Quiz Facts 6/ Business - Business Law

1

A debtor cannot defend against an involuntary bankruptcy petition because that would be contrary to the definition of involuntary.

2

The EPA is required to consider the economic effects when requiring BAT for a permit holder

3

An instrument is dishonored when the party to whom the instrument is presented refuses to pay it

4

A statute of limitations determines the maximum and minimum amounts of monetary relief that may be granted in different types of civil lawsuits.

5

What is the difference between performance and tender?

6

Identify three ways the Sarbanes-Oxley Act affects accountants and auditors

Three ways the Sarbanes-Oxley Act affects accountants and auditors are: (a) The Act provides for the establishment of a five-member Public Company Accounting Oversight Board to oversee the audit of public companies. The purpose is to further the public interest in the preparation of informative, accurate, and independent audit reports for public companies. (b) In order to make auditors more independent from their clients, the Act prohibits accounting firms from performing eight specified non-audit services for audit clients. Also, the lead audit partner having primary responsibility for the audit and the audit partner responsible for reviewing the audit must rotate at least every five years. (c) Auditors must report directly to the company's audit committee and make timely disclosure of accounting issues concerning critical accounting policies and practices used in the audit, alternative treatments and their ramifications, and other material written communications between the auditor and management.

7

Liz and Moss disagree over the amount due under their contract. To avoid involving any third party in the resolution of their dispute, Liz and Moss might prefer to use the alternative dispute resolution method of

8

______ is often used to make arrangements with others about the use of property

9

Where the debtor has fewer than twelve (12 ) creditors, how many must sign an involuntary petition?

10

In recent years, the FTC has encouraged companies that provide Internet browsers to offer a ________ system under which consumers can choose not to have their Internet use traced by third parties.

11

Naida Baronowski is an American fashion designer who has a design firm in Chicago. Naida has been successful in the U.S. and wants to expand her operation overseas. She hopes to open shops in Paris, Milan, Madrid, Rome, Vienna, and Moscow in the next several years. Naida is unfamiliar with foreign operations. She comes to you, her attorney, for advice about how she should pursue her goal of

12

Describe two of the elements that constitute Title VII's (of the Civil Rights Act of 1964) prohibition of race discrimination. Give an example for each.

a)	Employment discrimination based on racial or ethnic ancestry: Discrimination against a

person because of his or her ancestry can violate Title VII's prohibition against race discrimination. Sometimes this overlaps with national origin, such as discrimination because the person comes from a particular country or is a descendant of people from that country. An example of racial ancestry is Asian.

b)	Employment discrimination based on a person's physical characteristics: It can be

associated with race, such as a person's color, hair, facial features, height, and weight. An example of this would be slanted eyes; making fun of a person on that basis would be racial discrimination.

c)	Race-linked illness: Some illnesses are more prevalent among certain races. An

example is sickle cell anemia, a genetically transmitted disease that occurs more frequently among black persons of African descent. An employer who had policies that screened out persons with such an illnesses might be discriminating based on race. If the employer applies facially neutral standards to exclude treatment for conditions or risks that disproportionately affect employees on the basis of race or ethnicity, the employer must show that the standards are based on generally accepted medical criteria.

d)	Employment discrimination against a person because of cultural characteristics: It is

often linked to race or ethnicity, such as a person's name, cultural dress and grooming practices, or accent or manner of speech. For example, an employment decision based on a person having a so-called "black accent," violates Title VII if the accent or manner of speech does not materially interfere with the ability to perform job duties.

e)	Employment discrimination against an individual based on a belief that the individual is

a member of a particular racial group, regardless of how the individual identifies himself or herself. Discrimination against an individual based on a perception of his or her race violates Title VII even if that perception is wrong. Therefore, if a person is discriminated against because he or she is considered to be of a particular racial group, that is discrimination. Such discrimination might occur if a person is multiracial.

13

A trademark or service mark that is used in commerce by members of a cooperative, an association, or other collective group or organization is a(n):

14

Which of the following securities requires registration under the registration requirements of the 1933 Act?

15

In general, limited partners lose their limited liability status by:

16

An agency arrangement can be terminated by:

17

All of a certain corporation’s small number of shareholders agree that the firm can operate without directors, bylaws, shareholder meetings, stock certificates, and formal records of shareholders’ decisions. This firm is most likely

18

The Investment Advisers Act requires investment advisers and stock brokers to be registered with the SEC, but not stock dealers, who are regulated by the stock exchanges

19

A divorce occurring after a will has been written does not revoke dispositions of property made under the will to the former spouse.

20

If Denise is hired to work as a cashier, she has the implied authority to do acts reasonably necessary to carry out her job.

21

In an effort to control the depletion of the ozone layer, which of the following treaties was signed in 1987?

