The document is a study guide for ETH 321's final exam that provides 30 multiple choice questions and answers about business law topics like contracts, intellectual property, antitrust law, and alternative dispute resolution. It covers concepts such as the roles of the grand jury and Securities and Exchange Commission, examples of bilateral contracts, and exceptions to antitrust laws like the Noerr-Pennington doctrine. The guide is intended to help students prepare for assessments on legal issues commonly found in business and commerce.

1. ETH 321 Final Exam Guide
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1
Which of the following statements is true of a grand jury?
A grand jury has the authority to subpoena business records relevant to a lawsuit.
A grand jury determines whether the accused in a lawsuit is innocent or guilty.
At least 20 members should be present on a grand jury to examine evidences and
vote on a case.
For an indictment to be returned, only one-third of a grand jury needs to agree that
a crime has been committed.
2
Alan and Miriam are engaged in a debate on the importance of intellectual
property rights. While Alan holds the view that intellectual property protection
safeguards the interests of businesses, Miriam thinks that it ultimately puts
businesses at a disadvantage by hampering the dissemination of information.
Which of the following arguments is most likely to be raised by Alan to strengthen
his proposition?
Intellectual property rights reduce the pace of research and development
drastically.
Intellectual property rights result in an increased availability of products.
Intellectual property rights reduce businesses’ market share by facilitating
competition.
Intellectual property rights allow businesses to charge premium prices for their
products.
3
According to the __________, the acceptance of an offer results in a binding
contract only if it exactly matches the terms of the offer.

2. mirror image rule
parol evidence rule
exclusive remedy rule
mailbox rule
4
The __________ enacted in 1938 established minimum wage, overtime pay, and
record-keeping requirements.
Uniformed Services Employment and Reemployment Rights Act
Family and Medical Leave Act
Fair Labor Standards Act
Worker Adjustment and Retraining Notification Act
5
The term __________ refers to the placing of an individual in immediate
apprehension for his or her physical safety.
defamation
conversion
assault
battery
6
The term __________ refers to any change in the ownership of a business
organization that would alter its legal existence.
dissolution
consideration
rescission
conversion
7
Which of the following statements is true of the Securities and Exchange
Commission?

3. Its members are appointed by the senate for a term of four years.
It is responsible for implementing the federal securities laws.
It lacks the authority to frame rules regarding transactions of securities.
Its members are either lawyers or security analysts.
8
A system of equally applied law is a necessity for the foundation of a strong,
productive economy because it:
allows economically strong nations to exploit the resources of weaker nations.
incentivizes private businesses to restrict job opportunities for well-educated
people.
encourages strangers to make agreements on certainty and trust.
prohibits individuals from trading in modern private markets.
9
Which of the following scenarios illustrates a formalist approach to business
decisions?
Selling products by deceiving customers about possible negative aspects of the
products
Monitoring employee browsing history without their consent to curb non-
productive activities
Informing new customers about delays in production schedules
Assigning significantly high productivity targets to reduce costs
10
A(n) __________ refers to the individual or business entity offering a security for
sale to the public.
controlling person
seller
issuer

4. underwriter
11
Windy and Ruby plan to present a paper on intellectual property rights. They
decide that Windy will present the arguments in favor of intellectual property
rights and that Ruby will argue how intellectual property rights could be
detrimental to businesses and their customers. Which of the following is most
likely to be Ruby’s argument?
Intellectual property rights reduce businesses’ prospects of economic return on
investment.
Intellectual property rights reduce the pace of research and development
drastically.
Intellectual property rights result in a decrease in the availability of products.
Intellectual property rights do not allow businesses to charge premium prices for
their products.
12
Which of the following statements is true of white-collar crimes?
They are usually committed for personal financial gain.
They rarely affect consumers of a business.
They rarely occur in business environments.
They are dependent on the threat of physical force.
13
Which of the following scenarios illustrates a bilateral contract?
Grapevine Inc. follows a five-day workweek system and also offers a compressed
workweek option.
Sameera, a writer, signs a contract with her publisher to publish her book.
Helen, a painter, signs a contract with an art gallery that agrees to purchase her
painting for $2000.
The management of Uno Inc. offers additional benefits to its employees annually.
question14
The Equal Employment Opportunity Commission was created through the
__________.

