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The Federal Commerce Commission has adopted guidelines specifying when
manufacturers and marketers can label their products "Made in USA."
a. True
b. False
Answer:
Which of the following are included within OSHA requirements regarding posting of
information?
a. OSHA requires that notices of any potentially dangerous conditions be posted.
b. OSHA requires that any citations for violations be posted.
c. OSHA requires that notices of any potentially dangerous conditions be posted and
also that citations for penalties be posted.
d. OSHA does not have any posting requirements.
Answer:
In theUnited States v Morgancase referenced in the text, the U.S. Supreme Court ruled
it __________ for a court to permit questions regarding the __________ of the agency.
a. impermissible, ripeness
b. impermissible, subpoena powers
c. permissible, mental processes
d. impermissible, mental processes
Answer:
Because of the complexity of federal securities laws, a recognized defense to a charge
of violation of federal securities laws is ignorance of the specific law or laws involved.
a. True
b. False
Answer:
Agencies lack the authority to conduct formal adjudications.
a. True
b. False
Answer:
The first Congress established _____ administrative agencies.
a. one
b. ten
c. no
d. three
Answer:
Failure to comply with regulations set in place by agencies may result in the imposition
of fines as well as the revocation of licenses and permits.
a. True
b. False
Answer:
Which of the following is true regarding drug testing of public and private employees
by employers?
a. There are greater limits on drug testing in relation to public employees as compared
to private employees because public employees have rights under the U.S. Constitution.
b. There are greater limits on drug testing in relation to public employees as compared
to private employees because private employees have rights under the U.S.
Constitution.
c. The limits on drug testing are the same in relation to public and private employees
because both categories of employees have rights under the U.S. Constitution.
d. There are no U.S. Constitutional limits on drug testing in relation to either public or
private employees because neither category has rights under the U.S. Constitution.
Answer:
Robert had a dispute with his neighbor regarding the location of the property line.
Robert's attorney suggests to Robert that both parties contribute funds toward hiring
individuals to serve on a nonbinding jury and render a suggested verdict. Which of the
following is the appropriate term for that type of procedure?
a. Summary jury trial
b. Nonbinding jury trial
c. Private jury trial
d. Procedural jury trial
Answer:
Title companies often hold purchase money in __________, meaning in a special
account, until the conditions for the sale have all been met.
a. open account
b. dedication
c. escrow
d. closed account
Answer:
Under the resource-based view of a business firm, a firm's resources can be a source of
sustained competitive advantage if they are valuable, rare, and perfectly imitable by
competitors.
a. True
b. False
Answer:
The 'systems approach" to business and society builds on which of the following
stakeholder theory insights?
a. That firms have relationships with many constituent groups, which both affect and
are affected by the actions of the firm.
b. That firms have relationships with many constituent groups, and that these groups
must be managed to best promote value to stockholders.
c. That although firms have relationships with many constituent groups, these groups
have little impact on the ongoing management of business firms.
d. That firms have relationships with only a few groups, such as employees, that are
directly connected with business operations.
Answer:
In the Stevens v. Premier Cruises, Inc.(2000) case referenced in the text, the
plaintiffwho was confined to his wheelchairsued Premier Cruises under the __________
Act, claiming that the portions of the ship that were considered "__________" were not
in-fact wheelchair accessible.
a. Title III of the Civil Rights, public accommodations
b. Americans With Disability, public accommodations
c. Department of Justice Disability, public accommodations
d. Americans With Disability, private accommodations
Answer:
A corporation that is technically defective but that is formed in good faith and exercises
corporate power is known as a de jure corporation.
a. True
b. False
Answer:
In CASE 23.1Tufankujian v. Rockland Trust Co. (2003) Tufankujian signed a contract
to acquire a Toyota dealership for $1.4 million. Rockland agreed to lend Tufankujian
$700,000 at 5% interest, with the remaining $700,000 to come from the SBA at a
separate interest rate which was quoted by Rockland at 6.5% (but with no written
guaranty). Ultimately, the loan was not consummated and Tufankujian sued. How did
the court rule?
a. The court dismissed Tufankujian's claims.
b. The court heldTufankujianbreached his duty of good faith and fair dealing and
awarded damages toRockland.
c. The court heldRockland had committed fraud but only awarded Tufankujian nominal
damages of $1.
d. The court heldRockland breached its duty of good faith and fair dealing and awarded
damages toTufankujian.
