Business Law Midterm Study Guide

52 Questions  I  By Rmerklen3
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Business Law Quizzes & Trivia

  
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  • 1. 
    Which one of the following is NOT an accurate description of the concept of law?
    • A. 

      Law is a body of enforceable rules governing relationships among or between individuals or their society

    • B. 

      Law is a group of rules people follow because it is right to do so.

    • C. 

      Law is a group of commands to which obedience is secured by the threat of sanctions.

    • D. 

      Law is governmental social controls obtained through targeted application of punishments and rewards.


  • 2. 
     In Alabama, the highest-ranking (superior) law is
    • A. 

      a case decided by the Alabama Supreme Court

    • B. 

      a provision in the Alabama constitution

    • C. 

      a rule created by an Alabama state administrative agency

    • D. 

      a statute enacted by the Alabama legislature


  • 3. 
     George publishes a book titled Second Place, which includes a chapter from Bill’s copyrighted book  Outstanding House Racers without Bill’s permission. George’s use of the chapter is actionable
    • A. 

      only if consumers are confuse

    • B. 

      only if George and Bill are competitors

    • C. 

      only if consumers are confused and George and Bill are competitors

    • D. 

      regardless of whether consumers are confused or George and Bill are competitors


  • 4. 
     Georgia, like other states, may regulate private activities to protect or promote the public order, health,  safety, and general welfare under its
    • A. 

      taxing powers

    • B. 

      spending powers

    • C. 

      supreme powers

    • D. 

      police powers


  • 5. 
     The River City Council, the Santa Clara County Board, the Texas state legislature, and the U.S.  Congress pass laws. These laws constitute
    • A. 

      Administrative law.

    • B. 

      Case law.

    • C. 

      Stare decisis.

    • D. 

      Statutory law.


  • 6. 
    Persons who favor the creation of a National Biotech Agency to regulate the production of genetically  altered agricultural products should concentrate their lobbying efforts on
    • A. 

      Congress

    • B. 

      Federal administrative agencies that oversee agricultural products.

    • C. 

      The United States Supreme Court.

    • D. 

      The president of the United States.


  • 7. 
    As a judge, William applies common law rules. These rules develop from
    • A. 

      Administrative regulations.

    • B. 

      Court decisions.

    • C. 

      Federal and state statutes.

    • D. 

      Proposed uniform laws.


  • 8. 
    Sonya and Tonya buy a condo near the beach in Mobile, Alabama. On the death of either owner, that  owner’s interest in the condo passes to her heirs. This is
    • A. 

      A joint tenancy

    • B. 

      A life estate

    • C. 

      A tenancy in common

    • D. 

      Ownership in fee simple absolute.


  • 9. 
    Company A files a suit against Company B. Before going to trial, the parties, with their attorneys, meet  to try to resolve their dispute. A third party helps them to reach an agreement. This is
    • A. 

      Arbitration.

    • B. 

      Litigation.

    • C. 

      Mediation.

    • D. 

      Negotiation.


  • 10. 
    Denver, Colorado, passes an ordinance to regulate waste disposal. The disposal of waste may also be  regulated by
    • A. 

      All other levels of government

    • B. 

      No other levels of government.

    • C. 

      The federal government only.

    • D. 

      The Colorado state government only.


  • 11. 
    United Brands Company and  Supreme Goods, Inc., use the mark “Good Housekeeping Seal of  Approval” to certify the quality of their products. United and Supreme are not in business together and do  not own this mark. The mark is
    • A. 

      A certification mark.

    • B. 

      A collective mark.

    • C. 

      A service mark.

    • D. 

      Trade dress.


  • 12. 
    Tom owns Butler Landing Office Park. His ownership rights include the right to sell or give away the  property without restriction, as well as the right to commit waste, if he chooses. Tom’s ownership interest  is
    • A. 

      A fee simple absolute.

    • B. 

      A leasehold estate.

    • C. 

      A life estate.

    • D. 

      The power of eminent domain.


  • 13. 
    A Metro City ordinance allows only a few street vendors to operate in certain areas, for the purpose of  reducing traffic. A court would likely hold this ordinance to be
    • A. 

      Constitutional under the due process clause.

    • B. 

      Constitutional under the equal protection clause.

    • C. 

      Unconstitutional under the due process clause.

    • D. 

      Unconstitutional under the equal protection clause


  • 14. 
    Household Furnishings, Inc., distributes its merchandise on an interstate basis. Under the commerce  clause, Congress has the power to regulate
    • A. 

      Any commercial activity in the United States.

    • B. 

      Only activities that are in intrastate commerce.

    • C. 

      Only activities that are in local commerce.

    • D. 

      Only activities that are not in commerce.


