100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Business Law Midterm Exam Q&A Multiple choice| Verified Answers| 2024/2025 CA$15.89   Add to cart
Quickly navigate to
Preview
  2.  
  3. Business Law
  4.  
  5. Business law

Exam (elaborations)

Business Law Midterm Exam Q&A Multiple choice| Verified Answers| 2024/2025
 11 views  0 purchase
  • Course
  • Business law
  • Institution
  • Business Law

Business Law Midterm Exam Q&A Multiple choice| Verified Answers| 2024/2025 which of the following is not a primary function of law? a). maintain ability in the social, political function of law b). protect ownership of private property c). insure to all a minimum living d). preservation of ...

[Show more]

Preview 4 out of 32  pages

Document information

  • October 9, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • business law midterm exam qa multiple choice ver

Written for

  • Business law
  • Business law

Seller

avatar-seller
AceTests

Reviews received

Content preview

Business Law Midterm Exam Q&A
Multiple choice| Verified Answers|
2024/2025
which of the following is not a primary function of law?



a). maintain ability in the social, political function of law

b). protect ownership of private property

c). insure to all a minimum living

d). preservation of the state c



In contract law, which of the following is required for a contract to be valid?

Offer, acceptance, and consideration

Intention to create legal relations and signature

Agreement and witness signatures

Monetary value and a written contract



Which of the following is an example of a bilateral contract?

A contract between two parties where both make promises to each other

An agreement where only one party makes a promise

A promise to pay someone for an act performed

A contract that is voidable by either party




1

,What is the legal age of majority for entering into a contract in most jurisdictions?

15 years old

18 years old

21 years old

16 years old



Which of the following best describes the concept of "consideration" in contract law?

An offer that is made by one party

Something of value exchanged between parties

A promise made with no intention of enforcing it

A written agreement between two parties



If a contract is signed under duress, it is considered:

Voidable

Void

Enforceable

Unenforceable



Which of the following is not an element required for the formation of a contract?

Offer

Acceptance

Illegality

Consideration

2

,Which of these is a primary characteristic of a limited liability company (LLC)?

The owners are personally liable for the company’s debts

Owners’ liability is limited to their investment in the company

It must have at least one general partner

It has perpetual existence



Which of the following actions constitutes a breach of contract?

Failure to perform a duty as specified in the contract

Attempting to renegotiate contract terms

Negotiating a new contract before the previous one ends

Offering a substitute product as agreed



What does the "parol evidence rule" state?

Oral agreements cannot alter a written contract

Contracts made verbally have no legal standing

Both written and oral agreements are equally enforceable

Oral promises made before a written contract are binding



Which of the following is an example of a void contract?

A contract to commit an illegal act

A contract with a minor

A contract signed under duress

3

, A contract made with inadequate consideration



Which of the following best describes "specific performance" as a legal remedy?

Monetary compensation for damages

A court order requiring a party to perform as promised

A decision to cancel the contract

Awarding punitive damages to the injured party



Which of these is a characteristic of a "sole proprietorship"?

The business has multiple owners

The business has limited liability protection

The owner is personally liable for business debts

It is a legally separate entity from the owner



In a partnership, how are profits and losses generally shared?

According to individual investments

Based on the number of partners

Equally, unless otherwise agreed

In proportion to the partners' time spent on the business



What is the primary function of a non-compete clause in an employment contract?

To prevent an employee from working for competitors after leaving the company

To limit the hours an employee can work

4

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller AceTests. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$15.89. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

75323 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
CA$15.89
  • (0)
  Add to cart