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Business Law Questions With Complete Solutions
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Business Law Questions With Complete Solutions
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Business Law Questions With Complete SolutionsA breach of contractual obligation other than money is
a. terms of performance
b. unenforceable
c. interest
d. default Correct Answers d. default
A breach of the duty of care one individual has toward others is
called
a. criminal
b. negligence
c. civil law
d. promissory estoppel Correct Answers b. negligence
A business that is owned by one person is classified as a:
a. corporation
b. partnership
c. sole proprietorship
d. limited partnership Correct Answers c. sole proprietorship
A carrier owned by a shipper for the purpose of shipping its own
goods is
a. a public carrier
b. a progressive carrier
c. a prohibited carrier
d. a private carrier Correct Answers d. a private carrier
A carrier that transports goods or persons for a fee for all who
apply for the services and without discrimination is called a
a. consignment carrier
,b. private carrier
c. common carrier
d. contract carrier Correct Answers c. common carrier
A change of parties with the formation of a new contract is
a. assignment
b. novation
c. delegation
d. parole evidence Correct Answers b. novation
A charge against another's property as security for a debt or
claim is
a. a lien
b. an easement
c. a debt
d. an obligation Correct Answers a. a lien
A check that a bank draws on its own funds and is signed by a
responsible bank official but may be used by anyone to pay a
debt is called
a. a certified check
b. a voucher check
c. a cashier's check
d. a bank draft Correct Answers c. a cashier's check
A contract in which the duties and obligations assumed by the
parties are not verbalized but indicated by their actions is known
as
a. an express contract
b. a bilateral contract
c. a unilateral contract
,d. an implied contract Correct Answers d. an implied contract
A contract in which the terms have not been fully performed by
all the parties is said to be
a. executory
b. executed
c. void
d. voidable Correct Answers a. executory
A contract in which two or more people individually agree to
perform the same obligation is called a
a. several contract
b. joint and several contract
c. joint contract
d unilateral contract Correct Answers a. several contract
A contract in which two or more persons are bound both jointly
and individually is known as a
a. joint and several contract
b. joint contract
c. several contract
d. unilateral contract Correct Answers a. joint and several
contract
A contract in which undue influence was proven is considered
a. valid
b. void
c. voidable
d. express Correct Answers c. voidable
A contract is a legally enforceable agreement between
, a. two or more legally competent persons
b. two persons of legal age
c. two minors
d. a minor and an adult to perform a legal act Correct Answers
a. two or more legally competent persons
A contract made by a legally declared insane person is
a. valid
b. void
c. voidable
d. unenforceable Correct Answers b. void
A contract made by a person who is intoxicated, but aware of
the consequences of his/her actions is
a. valid
b. void
c. voidable
d. unenforceable Correct Answers a. valid
A contract made by a person who is so intoxicated to be
unaware of the consequences is
a. void
b. valid
c. executory
d. voidable Correct Answers d. voidable
A contract made by an insane person who has not been declared
so judicially is
a. valid
b. void
c. voidable
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