  • 15. 
    Samantha files a suit against Mark, a medical doctor, alleging negligence. As a physician, Mark is  held to the standard of
    • A. 

      An average human being

    • B. 

      A reasonable person.

    • C. 

      A reasonable physician

    • D. 

      A typical professional.


  • 16. 
    . Jackie and Jonathan take title to a drive-through Koffee Kiosk in such a way that if one dies, the other  will be the sole owner. Jackie and Jonathan own the kiosk as
    • A. 

      Co-owners in fee simple.

    • B. 

      Joint tenants.

    • C. 

      Tenants for years.

    • D. 

      Tenants in common.


  • 17. 
    Which of these statements about constitutional law is not valid?
    • A. 

      The law as expressed in the U.S. Constitution and the various state constitutions.

    • B. 

      The U.S. Constitution is the supreme law of the land.

    • C. 

      State constitutions are supreme within state borders to the extent that they do not violate the U.S. Constitution or a federal statutory or administrative law.

    • D. 

      Any constitutional laws can be overruled by a judge if he deems it appropriate.


  • 18. 
    Which of these statements about statutory law is not valid?
    • A. 

      Laws or ordinances created by federal, state, and local legislatures and governing bodies.

    • B. 

      No statutory law can violate the U.S. Constitution.

    • C. 

      The state and local statutory laws cannot violate relevant state constitutions.

    • D. 

      Statutory laws are stated with state constitutions.


  • 19. 
    Which of these statements about administrative law is not valid?
    • A. 

      Rules, orders, regulations, and decisions of federal, state, or local government administrative agencies.

    • B. 

      Federal administrative agencies are created by enabling legislation enacted by the U.S. Congress.

    • C. 

      Agency administrative functions may include: (1) rulemaking; (2) investigation; and (3) enforcement.

    • D. 

      Administrative law takes precedent over statutory law.


  • 20. 
    Which of these statements about common law is not valid?
    • A. 

      Common law (or also known as case law) is judge-made law.

    • B. 

      Common law includes interpretations of constitutional provisions of statutes (legislative) and regulations (administrative).

    • C. 

      Common law governs all areas not covered by statutory law or agency regulations issued to implement applicable statutes.

    • D. 

      Common law is not enforceable, but just common sense people should follow.


  • 21. 
    Which source of law takes priority among the following?
    • A. 

      Federal statute

    • B. 

      State constitution

    • C. 

      Federal administrative regulation

    • D. 

      State statute


  • 22. 
    Which source of law takes priority among the following?
    • A. 

      Us constitution

    • B. 

      Federal statute

    • C. 

      Federal administrative regulation

    • D. 

      State statute


  • 23. 
    What does stare decisis stand for?
    • A. 

      That judges use precedent in deciding cases

    • B. 

      That judges make their own choices and not look at past decisions

    • C. 

      Beef jerky

    • D. 

      Marty robbins


  • 24. 
    Which of these is a part of "action at law"
    • A. 

      Decided by judge or jury

    • B. 

      Results in a decree or order

    • C. 

      Punished with injunctive relief, specific performance, or rescission

    • D. 

      Initiated by filing a petition against the accused party with the appropriate platform


  • 25. 
    Which of these is a part of "action in equity"
    • A. 

      Initiated by filing a complaint against the accused party with the appropriate platform

    • B. 

      Results in a decree or order

    • C. 

      Punished with monetary damages or criminal penalties

    • D. 

      Decided by jury or judge


  • 26. 
    Which of the following isnt a part of "action at law"
    • A. 

      Is a judicial proceeding between parties resulting from an alleged wrongdoing or for the protection of a right or prevention of a wrong.

    • B. 

      Results in a judgement

    • C. 

      Intitiated by filing a petition against the accused party with the appropriate platform

    • D. 

      Decided by jury or judge


  • 27. 
    Which of the following isnt part  of "action in equity"
    • A. 

      A court of equity proceeding that seeks equitable relief for an alleged wrongdoing or happening

    • B. 

      Punished by injunctive relief, specific performance, or rescission

    • C. 

      Punished with monetary damages or criminal penalties

    • D. 

      Results in a decree or order


  • 28. 
    Which of these is injunctive relief?
    • A. 

      Refrain from doing specific acts

    • B. 

      Perform a specific act

    • C. 

      Cancel a contract and return the parties to pre-contract positions


  • 29. 
    Which of these is specific performance?
    • A. 

      Refrain from doing specific acts

    • B. 

      Perform a specific act

    • C. 

      Cancel a contract and return the parties to pre-contract positions


  • 30. 
    Which of these is rescission?
    • A. 

      Refrain from doing specific acts

    • B. 

      Perform a specific act

    • C. 

