Test Bank For Business Law Today Comprehensive, 8th Edition

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Test Bank For Business Law Today Comprehensive, 8th Edition is your complete study solution, ensuring you master the exam syllabus with ease and confidence.

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Table of Contents
Preface ............................................................................................................................................................. ix
UNIT ONE: The Legal Environment of Business
1 The Legal Environment ........................................................................................................................ 1
2 Constitutional Law .............................................................................................................................. 17
3 Courts and Alternative Dispute Resolution .................................................................................... 33
4 Torts and Cyber Torts ......................................................................................................................... 49
5 Intellectual Property and Internet Law ............................................................................................ 65
6 Criminal Law and Cyber Crimes ...................................................................................................... 81
7 Ethics and Business Decision Making .............................................................................................. 97

UNIT TWO: Contracts
8 Nature and Classification ................................................................................................................. 113
9 Agreement .......................................................................................................................................... 129
10 Consideration ..................................................................................................................................... 145
11 Capacity and Legality ....................................................................................................................... 163
12 Genuineness of Assent ...................................................................................................................... 179
13 The Statute of Frauds ........................................................................................................................ 197
14 Performance and Discharge ............................................................................................................. 213
15 Breach and Remedies ........................................................................................................................ 229
16 Third Party Rights ............................................................................................................................. 245
17 E-Contracts and E-Signatures .......................................................................................................... 261
UNIT THREE: Sales and Lease Contracts
18 The Formation of Sales and Lease Contracts ................................................................................. 277
19 Title and Risk of Loss ........................................................................................................................ 293
20 Performance and Breach of Sales and Lease Contracts ................................................................ 309
21 Warranties and Product Liability .................................................................................................... 325
UNIT FOUR: Negotiable Instruments
22 Negotiability and Transferability .................................................................................................... 341
23 Rights and Liabilities of Parties ....................................................................................................... 357
24 Checks and Banking in the Digital Age.......................................................................................... 375
UNIT FIVE: Debtor-Creditor Relationships
25 Security Interests in Personal Property .......................................................................................... 391
26 Other Creditors’ Remedies and Suretyship ................................................................................... 407
27 Bankruptcy ......................................................................................................................................... 423

CHAPTER 45: INSURANCE, WILLS, AND TRUSTS 1328
UNIT SIX: Business Organizations
28 Agency Relationships in Business ................................................................................................... 439
29 Sole Proprietorships and Franchises ............................................................................................... 455
30 Partnerships ....................................................................................................................................... 471
31 Limited Liability Companies and Special Business Forms .......................................................... 487
32 Corporate Formation and Financing .............................................................................................. 501
33 Corporate Directors, Officers, and Shareholders .......................................................................... 517
34 Corporate Acquisitions, Takeovers, and Termination ................................................................. 533
35 Investor Protection, Insider Trading, and Corporate Governance ............................................. 549
UNIT SEVEN: Government Regulation
36 Administrative Law .......................................................................................................................... 567
37 Antitrust Law ..................................................................................................................................... 583
38 Consumer Law ................................................................................................................................... 599
39 Environmental Law ........................................................................................................................... 615
40 Employment, Immigration and Labor Law ................................................................................... 631
41 Employment Discrimination............................................................................................................ 647
42 Liability of Accountants and Other Professionals ........................................................................ 663
UNIT EIGHT: Property and Its Protection
43 Personal Property and Bailments .................................................................................................... 681
44 Real Property and Landlord-Tenant Law ...................................................................................... 697
45 Insurance, Wills, and Trusts............................................................................................................. 713
UNIT NINE: The International Legal Environment
46 International Law in a Global Economy ......................................................................................... 729

CHAPTER 1: THE LEGAL ENVIRONMENT 1
Chapter 1
The Legal Environment
N.B.: TYPE indicates that a question is new, modified, or unchanged,
as follows.
N A question new to this edition of the Test Bank.
+ A question modified from the previous edition of the Test Bank,
= A question included in the previous edition of the Test Bank.
TRUE/FALSE QUESTIONS
1. The law establishes rights, duties, and privileges that are consistent with
the values of society.
ANSWER: T PAGE: 2 TYPE: =
NAT: AACSB Reflective LOC: AICPA Critical Thinking
2. How judges apply the law to specific disputes may depend in part on
their personal philosophical views.
ANSWER: T PAGE: 2 TYPE: =
NAT: AACSB Reflective LOC: AICPA Critical Thinking
3. Law includes enforceable rules governing relationships between
individuals and their society.

