The Legal, Ethical, and Regulatory Environment of Business in a Diverse Society 1st Edition

Which of the following theories of jurisprudence, according to some people, is not a good way to view law because it makes law too fluid? A.Aristocracy B.Legal Positivism C.Natural law D.Sociological theory Answer: D.Some think this sociological theory is not a good way to view law because it makes law too fluid. Answer: D.Some

If there is no consideration between the parties, there is no valid and binding contract. Answer: TRUEConsideration is the thing of value exchanged between the parties to a contract. If there is no consideration between the parties, there is no valid and binding contract. Answer: TRUEConsideration is the thing of value

Which of the following statements is true regarding regulatory negotiation? A.It is generally carried out after the case has been filed with the court. B.It involves assembling ordinary citizens and then asking them to act like a jury. C.It is used by administrative agencies wishing to avoid protracted litigation with interested groups. D.Lawyers for

If, rather that have the interest after the life estate go to a third party, the grantor dictates that the interest is to return to the grantor, this is _____. A.life estate B.estate for years C.reversion D.remainder Answer: C.If, rather that have the interest after the life estate go to a third party, the grantor

According to the work-for-hire doctrine, an employer is entitled to any ownership of property created by an independent contractor. Answer: FALSEAn employer is not entitled to any ownership of property created by the independent contractor. Answer: FALSEAn employer is not entitled to any ownership of property created by the independent

In the context of insider trading, those who receive insider information from the issuer in connection with other duties such as accountants or lawyers are also considered insiders under Rule 10b-5. Answer: TRUEIn the context of insider trading, those who receive insider information from the issuer in connection with other

Conciliation is also known as _____. A.mediation B.arbitration C.negotiation D.mitigation Answer: C.Conciliation is also known as negotiation. Answer: C.Conciliation is also known as negotiation. Answer: C. Conciliation is also known as negotiation. _____ damages are damages over and above what is necessary to make the party whole. Punitive damages are intended to reflect society's reaction to

The bill of rights, implemented under the Landrum-Griffin Act of 1959, states that: A.members do not have the right to vote on union business. B.union officers must be voted through public ballots. C.union elections must be held every three years. D.members cannot be disciplined for failure to pay union dues. Answer: C.The bill of

Bank note is an example of _____. A.debt securities B.bills receivables C.forward rate agreements D.chattel papers Answer: A.Bank note is an example of debt securities. Answer: A.Bank note is an example of debt securities. Answer: A. Bank note is an example of debt securities. If two or more firms engage in a conspiracy to fix

A service mark differs from a trademark only in that it identifies services rather than goods. Answer: TRUEService marks have been given broad meaning, and a service mark differs from a trademark only in that it identifies services rather than goods. Answer: TRUEService marks have been given broad meaning, and a

Ponzi and pyramid schemes are frauds included in the category of financial institution frauds. Answer: FALSEPonzi and pyramid schemes are examples of frauds included in the category of economic crimes. Refer reality check 8-1. Answer: FALSEPonzi and pyramid schemes are examples of frauds included in the category of economic crimes.

Where the principal is fully disclosed, the agent is not a party to the contract. Answer: TRUEWhere the principal is fully disclosed, the agent is not a party to the contract. That is because the third party knows the agent is acting on the principal's behalf and understands that though

A _____ is pollution that comes from many sources, such as melting snow that picks up animal waste, leakage from vehicles, and pesticides. A.spot source B.nonpoint source C.point source D.line source Answer: B.Under the Clean Water Act, a nonpoint source is pollution that comes from many sources, such as melting snow that picks up animal

Wildcat strikes are illegal and subject to unfair labor practice charges. Answer: TRUEStrikes that are not authorized by the union are called wildcat strikes and are illegal and subject to unfair labor practice charges if they force the employer to deal with the employees rather than the union or impose

If an agency is granted the authority to hear and decide agency disputes, the decisions of these agencies cannot be challenged in a federal court. Answer: FALSEIn most cases, enabling statutes that grant an agency the authority to hear and decide agency disputes will also provide for judicial review of

In the case of an agency relationship, an agent's authority is terminated upon the loss of capacity of the agent by insanity. Answer: FALSEIn the case of an agency relationship, an agent's authority is terminated upon the death of the agent, but not due to the loss of capacity of

If a business chooses to dump toxic waste into a city's storm drains, it is an example of _____. A.crime of apartheid B.white collar crime C.blue collar crime D.piracy Answer: B.If a business that chooses to dump toxic waste into a city's storm drains, it is an example ofwhite collar crime. Answer: B.If a

An organization that gives back to the community through employee volunteering or through charitable donations is said to be: A.upcycling. B.designing for the environment. C.superfunding. D.socially sustainable. Answer: D.Social sustainability is an aspect of going green. An organization is said to be socially sustainable if it gives back to the community through employee volunteering

The shape of a Coca-Cola bottle is protected with the help of a _____. A.copyright B.patent C.trademark D.license Answer: C.Although words are probably the principal form of trademarks, names, symbols, and devices can also serve as trademarks. Devices such as the shape of a Coca-Cola bottle havebeen ruled trademarks. Answer: C.Although words are probably

Many states permit withdrawal by an attorney when the highest authority of the corporation insists on a criminal action that will substantially injure the corporation. This is called _____. A.reporting up B.external reporting C.reporting out D.proxy solicitation Answer: C.Many states permit withdrawal by an attorney when the highest authority of the corporation insists on

Defamation is most likely to be an example of _____. A.violation of public law B.a tort C.violation of substantive law D.a felony Answer: B.Defamation is most likely to be an example of a tort. Answer: B.Defamation is most likely to be an example of a tort. Answer: B. Defamation is most likely to be an

The _____ are delegated the day-to-day management of the corporation and are answerable to the board. A.stockholders B.shareholders C.board of directors D.officers Answer: D.The officers are delegated the day-to-day management of the corporation and are answerable to the board. Answer: D.The officers are delegated the day-to-day management of the corporation and are answerable to

Which of the following is true regarding the Resource Conservation and Recovery Act (RCRA)? A.The RCRA exclusively deals with hazardous solid wastes. B.According to the Act, just because a property once contained a hazardous waste product does not mean that the property is forever useless. C.According to the Act, all waste that is