5. National Labor Relations Act
Civil Rights Act
Age Discrimination in Employment Act
Americans with Disabilities Act
15
Concerted efforts to lobby government officials, irrespective of their
anticompetitive purposes, are given an exception from the Sherman Act under the
__________.
overbreadth doctrine
Colgate doctrine
Noerr-Pennington doctrine
incorporation doctrine
16
A __________ is the simplest and least expensive business institution to create.
limited liability company
partnership
sole proprietorship
corporation
17
In a state court system, lawsuits filed by parties typically begin at the __________.
federal district court level
appellate court level
trial court level
supreme court level
18
According to the Commerce Clause, the power to regulate interstate commerce is
vested with __________.

6. state governments
state-level courts
the federal government
the U.S. Supreme Court
19
A business decision maker’s decision is more likely to raise ethical concerns in a
society where:
there is an increase in demand for public education.
the family structure is stable.
the news media and the Internet have significant influence.
there is a decrease in economic interdependence.
20
How does law hold diverse people of different backgrounds into large, organized
groups?
It prevents enforcement institutions from enforcing written rules on strangers.
It tells the members of a society what they can and cannot do.
It discourages people from making agreements based on certainty and trust.
It allows strangers to adopt rules that support their beliefs.
21
Courts determine whether the language of an offer was clear enough to result in a
contract by:
examining the objective intent of the offeror.
investigating whether an offeree actually accepted the offer.
examining the adequacy of the consideration offered.
analyzing whether the terms of the acceptance matches the terms of the offer.
22
Who among the following individuals commits a battery?

7. Amanda, who fires her employee Trevor without any notice and causes him severe
mental distress
Yuki, who injures her boss Reese with a knife and inflicts serious injuries on him
Joan, the customer care manager in a retail store, who verbally threatens a
customer who calls to complain about a faulty product
Vincent, the CEO of Gregon Inc., who pays media firms to circulate false
information about Gregon’s chief competitor
23
Fuzo Inc., a manufacturer of leather bags, enters into a contract with a firm
regarding the installation of a machine in Fuzo’s factory. Fuzo agrees to pay $1000
for the machine and another $200 as the installation charge. In this scenario, the
terms of the sale will be covered under __________.
the Federal Arbitration Act
the Uniform Commercial Code
the Foreign Corrupt Practices Act
the Internal Revenue Code
24
The term __________ refers to the act of referring a matter to arbitration.
submission
settlement
litigation
conflict
25
__________ is a legal remedy to a breach of contract by which each party to the
contract returns the consideration offered by the other.
Arbitration
Specific performance
Negotiated settlement

8. Rescission
26
Which of the following statements is true of alternative dispute resolution (ADR)
systems?
ADR systems increase the costs incurred during the litigation process.
The parties to a dispute need not present the case to a jury before opting for ADR
systems to settle the dispute.
ADR systems cannot be used for dispute resolution in contractual relationships
unless they are specified in the contract.
The litigation process precludes the use of ADR systems.
27
The __________ is the constitutional provision that details the federal
government’s power to regulate business activities.
Commerce Clause
liquidated damages clause
equal protection clause
supremacy clause
question
28
Which of the following legal remedies to a breach of contract allows the parties to
the contract to agree to abide by the decision of a third party or parties?
Arbitration
Specific performance
Negotiated settlement
Rescission
29
__________ refers to an agreement made between competitors in an industry to fix
prices of their products.
Horizontal price fixing

9. Resale price fixing
Indirect price fixing
Vertical price fixing
30
The petition for a writ of certiorari by the losing party of a litigation will be
reviewed by the U.S. Supreme Court:
if the winning party agrees to subsequent reviews.
if the federal district courts and the courts of appeal correct the judicial errors
charged against the state court.
if at least one of the nine justices vote to take the case.
if there is a major conflict between the trial and appellate courts on the
interpretation of federal law.