22

Ghani owns Hillside Vineyard. Ghani conveys some of the land “to Iona for her life.” Ghani has given Iona

23

In Anglo-Saxon society, men were put into groups of ten, known as a "tithing" and were individually held responsible for any injury caused by any member of the group. This is the forerunner of the idea of business partnerships

24

Pippi, the manager of Quik Mart, deposits the store's receipts in its account at Regional Bank. As to the receipts, the relationship between Quik Mart and the bank is

25

Because title to the property of a limited liability company must be held in the name of one or more of its members, disputes over its ownership is avoided.

26

The accounting firm of Griggs, Macon, and Fiurre audits the financial records of Chasse, a public company. The Sarbanes-Oxley Act prohibits the accounting firm from providing consulting services to Chasse on human resource matters

27

What remedy did the Board order?

28

While Leah and Grant were lawfully married, Leah had purchased a $500,000 life insurance policy on Grant's life, naming herself as the beneficiary. Subsequently they got divorced and Grant died a year later. Grant leaves two surviving children, Tom and Cindy. Who is likely to receive the proceeds of the $500,000 life insurance policy?

29

An arrangement in which a tenant transfers some of his or her rights under a lease to another party is known as a ________

30

Which of the following characterizes searches?

31

Under federal law, an electronic signature is as valid as a signature on pa-per

32

Judicial review is the power ________

33

Blake agreed to renovate Jane's house, and they drafted a written contract. However, Blake was unable to complete the renovation due to an accident. Blake's friend, Tom, agreed to complete the job, and Jane agreed to release Blake from the contract. The terms of the old contract remained the same. This process of substitution of a contract is known as a(n) _____.

34

Situational ethics judges a person's ethics, and it does so from the perspective of the actor

35

Which of the following descriptions is an adequate legal description for a valid deed?

36

Diane, who is seventeen years old, purchased an auto from Elvira on credit. Florence agreed to act as surety and signed a written surety agreement. At the time of purchase, Diane specifically asked Elvira about the condition of the car's motor and was told that it had just been replaced with a new one and was in fine condition. This was blatantly untrue, because Elvira knew it was in terrible shape and would only last a short time. The auto has now stopped running and Diane refuses to make any more payments. Elvira is now proceeding against Diane and Florence. What defenses, if any, are available to (a) Diane and (b) Florence?

37

Jack, a 43 year old white male, applied for a job at a private club. He was not hired. During the application process, Jack noticed that the club employed younger, white male individuals. Can Jack file a discrimination claim under the ADEA (Age Discrimination in Employment Act) against the club?

38

Which of the following countries guarantees paid leave for new mothers?

39

AviatorsSource Corporation makes and sells aircraft parts. In most states, the minimum number of directors that must be present before Aviators Source's board could transact its business is

40

What is the main purpose of the taxing power?

41

Sound Financials Corporation sends daily e-mail ads to its previous customers and those who have opted to receive the notices. The state in which the company is physically located has enacted an antispam law. Under federal law

42

What is the United Nations Convention on Contracts for the International Sale of Goods rule with regard to cure?

43

Construction loans generally have higher interest rates than permanent loans, due to their increase risk characteristics

44

A check is a particular kind of draft

45

A college professor who distributes copies of a copyrighted journal article without permission from the journal, would always be violating the federal Copyright Act

46

The Worker Adjustment and Retraining Notification (WARN) notice is required of employers with:

47

Adhering strictly to all business laws is all that is necessary to fulfill all business ethics obligations.

48

Congress enacts a law prohibiting toys made in China from being sold in the United States. The Hawaii state legislature enacts a law allowing the sale of Chinese-made toys. Hawaii's law will most likely be struck down under

49

An auction with reserve is a contract in which one party consents to sell to a second party all of the goods that party makes in a given period of time.

50

Section 7 of the NLRA is a federal law that gives employers the right to terminate union practices detrimental to the organization.

51

By definition, a sale under Article 2 of the UCC requires

52

Unlike the UCC, the CISG governs:

53

Suppose Hans, who lives in Germany, orders a new office desk from Ezilon Muebles in Spain. The furniture arrives, but Hans is not happy with how the new furniture looks in his home in Hamburg. It takes Hans 5 business days to make the decision to cancel the order. The EU only allows consumers to cancel any electronic commerce transactions within 3 working days.

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Quiz Facts 6/ Business - Business Law

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(a)	Diane is a minor. She may assert her minority status as a defense. She may also assert the defense of fraud in the inducement, because of the misstatement regarding the car motor.
(b)	Florence, as a surety, may not assert Diane's minority status, because that defense is considered to be a personal defense of the debtor. She may, however, assert the defense of fraud in the inducement.