Answer:
Which of the following must the plaintiff prove in an Age Discrimination in
Employment case?
a. The plaintiff must prove by a preponderance of direct evidence that age was a
motivating factor for the challenged employer decision.
b. The plaintiff must prove by a preponderance of the evidence, which may be direct or
circumstantial, that age was a motivating factor for the challenged employer decision.
c. The plaintiff must prove by a preponderance of direct evidence that age was the
but-for cause of the challenged employer decision.
d. The plaintiff must prove by a preponderance of the evidence, which may be direct or
circumstantial, that age was the but-for cause of the challenged employer decision.
Answer:
The traditional Islamic rules and laws that regulate Muslim life are called Sharia.
a. True
b. False
Answer:
If a new law of general application indirectly affects a government contract, making the
government's performance impossible, the __________ will protect the government in a
subsequent suit for breach of contract.
a. sovereign acts doctrine
b. discretionary acts doctrine
c. ministerial acts theory
d. legislatively enacted principle
Answer:
Criminal law protects society principally by:
a. vindicating society's values.
b. compensating the victim.
c. punishing the criminal.
d. defining the rules of social behavior.
Answer:
In 2002 the European Union adopted the __________ to standardize the rules for
determining where suits involving e-commerce may be brought.
a. Brussels Conventions
b. European E-commerce Rules
c. European Commerce Standards
d. French Conventions
Answer:
__________ of a general partnership occurs when all the affairs are wound up and the
partners' authority to act for the partnership is completely extinguished.
a. Dissolution
b.Termination
c. Winding up
d.Staged end
Answer:
Fact Pattern 9-3
Alex and Blake got into a heated argument because Alex asked Blake's girlfriend out on
a date. Blake decided that he wanted to scare Alex and drew back his fist to hit Alex. He
stopped just as he was about to strike Alex in the nose. Alex yelled out, "You didn't
scare me. I was ready for a fight!" Later, Alex decides that he would like to sue Blake
and asks your advice on issues involving assault and battery.
Refer to Fact Pattern 9-3. What would you tell Alex regarding whether he should sue
Blake for committing an assault?
a. That it appears that the necessary elements are present for him to succeed in an action
against Blake for assault so long as he can show apprehension of being struck.
b. That he could not win in an action for assault because he admitted that he was not
afraid.
c. That he could not win in an action for assault because Blake did not actually strike
him.
d. That he could not win in an action for assault because it appears that Blake's actions
were justified.
Answer:
Trespass may occur below the surface of land.
a. True
b. False
Answer:
Fact Pattern 22-1
Trudy was hired by Food Corporation to handle a products liability lawsuit brought
against it alleging that it distributed dangerous dog biscuits. Trudy's investigation
brought to light facts establishing that the biscuits were not defective and that the
problem actually involved improper retention policies on the part of retailers. Trudy is
aware that this information will result in the stock of Food Corporation increasing
dramatically. Trudy immediately buys shares of Food Corporation and tells her fiancé,
Frank, about the expected increase as well. Trudy tells Frank because she wants to
borrow money from him for the trade and also because she believes that his investment
will enable them to take a nicer honeymoon. Frank initially resists because of his
training in business law and his concern that trading on the information would violate
federal law, but he ends up going along with Trudy because he too wants a nice
honeymoon. Trudy's suspicions come true. The lawsuit is dismissed, the stock increases
dramatically, and she and Frank go on a great honeymoon. The day after they return, an
investigator from U.S. Attorney's Office interviews her regarding her trades and those
of Frank.
Refer to Fact Pattern 22-1. Can Trudy be considered an insider of Food Corporation?
a. No
b. Yes, as a derivative insider.
c. Yes, as a temporary insider.
d. It depends on whether she was paid as an employee or independent contractor
because she may be considered an insider only if she was paid as an employee.
Answer:
A(n) __________ guaranty is enforceable only with respect to a specified transaction or
series of transactions.
a. attached
b. upstream
c. restricted
d. payment
Answer:
A __________ sets forth the general terms and conditions of a proposed purchase until
a formal acquisition agreement can be signed.
a. letter of agreement
b. letter of intent
c. form of contract
d. formal delineation
Answer:
The Model Prison Code is a set of criminal law statutes that were proposed by the
National Conference of Commissioners on Uniform state Laws for adoption by the
states.
a. True
b. False
Answer:
Susan may get a patent on the new type of rose she developed through asexual
reproduction.
a. True
b. False
Answer:
What type of statutes protect employees who report illegal activities going on within
their company?
a. Reporting statutes
b. Revealing statutes
c. Discovery statutes
d. Whistleblower statutes
Answer:
Inverse condemnation by the government constitutes a taking requiring just
compensation.
a. True
b. False
Answer:
Employees who must be paid both minimum wage and overtime as required by the Fair
Labor Standards Act are referred to as __________ employees.
a. exempt
b. nonexempt
c. covered
d. accommodated
Answer:
