Business Law class 50 Questions

Question 14 pts

The goal of the Sherman Act is to eliminate competition.

True
False

 

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Question 24 pts

In a number of states, courts have made merchants in mutual benefit bailments liable for any defect in a bailed object that causes personal injury.

True
False

 

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Question 34 pts

Which of the following statements is one of the criticisms of the jury system in the United States?

Juries only apply substantive rules of law to decide cases.
Juries cannot be used in criminal cases.

 

Jurors develop voir dire to elicit attitudes and experiences.
Jurors vote their prejudices.

 

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Question 44 pts

Which of the following statements is true of the social contract theory?

It lays minimal emphasis on individual rights and self-worth.
It is based on duty.

 

It has its origins in formalism.
It has given rise to utilitarianism.

 

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Question 54 pts

The Securities and Exchange Commission (SEC) primarily functions as a(n) ______ body, which oversees the issue and sale of investment securities.

rule-making
supervising

 

adjudicating
investigating

 

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Question 64 pts

Corporations and other business entities that violate the Foreign Corrupt Practices Act are subject to a fine of up to ______.

$2,000,000
$5,000,000

 

$100,000
$500,000

 

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Question 74 pts

The members of the U.S. Supreme Court are called _____.

justices
magistrates

 

judges
advocates

 

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Question 84 pts

A contracting party has no duty to perform prior to a condition precedent being satisfied.

True
False

 

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Question 94 pts

The person against whom a criminal charge is filed by the prosecuting state is called the respondent.

True
False

 

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Question 104 pts

The ______ encourages international trade by maintaining stable foreign exchange rates and works closely with commercial banks to promote orderly exchange policies with members.

World Bank
World Trade Organization

 

United Nations Commission on International Trade Law
International Monetary Fund

 

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Question 114 pts

Disadvantages of case law do not destroy the benefits of certainty, predictability, and stability provided by case law and stare decisis.

True
False

 

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Question 124 pts

The presence of standing to sue is determined by the nature and source of a plaintiff’s allegations.

True
False

 

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Question 134 pts

Intellectual property systems presume that the long-term benefits of increased information and investment are greater than the short-term costs.

 

True
False

 

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Question 144 pts

A property-based legal system ___________.

is unimportant in Western legal systems
believes that law is simply the commands of the state backed up by force and punishments

 

does not allow for the transfer of private resources
allows people to exclude others from interfering with what their efforts produce

 

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Question 154 pts

______ is defined as “any act or threat involving” specified state law crimes, any “act” indictable under various specified federal statutes, and certain federal “offenses.”

Fraudulent misrepresentation
Racketeering

 

Money laundering
Embezzlement

 

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Question 164 pts

Usually, the cost of creation of a business entity is not a major factor in considering which form of business organization a person will choose to operate a business.

True
False

 

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Question 174 pts

For a plaintiff to establish that he or she has standing to sue, the plaintiff must allege __________.

a lack of subject matter jurisdiction of the court
a personal stake in the resolution of the controversy

 

at least $100,000 in damages as a result of the controversy
garnishment by the state in which the lawsuit is filed

 

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Question 184 pts

A conflict exists between a state law and a federal law if the state statute would prevent or interfere with the accomplishment and execution of the full purposes and objectives of Congress.

True
False

 

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Question 194 pts

The Fourteenth Amendment to the Constitution recognizes that the law can be enforced by taking a person’s life, freedom, or the resources that he or she owns, but only by Due Process of law.

 

True
False

 

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Question 204 pts

The ______ of 1974 places constraints on how certain kinds of information collected by the federal government can be used and limits those to whom the information may be released.

Fair Credit Reporting Act
Sherman Act

 

Sarbanes-Oxley Act
Privacy Act

 

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Question 214 pts

When the parties to a contract fail to provide the required order of performance, the law states the buyer’s payment is a condition that must be satisfied after the seller has performed his or her duty to deliver.

True
False

 

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Question 224 pts

Which of the following refers to nolo contendere?

guilty
double jeopardy

 

not guilty
no contest

 

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Question 234 pts

Business often fails to regulate itself, and the lack of self-regulation is contrary to the public interest. To counterbalance, administrative agencies exist to

refer the problem or area to experts for solution and management.
protect the public, especially from the business community.

 

replace competition with regulation.
develop detailed rules and regulations to carry out the legislative policy.

 

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Question 244 pts

Under the Convention on the International Sale of Goods (CISG), parties are not allowed to negotiate contract terms and cannot opt out of the CISG.

True
False

 

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Question 254 pts

Regulatory law forbids owners from monopolizing classes of resources and sets rules for how businesses can compete to acquire ownership in new resources.

True
False

 

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Question 264 pts

The _____ is the trial jury that returns a verdict in both criminal and civil cases.

grand jury
appellate jury

 

petit jury
federal jury

 

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Question 274 pts

In exercising their investigative functions, administrative agencies are excluded from using subpoena powers.

True
False

 

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Question 284 pts

Under the Right to Financial Privacy Act of 1978, an individual depositor has the right to challenge an agency’s legal basis for seeking financial records.

True
False

 

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Question 294 pts

Statner, a doctor, reveals sensitive medical information about Ray, his patient, to the media. As a result, Ray is subject to sympathetic attitude and discrimination at work. He decides to sue Statner. Which of the following statements is true in this case?

Statner has not committed a tort for which Ray can sue.
Statner has intentionally interfered with Ray’s contractual obligations.

 

Statner can be sued for invasion of privacy.
Statner can be sued for libel.

 

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Question 304 pts

Diversity reduces concerns over ethical values.

True
False

 

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Question 314 pts

The Magnuson-Moss Warranty Act requires the Federal Trade Commission to issue rules regarding warranties for consumer products.

True
False

 

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Question 324 pts

Which of the following statements is true of the Foreign Corrupt Practices Act of 1977?

It prosecutes any foreign official body that bribes American officials.
It is designed to restrict excessive import of goods.

 

It prohibits American citizens from doing business with countries that have a high level of corruption.
It is designed to stop bribery of foreign officials.

 

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Question 334 pts

Which of the following terms refers to the determination by a majority of the grand jury that a crime has been committed and that the evidence is sufficient to warrant the accused’s standing trial?

probable cause
nolo contendere

 

presumption of innocence
self-incrimination

 

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Question 344 pts

Stealing company property such as vehicles or computers is a form of larceny.

True
False

 

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Question 354 pts

Labeling an activity a “local” or “intrastate” activity prevents Congress from regulating it under the commerce clause.

True
False

 

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Question 364 pts

Only individuals can sue for defamation, not corporations.

True
False

 

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Question 374 pts

The crucial issue with the continuity factor of a business’s organizational form is

its management style.
the average age of the employees working for the business.

 

the method by which the business can be dissolved.
the method adopted by the business to reach out to its customers.

 

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Question 384 pts

Josh announces a reward of $500 for his dog, Ginger, that ran away from his house. Josh spreads the word only by pinning up posters in his neighborhood. Amanda, Josh’s colleague, sees Ginger and brings her back to Josh without ever seeing the poster. After returning the dog, Amanda sees one of the reward posters and returns to claim the money. In the context of this scenario, which of the following statements is true?

Amanda is not entitled to the money because the offer was not communicated to her.
Amanda is not entitled to the money because she is Josh’s colleague and acted in good faith.

 

Amanda is entitled to the money because the poster constituted an offer and is effective for the entire neighborhood.
Amanda is entitled to the money since performance of the requested act in the poster indicates acceptance.

 

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Question 394 pts

White-collar crimes are largely dependent on the threat of physical force or violence.

True
False

 

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Question 404 pts

Strict liability torts impose legal responsibility for injury even though a liable party neither intentionally nor negligently causes the injury.

True
False

 

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Question 414 pts

Shelly is a week late in paying her rent. She requests her landlord, Craig, not charge her the late payment fees, and Craig agrees. This is an example of a waiver.

True
False

 

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Question 424 pts

The Federal Trade Commission is the primary federal agency that protects consumers.

True
False

 

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Question 434 pts

The separation of powers between levels of government is known as ______.

feudalism
federalism

 

imperialism
monarchism

 

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Question 444 pts

The general language used in delegating quasi-judicial authority usually involves grants of substantial discretion to an agency.

True
False

 

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Question 454 pts

In a(n) ______ type of regulatory authority, an agency can make decisions like a court.

quasi-judicial
quasi-executive

 

in personam
quasi-regulatory

 

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Question 464 pts

Property is the legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud.

 

True
False

 

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Question 474 pts

The doctrine of primary jurisdiction is invoked when referral to an agency is preferable because of its specialized knowledge or expertise in dealing with the matter in controversy.

True
False

 

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Question 484 pts

Which of the following statements is true of a white-collar crime?

It is usually committed for personal financial gain.
It predominantly involves heavy use of violence and physical force.

 

It excludes criminals of high socioeconomic status.
It is based on personal revenge rather than material or property gains.

 

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Question 494 pts

The Federal Trade Commission enforces the Clayton Act.

True
False

 

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Question 504 pts

Under stare decisis, judges in current cases follow whenever possible the interpretation of law determined by judges in prior cases.

 

True
False

 

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