Analyze Ryan Boot Company, using ratio analysis. Compute the ratios
July 11, 2019
The Bensington Glass Company entered into a loan agreement with the firm’s bank to finance the firm’s working capital.
July 11, 2019

 Question 1       

  1. Connie,  the president of a company that makes paper, has a new interest in the  environment. She recently went to a seminar on environmental dangers and  has decided to take steps to clean things up. She started at home and  was also committed to change things at work. Connie had to face the fact  that her company has been cheating and is not in compliance with  applicable environmental regulations due to dumping in a nearby river.  Her company has never been cited, however, because it employs a very  large number of people in the community, including the mayor’s wife and  the chief-of-police’s brother.

    On her mission to clean things  up, Connie has decided to go even further than the law requires and  install the very latest environmental protections. When she announced  her plan, the chair of the company’s board of directors, Brooke, had a  meeting with Connie. Brooke told Connie to analyze the situation  carefully because the cost of the additional equipment would mean no  dividend to shareholders and no raise for employees. Furthermore, Brooke  told Connie that installing all of the new equipment would result in  higher prices for the company’s paper products and could bankrupt the  company because of foreign competition. Brooke hinted that Connie could  be fired if she persisted. Brooke suggested that Connie just be  concerned with a minimal standard of ethics. Which of the following  would be a stakeholder in the company?         The community only          The shareholders only          Future generations only          The community and shareholders only          The community, shareholders, and future generations       

2 points   

            Question 2       

  1. Which  of the following is TRUE regarding the liability in tort of employers  for the actions of employees and independent contractors?         Employers  are generally liable in tort for the actions of their employees, while  they are generally not liable for the actions of independent  contractors.          Employers  are generally liable in tort for the actions of independent  contractors, while they are generally not liable for the actions of  employees.          Employers are not generally liable in tort for the actions of independent contractors or for the actions of employees.          Employers are generally liable in tort for the actions of independent contractors and also for the actions of employees.          Employers  are generally liable in tort for the actions of independent contractors  and the actions of employees, but only if the employer has agreed to be  liable in a written contract with the employee or independent  contractor.       

2 points   

            Question 3       

  1. Which of the following was the result on appeal in the case of Webster v. Blue Ship Tea Room Inc.—the case in which the plaintiff sued after getting a bone caught in her throat while eating clam chowder?         That the plaintiff could recover based upon the implied warranty of merchantability          That the plaintiff could recover based upon the implied warranty of fitness for a particular purpose          That the plaintiff could recover based on an express warranty          That  the plaintiff could not recover because she waited too long in which to  sue and also because she was not the direct purchaser of the fish          That the plaintiff could not recover for reasons including that the bone should not have been unexpected       

2 points   

            Question 4       

  1.  A  partnership in which the partners divide profits and management  responsibilities and share unlimited personal liability for the  partnership’s debt is called a __________.         general partnership          limited partnership          limited liability partnership          corporation          limited liability company       

2 points   

            Question 5       

  1. A  person who contracts with another to do something for him or her but  who is not controlled by the other nor subject to the other’s right to  control with respect to his or her physical conduct in the performance  of the undertaking is a(n) __________.         employee          independent contractor          authorized contractor          task-specific contractor          partial contractor       

2 points   

            Question 6       

  1. Which of the following occurs when a party to a contract transfers his or her rights to a contract to a third party?         Assignment          Referral          Disgorgement          Privity          Transfer       

2 points   

            Question 7       

  1. Penny  is investigating what she needs to do to legally to open a dog grooming  business in her city. Which of the following would govern the business?         State statutes          City ordinances          Model laws          State statutes, city ordinances, and model laws          State statutes and city ordinances, but not model laws       

2 points   

            Question 8       

  1. Sally  agrees to mow Paul’s yard for $300 for the summer. Paul wishes to  assign the contract to his grandmother. Sally objects because Paul’s  yard is very small while the grandmother’s yard is over an acre. Which  of the following is the correct legal outcome for the dispute between  Sally and Paul?         Sally will win because Paul’s attempted assignment would increase the duties to which she agreed.          Sally will win because all assignments are invalid without the obligor’s consent.          Sally will win unless Paul paid her the $300 in advance in which case Paul will win.          Paul will win because he may validly assign the contract without Sally’s consent.          Paul will win so long as he tells Sally about the assignment prior to the time she begins any performance whatsoever.       

