Business Law

Description: This quiz covers various aspects of Business Law, including contracts, torts, property law, and corporate law.
Number of Questions: 15
Created by:
Tags: business law contracts torts property law corporate law
Attempted 0/15 Correct 0 Score 0

Which of the following is an essential element of a valid contract?

  1. Offer

  2. Acceptance

  3. Consideration

  4. All of the above


Correct Option: D
Explanation:

A valid contract requires an offer, acceptance, consideration, and mutual assent.

What is the legal principle that holds individuals liable for damages caused by their negligent actions?

  1. Strict liability

  2. Negligence

  3. Assault

  4. Battery


Correct Option: B
Explanation:

Negligence is the legal principle that holds individuals liable for damages caused by their careless or reckless actions.

What is the legal term for the exclusive right to use a particular trademark, trade name, or other intellectual property?

  1. Patent

  2. Copyright

  3. Trademark

  4. Trade secret


Correct Option: C
Explanation:

A trademark is a legal term for the exclusive right to use a particular trademark, trade name, or other intellectual property.

What is the legal term for the transfer of ownership of property from one person to another?

  1. Sale

  2. Gift

  3. Lease

  4. Mortgage


Correct Option: A
Explanation:

A sale is the legal term for the transfer of ownership of property from one person to another.

What is the legal term for a company that is owned and controlled by a single individual?

  1. Sole proprietorship

  2. Partnership

  3. Corporation

  4. Limited liability company


Correct Option: A
Explanation:

A sole proprietorship is a legal term for a company that is owned and controlled by a single individual.

What is the legal term for a company that is owned and controlled by two or more individuals?

  1. Sole proprietorship

  2. Partnership

  3. Corporation

  4. Limited liability company


Correct Option: B
Explanation:

A partnership is a legal term for a company that is owned and controlled by two or more individuals.

What is the legal term for a company that is owned and controlled by shareholders?

  1. Sole proprietorship

  2. Partnership

  3. Corporation

  4. Limited liability company


Correct Option: C
Explanation:

A corporation is a legal term for a company that is owned and controlled by shareholders.

What is the legal term for a company that is owned and controlled by members?

  1. Sole proprietorship

  2. Partnership

  3. Corporation

  4. Limited liability company


Correct Option: D
Explanation:

A limited liability company is a legal term for a company that is owned and controlled by members.

What is the legal term for a contract that is entered into for a specific period of time?

  1. Fixed-term contract

  2. Open-ended contract

  3. Voidable contract

  4. Unenforceable contract


Correct Option: A
Explanation:

A fixed-term contract is a legal term for a contract that is entered into for a specific period of time.

What is the legal term for a contract that can be terminated by either party at any time?

  1. Fixed-term contract

  2. Open-ended contract

  3. Voidable contract

  4. Unenforceable contract


Correct Option: B
Explanation:

An open-ended contract is a legal term for a contract that can be terminated by either party at any time.

What is the legal term for a contract that can be canceled by one party if certain conditions are not met?

  1. Fixed-term contract

  2. Open-ended contract

  3. Voidable contract

  4. Unenforceable contract


Correct Option: C
Explanation:

A voidable contract is a legal term for a contract that can be canceled by one party if certain conditions are not met.

What is the legal term for a contract that is not legally binding?

  1. Fixed-term contract

  2. Open-ended contract

  3. Voidable contract

  4. Unenforceable contract


Correct Option: D
Explanation:

An unenforceable contract is a legal term for a contract that is not legally binding.

What is the legal term for a law that is created by a court decision?

  1. Statute

  2. Regulation

  3. Case law

  4. Common law


Correct Option: C
Explanation:

Case law is the legal term for a law that is created by a court decision.

What is the legal term for a law that is created by a government agency?

  1. Statute

  2. Regulation

  3. Case law

  4. Common law


Correct Option: B
Explanation:

A regulation is the legal term for a law that is created by a government agency.

What is the legal term for a law that is created by a legislative body?

  1. Statute

  2. Regulation

  3. Case law

  4. Common law


Correct Option: A
Explanation:

A statute is the legal term for a law that is created by a legislative body.

- Hide questions