the shareholders of Pepper. make a tender offer to the shareholders of Salt. 65. General Construction Company engages in blasting in its operations. This is subject to strict liability because (Points : 2) blasting is an abnormally dangerous activity. blasting is a negligent activity. construction can be done without blasting. General is a construction company. 66. The four broad types of damages in contract law are compensatory, consequential, punitive, and actual damages. (Points : 2) True False 67. Portia, a businessperson, is convicted of RICO offenses. Portia's penalties may include (Points : 2) dissolution of her business but not forfeiture of its assets or imprisonment. forfeiture of the business assets but not dissolution of the business or imprisonment. imprisonment and dissolution of her business but not forfeiture of its assets. dissolution of her business, forfeiture of its assets, and imprisonment. 68. USA Transport Company uses a mark associated with its name to distinguish its services from those of other transport firms. The mark is (Points : 2) a certification mark. a collective mark. a service mark. trade dress. 69. Gregor uses duress to force Honi to agree to pay him for protecting Honi's Coffee Shop against vandalism and destruction. Honi may (Points : 2) avoid the contract or choose to carry it out. do nothing once she has agreed to pay. recover from her insurer for a failure to direct her "protection." recover from the local police for a failure to protect her "direction." 70. While a minor, Jason buys a car that he continues to use and keep in repair after reaching the age of majority. Jason has (Points : 2) disaffirmed the contract. ratified the contract. rejected the contract. rescinded the contract. 71. Specific performance is the remedy customarily used when there is no actual contract or agreement between two parties. (Points : 2) True False 72. Apparent authority exists if a principal causes a third party reasonably to believe that an agent has authority to act. (Points : 2) True False 73. Don enters into a contract with Emma, who does not have contractual capacity. Don can enforce the contract only if Emma (Points : 2) elects not to avoid the contract. is a minor. is intoxicated or mentally incompetent. is a minor, intoxicated, or mentally incompetent. 74. Genetic Seed Company hires Howie to work in its shipping office, accepting deliveries and dealing with other companies' drivers. With respect to Genetic, Howie is most likely (Points : 2) an agent. an independent contractor. a principal. a work for hire. 75. Julio contracts to provide lawn-mowing services to Kevin for $140 per month. Julio cannot transfer this duty (Points : 2) under any circumstances. without continuing to be potentially liable. without Kevin’s consent. without paying Kevin at least one monthly fee. 76. Precision Applications Corporation (PAC) sends an electronic record to Quotient Systems, Inc., a PAC customer. Under the UETA, the record will be considered received when it (Points : 2) enters Quotient's processing system in a readable form, even if no person is aware of its receipt. enters Quotient’s processing system in a readable form, only if a person is aware of its receipt. is midway between the parties' processing systems. passes out of PAC's control. 77. A principal has a duty to cooperate with the agent. (Points : 2) True False 78. Because the Internet is vast, the unauthorized use of another's mark in a domain name is ***** ***** (Points : 2) True False 79. Mit-E Clean Corporation wants to make an offering of securities to the public. This offering is not exempt from registration under the Securities Act of 1933. Before the firm sells its securities, it must provide investors with (Points : 2) a forward-looking financial forecast. an investment contract. a prospectus. a road show. 80. When a contract party alters a written contract, the other party must adapt his or her performance accordingly. (Points : 2) True False 81. Roc buys a farm from Steve, who claims that it would be a prime site for a housing subdivision. Roc later learns that the law does not permit the land to be used for housing. Roc may (Points : 2) not rescind the contract. rescind the contract only if Roc did not know the law before the deal. rescind the contract only if Steve knew about the law before the deal. rescind the contract only if the law is not common knowledge. 82. Odell, Prince, and Quinn are shareholders of Rite Corporation. Before a shareholders' meeting, they agree in writing to vote their shares together in a certain manner. Usually, such agreements are held to be (Points : 2) invalid and unenforceable. oppressive and irresponsible. suspect and voidable. valid and enforceable. 83. Rite-Bilt Contractors, Inc., agrees to build a motel for Slumber Motels Corporation. The project proceeds according to plan, but before it is done, Slumber tells Rite-Bilt to quit. Rite-Bilt may recover (Points : 2) the contract price less costs of materials and labor. the contract price. the costs needed to complete construction. profits plus the costs incurred up to the time of the breach. 84. An employee who leaves a job voluntarily cannot later claim to have been "constructively discharged" on the basis of unlawful discrimination. (Points : 2) True False 85. Kelly is an appliance salesperson. Kelly commits fraud if, to make a sale, she (Points : 2) discloses the truth. represents as a fact something that she knows is untrue. states an opinion concerning something that she knows nothing about. uses puffery. 86. Oral evidence of the meaning of a contract with incomplete terms can be introduced at a trial. (Points : 2) True False 87. Recreational Pools, Inc., agrees to build a swimming pool for Sandy, but fails to build it according to the contract specifications. Sandy hires Total Fix-It Company to finish the project. Sandy may recover from Recreational Pools (Points : 2) the contract price less costs of materials and labor. the contract price. the costs needed to complete construction. profits plus the costs incurred up to the time of the breach. 88. Gus is an employee of Harden Steel Company. Under federal labor law, Gus and other employees have the right to (Points : 2) bargain collectively with Harden through their representatives. insist that Harden require union membership as a condition of work. interfere with the efforts of others to form labor organizations. refuse to bargain with Harden through their representatives. 89. Amber pushes Brad into the path of an oncoming car driven by Carol. Don tries to rescue Brad, but the car hits both of them. Amber is liable for the injuries of (Points : 2) Brad and Don. Brad only. Don only. neither Brad nor Don. 90. The Uniform Commercial Code has been adopted, at least in part, in (Points : 2) all states. 45 states. 25 states. no states. 91. Quality Steel Corporation files a suit against Rite Tool Company, claiming that the consideration for their contract is inadequate. The court will most likely not examine the adequacy of the consideration if (Points : 2) it is obvious that the consideration is adequate. Rite Tool asserts that there is adequate consideration. something of value passed between the parties. the consideration is worth more than $100. 92. An applicant cannot register a trademark on the basis of an intention to use the mark in commerce. (Points : 2) True False 93. In 2009, Sara writes Terror at the Track, a novel about racecar driving. Sara does not register the work with the appropriate government office. Under federal copyright law, Sara’s work is protected (Points : 2) for ten years. for twenty years. for the life of the author plus seventy years. forever. 94. Giant Lift Corporation purchases all of the assets of Heavy Hydraulics Corporation. With respect to Heavy Hydraulics’s liabilities, Giant Lift is (Points : 2) automatically responsible. not responsible under any circumstances. responsible if Heavy Hydraulics is a competitor of Giant Lift. responsible if the sale is actually a merger or consolidation. 95. Justifiable reliance on a misrepresentation is an element of fraud. (Points : 2) True False 96. Parents are required by law to provide necessaries for their minor children. (Points : 2) True False 97. A patent cannot be obtained for a plant or an animal. (Points : 2) True False 98. A promisee is a person who makes a promise. (Points : 2) True False 99. Musicology Instrument Company and Noisemakers, Inc., enter into an e-contract. A dispute arises, and Musicology files a suit against Noisemakers. Like most courts to date, the court that hears this suit will probably apply (Points : 2) Article 2 of the Uniform Commercial Code. Article 2B of the Uniform Commercial Code. nontraditional e-commerce law principles. traditional common law principles. 100. To date, most courts have applied traditional common law principles to cases arising in e-commerce. (Points : 2) True False
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