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CHAPTER 1: THE LEGAL ENVIRONMENT 3
5. Constitutional law includes only the U.S. Constitution.
ANSWER: F PAGE: 6 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
6. A federal law that conflicts with the U.S. Constitution will be deemed
unconstitutional.
ANSWER: T PAGE: 6 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
7. A state law that conflicts with the U.S. Constitution will be deemed
unconstitutional.
ANSWER: T PAGE: 6 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
8. The U.S. Constitution is the supreme law of the United States.
ANSWER: T PAGE: 6 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
9. Whether a law is constitutional depends on its source.
ANSWER: F PAGE: 6 TYPE: N
NAT: AACSB Analytic LOC: AICPA Legal

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CHAPTER 1: THE LEGAL ENVIRONMENT 4
10. A state constitution is supreme within the state’s borders so long as it
does not conflict with the U.S. Constitution or a federal law.
ANSWER: T PAGE: 6 TYPE: N
NAT: AACSB Analytic LOC: AICPA Legal
11. Uniform laws apply in all states, including those in which the laws have
not been adopted.
ANSWER: F PAGE: 7 TYPE: N
NAT: AACSB Analytic LOC: AICPA Legal
12. Federal statutes apply to all states.
ANSWER: T PAGE: 7 TYPE: N
NAT: AACSB Analytic LOC: AICPA Legal
13. Every state has adopted the Uniform Commercial Code in its entirety.
ANSWER: F PAGE: 7 TYPE: N
NAT: AACSB Reflective LOC: AICPA Legal

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CHAPTER 1: THE LEGAL ENVIRONMENT 5
14. Federal administrative agencies specify the powers of Congress.
ANSWER: F PAGE: 8 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
15. State agency regulations take precedence over conflicting federal agency
regulations.
ANSWER: F PAGE: 8 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
16. Common law is no longer a source of legal authority.
ANSWER: F PAGE: 10 TYPE: N
NAT: AACSB Analytic LOC: AICPA Legal
17. Common law is a term for the law that is known to most of us.
ANSWER: F PAGE: 10 TYPE: N
NAT: AACSB Analytic LOC: AICPA Critical Thinking
18. A decision on a given issue by a court is not binding on an inferior
court.
ANSWER: F PAGE: 11 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
19. Judges use precedent when deciding a case in a common law legal
system.

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CHAPTER 1: THE LEGAL ENVIRONMENT 6
ANSWER: T PAGE: 11 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
20. Stare decisis is a doctrine obligating judges to follow precedents
established within their jurisdictions.
ANSWER: T PAGE: 11 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
21. Courts do not depart from precedents.
ANSWER: F PAGE: 11 TYPE: =
NAT: AACSB Reflective LOC: AICPA Critical Thinking
22. A court may depart from a precedent if the court decides that the
precedent should no longer be followed.
ANSWER: T PAGE: 11 TYPE: =
NAT: AACSB Reflective LOC: AICPA Critical Thinking

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CHAPTER 1: THE LEGAL ENVIRONMENT 7
23. Equity is a branch of law that seeks to supply remedies other than
damages.
ANSWER: T PAGE: 12 TYPE: N
NAT: AACSB Analytic LOC: AICPA Legal
24. A defendant is a person against whom a lawsuit is brought.
ANSWER: T PAGE: 12 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
25. A plaintiff is a person against whom a lawsuit is brought.
ANSWER: F PAGE: 12 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
26. Monetary damages is a remedy at law.
ANSWER: T PAGE: 12 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
27. In most states, a court can grant legal remedies or equitable remedies,
but not both in the same case.
ANSWER: F PAGE: 13 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
28. A court’s order to a party to do or to refrain from doing a particular act
is a rescission.