      Cancel a contract and return the parties to pre-contract positions


  • 31. 
    Which of these doesnt describe substantive law? (what the law is)
    • A. 

      The written, statutory law that defines the rights and duties governing the relationship between or among people, an organization, and the state (i.e. criminal, contract and tort law).

    • B. 

      Can function independently

    • C. 

      Example: How a civil or criminal case will be handled

    • D. 

      Cannot function independently.


  • 32. 
    Which of these doesnt describe procedural law? (how the law is applied)
    • A. 

      The form or order by which the law is executed and enforced (i.e. criminal and civil procedure).

    • B. 

      Cannot function independently.

    • C. 

      Example: The manner in which a civil or criminal case proceeds.

    • D. 

      Example: How a civil or criminal case will be handled.


  • 33. 
    Which of these doesnt describe federal law?
    • A. 

      Originates from the United States Constitution, granting Congress the power to enact statutes for certain limited purposes.

    • B. 

      U.S. statutes are codified in the U.S. Code (U.S.C.).

    • C. 

      Many statutes provide executive branch agencies the power to create regulations, which are published in the Federal Register and codified – arranging laws/regulations in a systematic code – in the Code of Federal Regulations (C.F.R.).

    • D. 

      State supreme courts (or the state’s highest court) are the final interpreters of state law, unless a federal issue is in play, in which case a decision may be appealed to the U.S. Supreme Court by a petition for writ of certiorari.


  • 34. 
    Which of these doesnt describe state law?
    • A. 

      Each of the 50 U.S. jurisdictions are a separate sovereign with an individual constitution, government and state court system.

    • B. 

      State supreme courts (or the state’s highest court) are the final interpreters of state law, unless a federal issue is in play, in which case a decision may be appealed to the U.S. Supreme Court by a petition for writ of certiorari.

    • C. 

      States have a legislative branch (enacts statutes), an executive branch (promulgates state regulations by statutory authority (i.e. sign into law)), and a judicial branch (applies, interprets, and can overturn state statutes and regulations).

    • D. 

      U.S. statutes are codified in the U.S. Code (U.S.C.).


  • 35. 
    Which of the following isnt a source of international law?
    • A. 

      National laws

    • B. 

      Customs and treaties

    • C. 

      International organizations

    • D. 

      United Nations committees


  • 36. 
    Which of the following isnt a branch of the us government?
    • A. 

      Legislative branch

    • B. 

      Executive branch

    • C. 

      Judicial branch

    • D. 

      Presidential branch


  • 37. 
    Which of these describes the us circuit court of appeals?
    • A. 

      Hear appeals from the district courts located within its circuit, as well as appeals from decisions of federal administrative agencies.

    • B. 

      Has nationwide jurisdiction to hear appeals in specialized cases, such as those involving patent laws and cases decided by the Court of International Trade and the Court of Federal Claims.

    • C. 

      Federal courts with exclusive jurisdiction over bankruptcy cases, meaning that a bankruptcy case cannot be filed in a state court. In general, bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan. Additionally, bankruptcy laws protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.

    • D. 

      Has nationwide jurisdiction over most cases for money damages against the United States, disputes over federal contracts, unlawful “takings” of private property by the federal government, and a variety of other claims against the U.S.


  • 38. 
    Which of these describes the us court for the federal circuit
    • A. 

      Has nationwide jurisdiction to hear appeals in specialized cases, such as those involving patent laws and cases decided by the Court of International Trade and the Court of Federal Claims.

    • B. 

      Has nationwide jurisdiction over most cases for money damages against the United States, disputes over federal contracts, unlawful “takings” of private property by the federal government, and a variety of other claims against the U.S.

    • C. 

      Federal courts with exclusive jurisdiction over bankruptcy cases, meaning that a bankruptcy case cannot be filed in a state court. In general, bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan. Additionally, bankruptcy laws protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.

    • D. 

      Have jurisdiction to hear nearly all categories of federal cases, including both civil and criminal matters. There are 94 federal judicial districts with at least one in each state, the District of Columbia, and Puerto Rico.


  • 39. 
    Which of these describes the us district courts
    • A. 

      Have jurisdiction to hear nearly all categories of federal cases, including both civil and criminal matters. There are 94 federal judicial districts with at least one in each state, the District of Columbia, and Puerto Rico.

    • B. 

      Has nationwide jurisdiction to hear appeals in specialized cases, such as those involving patent laws and cases decided by the Court of International Trade and the Court of Federal Claims.

    • C. 

      Has nationwide jurisdiction over cases involving international trade and customs issues.

    • D. 

      Hear appeals from the district courts located within its circuit, as well as appeals from decisions of federal administrative agencies.