2 points   

            Question 9       

  1. Which of the following is FALSE regarding a sole proprietorship?         A sole proprietorship requires few legal formalities.          A sole proprietor has complete control of the management of the business.          The sole proprietor keeps all the profits from the business.          Profits are taxed as the personal income of the sole proprietor.          A sole proprietor is not personally liable for obligations of the business.       

2 points   

            Question 10       

  1. If  the plaintiff wants a court order that requires the defendant to  fulfill the terms of the contract, the plaintiff is seeking __________.         specific performance          directive          instructional edict          demand          injunction       

2 points   

            Question 11       

  1. Gretchen  offers $100 to anyone who can return her lost dog, Sparky. Haley  returns the dog and requests the money. Gretchen says that there is no  binding contract. Which of the following is TRUE regarding Gretchen’s  statement?         Gretchen is incorrect because there is a binding bilateral contract.          Gretchen is incorrect because there is a binding unilateral contract that Haley accepted by performing.          Gretchen is correct because there is no binding bilateral contract.          Gretchen is correct because there is no binding unilateral contract.          Gretchen is correct because Haley acted incorrectly by her manner of attempted acceptance.       

2 points   

            Question 12       

  1. Stewart,  the owner of ABC Construction, agreed with Joan, the owner of XYZ  Hotel, that he would complete renovations on her upscale hotel on the  beach in Florida by October 1. The amount due to Stewart under the  contract was $250,000. The contract contained a clause by which Stewart  would pay Joan $50,000 for each day he was late on completing the  project. Unfortunately, a strong earthquake shook the area, and while  the earthquake did not damage the hotel itself, Stewart encountered  significant difficulty in getting supplies due to the high demand for  building material following the earthquake. Because he believed that  traveling, himself, to other states to obtain supplies would be  prohibitively expensive, he delayed the project for two weeks while  waiting for local stores to have sufficient supplies available. Stewart  finished renovations six days late. Joan told Stewart that she owed him  nothing but that he owed her $50,000. Stewart told Joan that he was  suing for the entire $250,000 because it was not his fault the  earthquake delayed matters. Which of the following is the appropriate  term for the agreement that Stewart would pay Joan $50,000 for each day  he was late in completion?         Mitigated damages term          Liquidated damages clause          Stipulated damages          Acknowledged damages clause          Approved and acknowledged damages clause       

2 points   

            Question 13       

  1. Which of the following are the two primary kinds of performance?         Partial and significant          Partial and complete          Partial and substantial          Complete and substantial          Complete and significant       

2 points   

            Question 14       

  1. The “public disclosure” test is also known as the __________ test.         television          Powell          self-conscious          golden          primary       

2 points   

            Question 15       

  1. Which of the following is FALSE regarding a limited liability partnership?         A limited liability partnership is considered a separate legal entity.          Limited liability partnerships are fairly new.          The business name must include “Limited Liability Partnership” or an abbreviation in the name.          The parties must file a form with the secretary of the state to create a limited liability partnership.          Each partner pays taxes on his or her share of the income of the business.       

2 points   

            Question 16       

  1. Positive abstractions that capture our sense of what is good or desirable are __________.         ethical ideas          values          conscience demands          desirable principles          action goals       

2 points   

            Question 17       

  1. Which of the following is TRUE regarding the mirror-image rule and the UCC?         The mirror-image rule applies under the UCC the same as it is applies under common law.          The mirror-image rule that applies under common law does not apply under the UCC.          The mirror-image rule that applies under the common law applies under the UCC only if a lease is involved.          The mirror-image rule that applies under the common law applies under the UCC only if a sale of goods is involved.          The mirror-image rule under the UCC does not apply to common law.       

2 points   

            Question 18       

  1. Which  of the following provides that a portion of a copyrighted work may be  reproduced for purposes of criticism, comment, news reporting, teaching,  scholarships, and research?         The limited-use doctrine          The copyright-use doctrine          The fair-use doctrine          The trade-use doctrine          None of these because there is no such provision       

2 points   

            Question 19       

  1. __________ are investor-owners of a corporation.         Profit owners          Profit and loss owners          Approved investors          Limited partners          Shareholders       

2 points   

            Question 20       

  1. Which of the following is FALSE regarding trade-secret protection?         Competitors may not legally discover trade secrets by doing reverse engineering.          Competitors may discover secrets by going on public tours of plants and observing the use of the trade secret.          Lawful discovery of a trade secret means there is no longer a trade secret to be protected.          An invention may be considered a trade secret.          A design may be considered a trade secret.       

