Test Bank For Business Law Today Comprehensive, 8th Edition

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Table of ContentsPreface............................................................................................................................................................. ixUNITONE:The Legal Environment of Business1The Legal Environment ........................................................................................................................12Constitutional Law..............................................................................................................................173Courts and Alternative Dispute Resolution ....................................................................................334Torts and Cyber Torts .........................................................................................................................495Intellectual Property and Internet Law ............................................................................................656Criminal Law and Cyber Crimes ......................................................................................................817Ethics and Business Decision Making ..............................................................................................97

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UNITTWO:Contracts8Nature and Classification .................................................................................................................1139Agreement ..........................................................................................................................................12910Consideration.....................................................................................................................................14511Capacity and Legality .......................................................................................................................16312Genuineness of Assent......................................................................................................................17913The Statute of Frauds ........................................................................................................................19714Performance and Discharge .............................................................................................................21315Breach and Remedies ........................................................................................................................22916Third Party Rights .............................................................................................................................24517E-Contracts and E-Signatures ..........................................................................................................261UNITTHREE:SalesandLeaseContracts18The Formation of Sales and Lease Contracts .................................................................................27719Title and Risk of Loss ........................................................................................................................29320Performance and Breach of Sales and Lease Contracts ................................................................30921Warranties and Product Liability ....................................................................................................325UNITFOUR:NegotiableInstruments22Negotiability and Transferability ....................................................................................................34123Rights and Liabilities of Parties .......................................................................................................35724Checks and Banking in the Digital Age..........................................................................................375UNITFIVE:Debtor-CreditorRelationships25Security Interests in Personal Property ..........................................................................................39126Other Creditors’ Remedies and Suretyship...................................................................................40727Bankruptcy .........................................................................................................................................423

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CHAPTER 45:INSURANCE, WILLS, AND TRUSTS1328UNITSIX:BusinessOrganizations28Agency Relationships in Business...................................................................................................43929Sole Proprietorships and Franchises...............................................................................................45530Partnerships .......................................................................................................................................47131Limited Liability Companies and Special Business Forms..........................................................48732Corporate Formation and Financing ..............................................................................................50133Corporate Directors, Officers, and Shareholders ..........................................................................51734Corporate Acquisitions, Takeovers, and Termination .................................................................53335Investor Protection, Insider Trading, and Corporate Governance .............................................549UNITSEVEN:GovernmentRegulation36Administrative Law ..........................................................................................................................56737Antitrust Law.....................................................................................................................................58338Consumer Law...................................................................................................................................59939Environmental Law...........................................................................................................................61540Employment, Immigration and Labor Law ...................................................................................63141Employment Discrimination............................................................................................................64742Liability of Accountants and Other Professionals ........................................................................663UNITEIGHT:PropertyandItsProtection43Personal Property and Bailments ....................................................................................................68144Real Property and Landlord-Tenant Law ......................................................................................69745Insurance, Wills, and Trusts.............................................................................................................713UNITNINE:TheInternationalLegalEnvironment46International Law in a Global Economy.........................................................................................729

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CHAPTER 1:THE LEGAL ENVIRONMENT1Chapter 1TheLegal EnvironmentN.B.:TYPEindicates that a question is new, modified, or unchanged,as follows.NA questionnewto this edition of the Test Bank.+A questionmodifiedfrom the previous edition of the Test Bank,=A questionincludedin the previous edition of the Test Bank.TRUE/FALSE QUESTIONS1.The law establishes rights, duties, and privileges that are consistent withthe values of society.ANSWER:TPAGE:2TYPE:=NAT: AACSB ReflectiveLOC:AICPA Critical Thinking2.How judges apply the law to specific disputes may depend in part ontheir personal philosophical views.ANSWER:TPAGE:2TYPE:=NAT: AACSB ReflectiveLOC:AICPA Critical Thinking3.Lawincludesenforceablerulesgoverningrelationshipsbetweenindividuals and their society.

