The Legal Environment Of Business 12th Edition By Roger E. Meiners – Test Bank

Multiple Choice

1. of the Uniform Commercial Code governs the law of commercial sales. a. Article 1
b. Article 2 c. Article 3 d. Article 4 e. Article 5

ANSWER: b
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

2. of the Uniform Commercial Code governs the law of commercial sales. a. Article 1
b. Article 6 c. Article 3 d. Article 7
e. none of the other choices are correct

ANSWER: e
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

3. Article 2 of the UCC covers the sale of:
a. goods
b. services
c. investment securities
d. goods and business services e. all of the other choices

ANSWER: a
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

4. Article 2 of the UCC covers the sale of:
a. the copyright on a book b. business services
c. investment securities
d. commercial real estate
e. none of the other choices

ANSWER: e
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

5. Early sales law was governed by state law. This created a significant legal challenge for managers because:
a. Article 2 of the UCC was unclear
b. it forced managers to write sales agreements with many terms left open c. different rules developed across the states
d. it required a new sales agreement each time a new order was placed e. none of the other choices

ANSWER: c
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

6. Commercial codes:
a. date back thousands of years
b. began in England in the early 1800s to use in the British empire c. were started by the United Nations in the 1950s
d. were started by the World Trade Organization in the 1980s e. none of the other choices

ANSWER: a
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

7. Sales law developed in medieval Europe was known as:
a. lex vendido
b. lex mercatoria
c. the Medieval Code d. the merchant code e. the rules of sales

ANSWER: b
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

8. Sales law developed in medieval Europe was known as:
a. lex vendido
b. the rules of sales
c. the Medieval Code d. the merchant code
e. none of the other choices are correct

ANSWER: e
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

9. Lex mercatoria refers to:
a. medieval European rules governing trade issues b. ancient Greek rules governing trade issues
c. modern Japanese law governing trade issues d. the Supreme Court’s views on trade issues
e. medieval European rules governing land rental

ANSWER: a
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge

10. Lex mercatoria refers to:
a. medieval European rules governing land rental b. ancient Greek rules governing trade issues
c. modern Japanese law governing trade issues d. the Supreme Court’s views on trade issues
e. none of the other choices are correct

ANSWER: e
POINTS: 1
DIFFICULTY: Easy
NATIONAL STANDARDS: United States – BUSPROG: Communication
STATE STANDARDS: United States – Universal – DISC: AICPA: BB-Legal
TOPICS: A-Head: Introduction to the UCC
KEYWORDS: Bloom’s: Knowledge