  • 40. 
    Which of these describes the us court of federal claims
    • A. 

      Has nationwide jurisdiction over most cases for money damages against the United States, disputes over federal contracts, unlawful “takings” of private property by the federal government, and a variety of other claims against the U.S.

    • B. 

      Has nationwide jurisdiction over cases involving international trade and customs issues.

    • C. 

      Ederal courts with exclusive jurisdiction over bankruptcy cases, meaat a bankruptcy case cannot be filed in a state court. In general, bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan. Additionally, bankruptcy laws protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.ning th

    • D. 

      Hear appeals from the district courts located within its circuit, as well as appeals from decisions of federal administrative agencies.


  • 41. 
    Which of these describe the us court of international trade
    • A. 

      Has nationwide jurisdiction over cases involving international trade and customs issues.

    • B. 

      Federal courts with exclusive jurisdiction over bankruptcy cases, meaat a bankruptcy case cannot be filed in a state court. In general, bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan. Additionally, bankruptcy laws protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.ning th

    • C. 

      Has nationwide jurisdiction over most cases for money damages against the United States, disputes over federal contracts, unlawful “takings” of private property by the federal government, and a variety of other claims against the U.S.

    • D. 

      Have jurisdiction to hear nearly all categories of federal cases, including both civil and criminal matters. There are 94 federal judicial districts with at least one in each state, the District of Columbia, and Puerto Rico.


  • 42. 
    Which of these describes the us bankruptcy courts
    • A. 

      Federal courts with exclusive jurisdiction over bankruptcy cases, meaat a bankruptcy case cannot be filed in a state court. In general, bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating their assets to pay their debts, or by creating a repayment plan. Additionally, bankruptcy laws protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation.ning th

    • B. 

      Has nationwide jurisdiction over most cases for money damages against the United States, disputes over federal contracts, unlawful “takings” of private property by the federal government, and a variety of other claims against the U.S.

    • C. 

      Has nationwide jurisdiction over cases involving international trade and customs issues.

    • D. 

      Have jurisdiction to hear nearly all categories of federal cases, including both civil and criminal matters. There are 94 federal judicial districts with at least one in each state, the District of Columbia, and Puerto Rico.


  • 43. 
    How many districts of courts are there in the us?
    • A. 

      13

    • B. 

      50

    • C. 

      17

    • D. 

      10


  • 44. 
    what is not one of the three elements that must be established before a lawsuit can be filed?
    • A. 

      Jurisidiction

    • B. 

      Venue

    • C. 

      Standing

    • D. 

      Evidential claims


  • 45. 
    Is this a correct definition of standing?: a requirement that a party must have a legally protected interest at stake sufficient to justify seeking relief through the court system
    • A. 

      True

    • B. 

      False


  • 46. 
    Which of these rights doesnt come with the ownership of property?
    • A. 

      Possession: the right to possess the property

    • B. 

      Control: the right to control the property

    • C. 

      Transfer: the right to transfer property

    • D. 

      Governing: the right to govern all actions on your property


  • 47. 
    Which describes real property?
    • A. 

      Property that is immovable, such as land and everything that is permanently attached to the land (i.e. permanently attached fixtures)

    • B. 

      Property that is moveable and it is tangible or intangible property (e.g. stocks, automobiles)


  • 48. 
    Which describes personal property?
    • A. 

      Property that is immovable, such as land and everything that is permanently attached to the land (i.e. permanently attached fixtures)

    • B. 

      Property that is moveable and it is tangible or intangible property (e.g. stocks, automobiles)


  • 49. 
    Examples of real include:
    • A. 

      Land, buildings, airspace, fixtures

    • B. 

      Land, buildings, automobiles, trees

    • C. 

      Land, fixtures, airspace, automobiles

    • D. 

      Stocks, land, buildings, vegetation


  • 50. 
    Which of the following are included as land:
    • A. 

      Soil, water, and minerals

    • B. 

      Natural or man-made products attached to the surface

    • C. 

      Airspace directly above the surface (thats not subject to other regulation or control)

    • D. 

      All of the above


  • 51. 
    Which is the correct order for the transfer of real property ownership?
    • A. 

      1. Buyers purchase offer 2. sellers resonse 3. purchase and sale agreement 4. financing 5. home inspection 6. title examination and insurance 7. escrow 8. closing then recording

    • B. 

      1. buyers purchase offer 2. sellers response 3. purchase and sale agreement 4. financing 5. home inspection 6. escrow 7. title examination and insurance 8. closing then recording


  • 52. 
    Which of these isnt involved in the transfer of ownership of real property?
    • A. 

      Listing agreement

    • B. 

      Real estate sales contracts

    • C. 

      Deeds

    • D. 

      Blueprints


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