2 points   

            Question 21       

  1. Mistakes in contracts may be classified as __________.         void and voidable          enforceable and voidable          unilateral and void          mutual and enforceable          unilateral and mutual       

2 points   

            Question 22       

  1.  Kitty,  who had a love of baking, decided to open her own bakery. She decided  that she did not need and did not want to pay for a lawyer to advise her  on different forms of ownership. Unfortunately, Kitty had not paid  attention in business law class. She proceeded, with little thought, to  simply open her business called Kitty’s Baking. Bobby came in to order  some cookies for his girlfriend, Bitsy, who was allergic to peanuts.  Bobby told Kitty that he needed some cookies for Bitsy, but he explained  that Bitsy had allergies to peanuts. Kitty told him not to worry  because she would make up a special batch just for him. Kitty had hired  some assistants because she was so busy. She told an assistant, Cathy,  to make up several batches of cookies for different customers, including  Bobby, and to leave out the peanuts in Bobby’s order. Cathy, however,  forgot the instruction and proceeded to make Bobby’s cookies with  crushed peanuts. Bobby picked up the cookies and gave one to Bitsy in  the car while they were on the way to the movie in Bobby’s new car.  Bitsy became violently ill, vomited in Bobby’s car, and had to have her  stomach pumped. Bobby and Bitsy sought recovery from Kitty who told them  that Bitsy’s doctor bill and Bobby’s car-cleaning bill were business  debts, that the business was new and not making any money at the moment,  and that she had no personal liability. Following the incident  involving Bobby and Bitsy, Kitty discussed with her parents her problems  with the bakery. Kitty’s parents would like to invest in her business  and share in any profits, but they do not want to share in the  management responsibilities. What type of business did Kitty initially  set up?         A limited liability company          A sole proprietorship          An individual proprietorship          A general company          An S corporation       

2 points   

            Question 23       

  1. The __________ is the supreme law of the land.         United States Constitution          Declaration of Independence          United States Code          model law          Uniform Commercial Code       

2 points   

            Question 24       

  1. Which of the following are types of warranties?         Express and unknown          Implied and understood          Acknowledged and express          Express, implied, and acknowledged          Express and implied, but not acknowledged       

2 points   

            Question 25       

  1. A breaching party’s right to provide conforming goods when nonconforming goods were initially delivered is known as __________.         substantial impairment          usage of trade          cure          perfect tender rule          course of dealing       

2 points   

            Question 26       

  1. Heather  innocently misrepresented the status of a puppy as being a full-blooded  Pomeranian when actually it was a mixed breed. Brad had contracted to  purchase the dog, but the problem was discovered prior to his paying for  the dog and picking it up. Nevertheless, Brad was very angry and felt  that Heather should have been more careful. He said that he planned to  rescind the contract and also sue her for damages to punish her and  deter others from behaving similarly. Which of the following is true  regarding the remedies available to Brad?         Because  Heather violated the contract to provide a full-blooded Pomeranian,  Brad is entitled to rescind the contract and also to the damages he  seeks.          Because  Heather violated the contract to provide a full-blooded Pomeranian,  Brad is entitled to rescind the contract, but he is not entitled to the  damages he seeks.          Because  Heather is not guilty of any wrongdoing, Brad is entitled to no remedy,  and Heather has an additional 30 days in order to honor the contract.          Because  Heather is not guilty of any wrongdoing, Brad is entitled to no remedy,  and Heather has an additional 60 days in order to honor the contract.          Because  Heather is not guilty of any wrongdoing, Brad is entitled to no remedy,  and Heather has an additional 90 days in order to honor the contract.       