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CHAPTER 1: THE LEGAL ENVIRONMENT 8
ANSWER: F PAGE: 14 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
29. Equitable remedies include injunctions and decrees of specific
performance.
ANSWER: T PAGE: 14 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
30. A substantive law creates or defines legal rights and obligations.
ANSWER: T PAGE: 16 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
31. Criminal law focuses on duties that exist between persons.
ANSWER: F PAGE: 16 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal

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CHAPTER 1: THE LEGAL ENVIRONMENT 9
32. International law is the law of a foreign nation and varies from country
to country.
ANSWER: F PAGE: 17 TYPE: +
NAT: AACSB Analytic LOC: AICPA Legal
33. 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.
ANSWER: F PAGE: 23 TYPE: N
NAT: AACSB Analytic LOC: AICPA Research
34. Rules and regulations adopted by federal administrative agencies are
compiled in the Code of Federal Regulations.
ANSWER: T PAGE: 24 TYPE: =
NAT: AACSB Analytic LOC: AICPA Research
35. Most state trial court decisions are not published.
ANSWER: T PAGE: 24 TYPE: =
NAT: AACSB Analytic LOC: AICPA Legal
MULTIPLE-CHOICE QUESTIONS
1. To Pete, the written law of a particular society at a particular time is
most significant. Pete is

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CHAPTER 1: THE LEGAL ENVIRONMENT 10
a. a legal positivist.
b. a legal rationalist.
c. a legal realist.
d. a person who adheres to the natural law tradition.
ANSWER: A PAGE: 3 TYPE: =
NAT: AACSB Analytic LOC: AICPA Critical Thinking
2. To Opal, the law is a tool for promoting justice. This is a view of what
is sometimes called
a. promotional jurisprudence.
b. the just society.
c. the sociological school.
d. utilitarianism.
ANSWER: C PAGE: 4 TYPE: N
NAT: AACSB Analytic LOC: AICPA Critical Thinking

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CHAPTER 1: THE LEGAL ENVIRONMENT 11
3. Voters in North Carolina approve a new state constitution, after which
the Ocean City Council passes new ordinances, the North Carolina
Department of Parks and Recreation issues new rules, and the Ocean
City Chamber of Commerce sends out new instructions. Sources of law
do not include
a. instructions issued by the Ocean City Chamber of Commerce.
b. ordinances passed by the Ocean City Council.
c. rules issued by the North Carolina Department of Parks and
Recreation.
d. state constitutions passed by popular vote.
ANSWER: A PAGE: 6 TYPE: N
NAT: AACSB Reflective LOC: AICPA Legal
4. In Nebraska, the highest-ranking (superior) law is
a. 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: B PAGE: 6 TYPE: =
NAT: AACSB Reflective LOC: AICPA Legal
5. Hawaii enacts a state law that violates the U.S. Constitution. This law
can be enforced by
a. no one.
b. the federal government only.
c. the state of Hawaii only.

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CHAPTER 1: THE LEGAL ENVIRONMENT 12
d. the United States Supreme Court only.
ANSWER: A PAGE: 6 TYPE: +
NAT: AACSB Reflective LOC: AICPA Legal
6. If a provision in the Florida state constitution conflicts with a provision
in the U.S. Constitution
a. 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: D PAGE: 6 TYPE: =
NAT: AACSB Reflective LOC: AICPA Legal
7. The U.S. Congress enacts a new federal statute that sets different
standards for the liability of businesses selling defective products. This
statute applies
a. 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: C PAGE: 6 TYPE: +
NAT: AACSB Reflective LOC: AICPA Legal

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