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WorksheetsBusiness Law Final Exam Review
Total questions: 59
Worksheet time: 30mins
Congress can create a statute on any topic at all.
True
False
The doctrine of precedent is binding on all courts from county courts to the U.S. Supreme Court.
True
False
Summary judgment is appropriate when there are no essential facts in dispute.
True
False
A tort is a violation of a duty imposed by the civil law.
True
False
The First Amendment guarantee of freedom of speech is an absolute right.
True
False
Punitive damages are intended to punish the defendant for conduct that is extreme and outrageous.
True
False
The doctrine of contributory negligence is followed in most states.
True
False
Revocation is the withdrawal of an offer by the offeror.
True
False
If an offer does not specify a type of acceptance, the offeree may accept in any reasonable manner and method.
True
False
One purpose of contract law is to determine which agreements are worthy of legal enforcement.
True
False
Some of the elements of a contract are acceptance, consideration, legality, and capacity.
True
False
The element of a contract that states the parties must be adults of sound mind is consent.
True
False
In a unilateral contract, one party makes a promise that the other party can accept only by actually doing something.
True
False
The UCC is federal legislation enacted by Congress.
True
False
There are three parties on a promissory note: the maker, the drawee, and the payee.
True
False
Tim wrote a negotiable note. Subsequently, Tim's debts were discharged in bankruptcy. If a holder in due course presents the note for payment, Tim does not have to pay.
True
False
The National Labor Relations Act guarantees employees the right to join unions.
True
False
Corporations have perpetual existence.
True
False
A partnership is a taxable entity, separate from the partners.
True
False
23. Social enterprises are organizations that pledge to behave in a socially responsible manner, even as they pursue profits.
True
False
24. A patent is available for an idea as well as a tangible application.
True
False
25. The Supreme Court has held that parody of copyrighted material is a violation of copyright law.
True
False
Common law refers to
law that is the same or similar in all the states.
law made when judges decide cases and then follow those decisions in later cases
law made by legislatures in the form of statutes.
the legal systems of France, Germany, and Italy.
In a civil case, the plaintiff must prove the case
By a preponderance of evidence.
By submission to an arbitrator.
Beyond a reasonable doubt.
By no standard because the burden of proof is on the defendant
What is the correct order in which a jury trial is conducted?
Opening statements, jury selection, defendant's case, plaintiff's case, closing arguments and instructions, verdict
Jury selection, opening statements, defendant's case, plaintiff's case, closing arguments and instructions, verdict
Opening statements, jury selection, plaintiff's case, defendant's case, closing arguments and instructions, verdict
Jury selection, opening statements, plaintiff's case, defendant's case, closing arguments and instructions, verdict
The Supreme Court consists of how many justices?
Seven (7)
Eight (8)
Nine (9)
Twelve (12)
In awarding punitive damages, a court considers all of the following EXCEPT the
difference between the punitive award and any civil penalties used in similar cases.
ratio between the harm suffered and the award.
reprehensibility of the defendant's conduct.
reprehensibility of the plaintiff's conduct.
The elements in a defamation case are
a. defamatory statement; falsity; communication; injury
b. a contract; knowledge of the contract; improper inducement; injury.
c. false or misleading fact statements; statements in commercial advertising; likelihood of harm
d. duty; breach of duty; proximate causation; damages.
Negligence concerns harm that
is unforeseeable
arises intentionally.
arises by accident.
is always substantial.
The Health Insurance Portability and Accountability Act is a federal law
allowing employees to take medical leave when needed.
requiring medical providers to use electronic records.
protecting medical records from unauthorized disclosure.
requiring medical providers to provide patients with their medical records for free when patients change medical providers.
The Family Educational Rights and Privacy Act protects the privacy of
student records.
the educational records of parents, students, and teachers.
student records only if the students are in grades K–12
student records only if the student is attending a university.
The internet has ushered in a wave of crimes, including
assault.
malware.
terroristic threatening.
menacing.
The government must first obtain a warrant before searching anyplace where someone has
an unreasonable expectation of privacy.
password protection.
a lock.
a reasonable expectation of privacy.
The First Amendment
protects all anonymous speech
protects anonymous speech, provided it is lawful.
does not protect anonymous speech.
does not protect lawful speech.
What are the two most common settings for legitimate non-compete agreements?