2 points   

            Question 27       

  1. Monique  was licensed to train massage therapists. A new federal agency, the  Aesthetic and Massage Commission, was committed to enforcing the statute  that licensed massage therapists must refrain from “any act or conduct  indicating bad faith, incompetence, dishonesty, or improper dealing.”  Monique, while driving home late one night from a party, was stopped by  the police and arrested for driving under the influence of alcohol. She  pled guilty to the offense. When the Aesthetic and Massage Commission  discovered the offense, the officials of the agency met, decided that  Monique might drink on the job, and concluded that she might pose a  danger to students. Accordingly, her license to teach massage therapy  was revoked. Monique threatened to sue to retain her license and was  told by the agency head that she had no right to appeal to court because  of the nature of the Aesthetic and Massage Commission, and that, in any  event, action by an agency is always upheld. Which of the following is  TRUE regarding the statement of the agency that Monique had no right to  appeal to court?         The  agency representative was wrong, and if Monique cannot resolve the  issue within the agency, she may appeal to court for judicial review.          Because  the agency was set up to protect the safety of the public, the agency  representative is correct unless Monique can establish that she entered  into a separate contractual arrangement with the agency when she was  hired that gave her the right to appeal decisions to court.          Further  information is needed regarding whether the agency was an executive  agency or an independent agency because while actions of an independent  agency may be appealed to court, actions of an executive agency may not  be appealed to court.          Further  information is needed regarding whether the agency was an executive  agency or an independent agency because while actions of an executive  agency may be appealed to court, actions of an independent agency may  not be appealed to court.          Because  the agency was set up to protect the safety of the public, the agency  representative is correct, and Monique has no right to a court action  and no right to enter into a contractual agreement with the agency  regarding appeal rights.       

2 points   

            Question 28       

  1. Which of the following refers to the right of an offeror to revoke an offer?         The offeror is the “originator of his offer.”          The offeror is the “master of his offer.”          The offeror is the “proponent of his offer.”          The offeror is the “adjudicator of his offer.”          The offeror is the “arbiter of his offer.”       

2 points   

            Question 29       

  1. What was the result in the case in the textbook of Lucy v. Zehmer involving whether allegations of joking involving the sale of land prevented the formation of a contract?         The court ruled that the contract would not be enforced because one of the parties was subjectively joking.          The  court ruled that the contract would not be enforced because one of the  parties was joking, and a reasonable person should have known that.          The  court ruled that the contract would not be enforced because the parties  had been drinking although they were not intoxicated.          The court ruled that the agreement would be enforced because of the outward manifestations of agreement.          The  court ruled that the contract would be enforced because of what the  parties verbally said regardless of whether an objective person would  have thought joking was involved.       

2 points   

            Question 30       

  1. Jim,  who is a bit eccentric, says that he is fed up with the way a certain  employer in his town treats employees and that he is going to sue that  employer in an effort to improve matters. Jim also says that he is going  to start his case at the appellate court level, skipping over all of  those “lesser” judges. Jim says that those justices will surely hear him  out and that he will also seek a jury. Although he is not a lawyer, Jim  believes that the offenses of the employer are so severe that the  justices will appreciate his attempt to make things better for the  employees involved. Will Jim get a jury at the appellate court level?         Only if the opposing party agrees          In some states but not in others          Only if he is in federal court          Only if he is in state court          No       

2 points   

            Question 31       

  1.  Which of the following is a person who has a duty to act primarily for another person’s benefit?         Principal          Employer          Fiduciary          Trustor          Benefitor       

2 points   

            Question 32       

  1. Which of the following is TRUE regarding whether the shape of a product or package may be a trademark?         The  shape of a product may be a trademark if it is nonfunctional, but the  shape of a package may not be the subject of a trademark.          The  shape of a product may be the subject of a trademark if it is  functional, but the shape of the package may not be the subject of a  trademark.          The shape of a product or package may be a trademark if it is functional.          The shape of a product or the shape of a package may be a trademark if it is nonfunctional.          The  shape of a package may be a trademark if it is nonfunctional, but the  shape of a product may not be the subject or a trademark.       