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CHAPTER 1:THE LEGAL ENVIRONMENT2ANSWER:TPAGE:2TYPE:+NAT: AACSB AnalyticLOC:AICPA Legal4.The natural law philosopher believes that the law should reflect universalmoral and ethical principles that are part of human nature.ANSWER:TPAGE:3TYPE:=NAT: AACSB EthicsLOC:AICPA Critical Thinking

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CHAPTER 1:THE LEGAL ENVIRONMENT35.Constitutional law includes only the U.S. Constitution.ANSWER:FPAGE:6TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal6.A federal law thatconflicts withthe U.S.Constitution will be deemedunconstitutional.ANSWER:TPAGE:6TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal7.AstatelawthatconflictswiththeU.S.Constitutionwillbedeemedunconstitutional.ANSWER:TPAGE:6TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal8.The U.S. Constitution is the supreme law of the United States.ANSWER:TPAGE:6TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal9.Whether a law is constitutional depends on its source.ANSWER:FPAGE:6TYPE:NNAT: AACSB AnalyticLOC:AICPA Legal

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CHAPTER 1:THE LEGAL ENVIRONMENT410.A state constitution is supreme within the state’s borders so long as itdoes not conflict with the U.S. Constitution or a federal law.ANSWER:TPAGE:6TYPE:NNAT: AACSB AnalyticLOC:AICPA Legal11.Uniform laws apply in all states, including those in which the laws havenot been adopted.ANSWER:FPAGE:7TYPE:NNAT: AACSB AnalyticLOC:AICPA Legal12.Federal statutes apply to all states.ANSWER:TPAGE:7TYPE:NNAT: AACSB AnalyticLOC:AICPA Legal13.Every state has adopted the Uniform Commercial Code in its entirety.ANSWER:FPAGE:7TYPE:NNAT: AACSB ReflectiveLOC:AICPA Legal

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CHAPTER 1:THE LEGAL ENVIRONMENT514.Federal administrative agencies specify the powers of Congress.ANSWER:FPAGE:8TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal15.State agency regulations take precedence over conflicting federal agencyregulations.ANSWER:FPAGE:8TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal16.Common law is no longer a source of legal authority.ANSWER:FPAGE:10TYPE:NNAT: AACSB AnalyticLOC:AICPA Legal17.Common law is a term for the law that is known to most of us.ANSWER:FPAGE:10TYPE:NNAT: AACSB AnalyticLOC:AICPA Critical Thinking18.A decisiononagivenissuebyacourt isnotbindingon aninferiorcourt.ANSWER:FPAGE:11TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal19.Judgesuseprecedentwhendecidingacaseinacommonlawlegalsystem.

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CHAPTER 1:THE LEGAL ENVIRONMENT6ANSWER:TPAGE:11TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal20.Stare decisisisadoctrineobligatingjudgestofollowprecedentsestablished within their jurisdictions.ANSWER:TPAGE:11TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal21.Courts do not depart from precedents.ANSWER:FPAGE:11TYPE:=NAT: AACSB ReflectiveLOC:AICPA Critical Thinking22.Acourtmaydepartfromaprecedentifthecourtdecidesthattheprecedent should no longer be followed.ANSWER:TPAGE:11TYPE:=NAT: AACSB ReflectiveLOC:AICPA Critical Thinking

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CHAPTER 1:THE LEGAL ENVIRONMENT723.Equityisabranchoflawthatseekstosupplyremediesotherthandamages.ANSWER:TPAGE:12TYPE:NNAT: AACSB AnalyticLOC:AICPA Legal24.A defendant is a person against whom a lawsuit is brought.ANSWER:TPAGE:12TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal25.A plaintiff is a person against whom a lawsuit is brought.ANSWER:FPAGE:12TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal26.Monetary damages is a remedy at law.ANSWER:TPAGE:12TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal27.In most states, a court can grant legal remedies or equitable remedies,but not both in the same case.ANSWER:FPAGE:13TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal28.A court’s order to a party to do or to refrain from doing a particular actis a rescission.