Real estate purchase and employment relationship
Sale of a business and real estate purchase
Real estate purchase and insurance purchase
Sale of a business and employment relationship
An exculpatory clause is generally unenforceable when
it attempts to release a party from liability for ordinarily negligent behavior.
it involves public transportation.
it is written clearly and in bold, large print.
the affected activity is a recreational activity.
The basic distinction between an executory contract and an executed contract is that
one is enforceable, the other is not.
only one promise is involved in an executory contract.
one is legal, the other is not.
all parties have fulfilled their obligations in an executed contract.
The courts will find an implied contract when
justice demands it.
conduct of the parties indicates they intended an agreement.
there is promissory estoppel.
there is undue influence.
Which of the following types of property would be considered "goods" under the Uniform Commercial Code?
A promissory note
A stock
A patent
A computer
What are the two categories of negotiable instruments?
Notes and drafts
Investments and certificates
Cashier’s checks and certified checks
Stocks and bonds
Amaya borrows money from her local savings and loan to buy a car. Amaya signs a document regarding this loan. This document is a
check.
certificate of deposit.
promissory note.
Receipt.
Under the UCC, a buyer's right to reasonably obtain substitute goods because another party has not honored a contract is called
a. a breach.
b. A cure
c. A cover
d. Consideration
If a buyer does not receive goods by the contract deadline, remedies available include all of the following EXCEPT
incidental and consequential damages.
Cover
damages for non-delivery.
Cure.
An express warranty is a guarantee
created by the UCC and imposed on the seller of goods.
that goods are of at least average, passable quality in the trade.
created by the words or actions of the seller that goods will meet certain standards.
that the goods are fit for a particular purpose.
An implied warranty is a guarantee
created by the UCC and imposed on the seller of goods.
that the goods are fit for a particular purpose.
that goods are of at least average, passable quality in the trade.
created by the words or actions of the seller that goods will meet certain standards.
All of the following business forms have limited liability except the
limited liability company.
general partnership.
S corporation.
corporation.
The Federal Trade Commission requires franchisors to
Give prospective franchisees a franchise disclosure at least 14 business days prior to the signing of a contract or payment of any money.
give prospective franchisees earnings information on the company.
disclose any litigation the company has ever been involved in.
let prospective franchisees know how many franchisees have gone out of business in the prior five years.
The form of business ownership that is the most easily transferable is the
general partnership.
corporation.
close corporation.
sole proprietorship.
When a partner leaves a partnership, whether it be voluntary or by expulsion, death, or bankruptcy, it is called
dissociation.
termination.
detachment.
separation.
The term “S corporation” comes from
the Internal Revenue Code
the FTC rules
the Securities and Exchange Commission
state corporation law.
The only required document to form a limited liability company (LLC) is a(n)
Operations agreement
Shareholder agreement
Tax return
Certificate of organization
Jane and Paula graduated law school together at the same time and are now looking to open their own firm specializing in small-scale commercial real estate sales. They live in a state that does not allow lawyers to operate as an LLC. What form of company should Jane and Paula adopt?
Limited liability partnership
General partnership
Corporation
Professional corporation
The vast majority of patents that are issued are
design patents.
plant patents.
utility patents.
intellectual patents.
Intellectual property is
protected in the same way as land.
exclusive.
expensive to produce but cheap to reproduce and transmit.
expensive to produce, copy, and transmit.
A trademark lasts for
20 years after the application is filed.
70 years after the death of the creator.
10 years, but it can be renewed for an unlimited number of terms as long as it is used.
as long as it is kept confidential.
Nia and Samir are involved in a contract dispute. Nia sues Samir and he receives her complaint. Samir may file a(n)
Answer
Summons
Appeal
Motion for summary judgment
Which of the following workers is entitled to unpaid leave under the Family Medical Leave Act?
Kairos, who works part-time for a small coffee shop with 10 employees.
Jayla, who has worked full time for five years with Microsoft.
Dakota, who works part time for Delta Air Lines
Sydney, who works full time for a family heating and air conditioning company made up of Sydney and both of Sydney’s brothers.
In the House of Representatives, a state’s voting power is based on its
Relative wealth
Date of entry into the Union.
Physical size
Population
What is the best definition of a trade secret?
A formula, device, process, method, or compilation of information that, when used in business, gives the owner an advantage over competitors
Any combination of words and symbols that a business uses to identify its products or services and distinguish them from others
The right of an inventor to prevent others from making, using, or selling their inventions for a limited time
The right of a creator to exclusively reproduce, distribute, and perform their work for a limited time