2 points   

            Question 33       

  1. Which of the following BEST determines the obligations of sellers/lessors and buyers/lessees?         Terms the parties outline in agreements          Custom          Rules outlined by the UCC          Terms the parties outline in agreements, custom, and rules outlined by the UCC          Terms the parties outline in agreements and custom, but not rules outlined by the UCC       

2 points   

            Question 34       

  1. In a limited partnership, which of the following have no part in the management of the business?         General partners          Limited partners          Special partners          General partners, limited partners, and special partners          General and special partners but not limited partners       

2 points   

            Question 35       

  1. Patricia,  the president of a company that makes batteries, has a new interest in  the environment. She recently went to a seminar on environmental dangers  and has decided to take steps to clean things up. She started at home  and was also committed to change things at work. Patricia had to face  the fact that her company has been cheating and is not in compliance  with applicable environmental regulations due to dumping in a nearby  river. Her company has never been cited, however, because it employs a  very large number of people in the community, including the mayor’s wife  and the chief-of-police’s brother.

    On her mission to clean  things up, Patricia has decided to go even further than the law requires  and install the very latest environmental protections. When she  announced her plan, the chair of the company’s board of directors,  Cindy, had a meeting with Patricia. Cindy told Patricia to analyze the  situation carefully because the cost of the additional equipment would  mean no dividend to shareholders and no raise for employees.  Furthermore, Cindy told Patricia that installing all of the new  equipment would result in higher prices for the company’s batteries and  could bankrupt the company because of foreign competition. Cindy hinted  that Patricia could be fired if she persisted. Cindy suggested that  Patricia just be concerned with a minimal standard of ethics. Which of  the following is the minimal standard that a business must meet in a  consideration of business ethics?         Decisions must be legal.          Decisions must meet the criteria of a follower of the WPH Framework for Business Ethics.          Decisions must meet the requirements of the most important stakeholders.          Decisions must receive a majority vote of acceptance by employees.          Both that decisions must be legal and that decisions receive a majority vote of acceptance by employees.       

2 points   

            Question 36       

  1. Which of the following is FALSE regarding the agency relationship?         It is a consensual relationship.          It may be formed by formal written contracts.          It may usually be formed by informal oral agreements.          It exists when the principal takes action to ask another individual to act on behalf of the principal.          People must be trained in the field involved in order to qualify as agents.       

2 points   

            Question 37       

  1. Barry,  an auctioneer, was holding an auction on a Saturday morning. At the  beginning of the auction, Barry announced that the auction was being  held without reserve. At the auction, Mary saw a great deal on a used  table. She bid $20 on it. No one else bid anything. Barry announced that  $20 was clearly insufficient for the table, that it was worth much more  than that, and that he was taking it out of the auction. Mary sued  Barry, attempting to obtain possession of the table. What is the likely  result in the lawsuit brought by Mary against Barry for the table?         Barry will win because Mary was simply making an offer that he was free to decline.          Barry will win because the price was clearly insufficient for the table.          Barry will win because no acceptance occurred.          Mary will win because the auction was without reserve, and Barry had agreed to accept the highest bid.          Barry will win because he did not inform attendees in writing that the auction was without reserve.       

2 points   

            Question 38       

  1. Which of the following articles of the Uniform Commercial Code (UCC) governs sales contracts?         2          2(A)          4          4(A)          6       

2 points   

            Question 39       

  1. A __________ is a FALSE representation of a material fact that is consciously false and intended to mislead the other party.         negligent misrepresentation          fraudulent misrepresentation          scienter misrepresentation          negligent misrepresentation, fraudulent misrepresentation, and a scienter
    misrepresentation          negligent or fraudulent misrepresentation, but not a scienter misrepresentation       

2 points   

            Question 40       

  1. Which of the following do NOT meet the UCC definition of a good?         Real estate          Corporate stocks          Copyrights          Neither real estate, corporate stocks, nor copyrights meet the definition of goods          Real estate and corporate stocks do not, but copyrights do meet the definition of good       

2 points   

            Question 41       

  1. Briefly  define what makes each of the following entities different from each  other and what the advantages might be for each: sole proprietorship,  general partnership, limited partnership, and limited liability  partnership (LLP).

    Your response should be at least 200 words in length.    Arial3 (12pt)ParagraphFont familyFont sizePath: pWords:0       

10 points   

            Question 42       

  1. What  are the major differences between a corporation and a limited liability  corporation (LLC)? Why do you believe governing bodies have chosen to  create the two different entities?

    Your response should be at least 200 words in length.    Arial3 (12pt)ParagraphFont familyFont sizePath: pWords:0       

10 points   


Connie has decided to go even further than the law requires and install the very latest environmental protections was first posted on July 11, 2019 at 7:10 pm.
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