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CHAPTER 1:THE LEGAL ENVIRONMENT8ANSWER:FPAGE:14TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal29.Equitableremediesincludeinjunctionsanddecreesofspecificperformance.ANSWER:TPAGE:14TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal30.A substantive law creates or defines legal rights and obligations.ANSWER:TPAGE:16TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal31.Criminal law focuses on duties that exist between persons.ANSWER:FPAGE:16TYPE:=NAT: AACSB AnalyticLOC:AICPA Legal

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CHAPTER 1:THE LEGAL ENVIRONMENT932.International law is the law of a foreign nation and varies from countryto country.ANSWER:FPAGE:17TYPE:+NAT: AACSB AnalyticLOC:AICPA Legal33.A reference to “28 U.S.C. Section 1332” means that a federal court’sdecision can be found on Page 28 of Section 1332 of theUnited StatesCases.ANSWER:FPAGE:23TYPE:NNAT: AACSB AnalyticLOC:AICPA Research34.Rulesandregulationsadoptedbyfederaladministrativeagenciesarecompiled in theCode of Federal Regulations.ANSWER:TPAGE:24TYPE:=NAT: AACSB AnalyticLOC:AICPA Research35.Most state trial court decisions are not published.ANSWER:TPAGE:24TYPE:=NAT: AACSB AnalyticLOC:AICPA LegalMULTIPLE-CHOICEQUESTIONS1.To Pete, the written law of a particular society at a particular time ismost significant. Pete is

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CHAPTER 1:THE LEGAL ENVIRONMENT10a.a legal positivist.b.a legal rationalist.c.a legal realist.d.a person who adheres to the natural law tradition.ANSWER:APAGE:3TYPE:=NAT: AACSB AnalyticLOC:AICPA Critical Thinking2.To Opal, the law is a tool for promoting justice. This is a view of whatis sometimes calleda.promotional jurisprudence.b.the just society.c.the sociological school.d.utilitarianism.ANSWER:CPAGE:4TYPE:NNAT: AACSB AnalyticLOC:AICPA Critical Thinking

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CHAPTER 1:THE LEGAL ENVIRONMENT113.Voters in North Carolina approve a new state constitution, after whichtheOceanCityCouncilpassesnewordinances,theNorthCarolinaDepartment of Parks and Recreation issues new rules, and the OceanCity Chamber of Commerce sends out new instructions. Sources of lawdonotincludea.instructions issued by the Ocean City Chamber of Commerce.b.ordinances passed by the Ocean City Council.c.rulesissuedbytheNorthCarolinaDepartmentofParksandRecreation.d.state constitutions passed by popular vote.ANSWER:APAGE:6TYPE:NNAT: AACSB ReflectiveLOC:AICPA Legal4.In Nebraska, the highest-ranking (superior) law isa.a case decided by the Nebraska Supreme Court.b.a provision in the Nebraska constitution.c.a rule created by a Nebraska state administrative agency.d.a statute enacted by the Nebraska legislature.ANSWER:BPAGE:6TYPE:=NAT: AACSB ReflectiveLOC:AICPA Legal5.Hawaii enacts a state law that violates the U.S. Constitution. This lawcan be enforced bya.no one.b.the federal government only.c.the state of Hawaii only.

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CHAPTER 1:THE LEGAL ENVIRONMENT12d.the United States Supreme Court only.ANSWER:APAGE:6TYPE:+NAT: AACSB ReflectiveLOC:AICPA Legal6.If a provision in the Florida state constitution conflicts with a provisionin the U.S. Constitutiona.neither provision applies.b.the provisions are balanced to reach a compromise.c.the state constitution takes precedence.d.the U.S. Constitution takes precedence.ANSWER:DPAGE:6TYPE:=NAT: AACSB ReflectiveLOC:AICPA Legal7.TheU.S.Congressenactsanewfederalstatutethatsetsdifferentstandards for the liability of businesses selling defective products. Thisstatute appliesa.only to matters not covered by state law.b.only to those states that adopt the statute.c.to all of the states.d.to none of the states.ANSWER:CPAGE:6TYPE:+NAT: AACSB ReflectiveLOC:AICPA Legal

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