An Interesting Quiz On Business Law
Reading for your masters is no easy task and involves hours and hours of studying. Are you preparing to tackle your MBA exam on business law? Take up the quiz below and get to see how much of it you are set to remember. All the best and remember practice makes perfect.
- 1.
Which of the following best describes the liability of a limited partner?
- A.
He or she is liable in proportion to his or her capital contribution
- B.
He or she is liable for the entire business
- C.
He or she has no liability.
- D.
He or she must go to court to determine liability.
- E.
He or she has liability equal to half of his or her capital contribution.
Correct Answer
A. He or she is liable in proportion to his or her capital contributionExplanation
Limited partners do not contribute to management decisions.Rate this question:
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- 2.
Which of the following is NOT considered real property?
- A.
Personal residence
- B.
Cattle
- C.
Right to use land
- D.
Life estate to a farm
- E.
Easement
Correct Answer
B. CattleExplanation
Real property (also known as real estate) is basically the right to use land.Rate this question:
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- 3.
What option does a buyer have if he or she has received nonconforming goods?
- A.
He or she may recover damages for nonconformity, provided notice is given.
- B.
He or she may receive a subsidy from the federal government.
- C.
He or she may receive a subsidy from the state government.
- D.
He or she may recover damages even without giving notice.
- E.
He or she has no options.
Correct Answer
A. He or she may recover damages for nonconformity, provided notice is given.Explanation
The Uniform Commercial Code asserts that buyers have this remedy when they receive nonconforming goodsRate this question:
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- 4.
Contracts remain enforceable even in situations where the responsible party can prove _____.
- A.
Fraud
- B.
Ignorance
- C.
bankruptcy
- D.
Extreme hardship
- E.
Innocent misrepresentation
Correct Answer
D. Extreme hardshipExplanation
The party can potentially get out of a contract if he or she can demonstrate fraud, innocent misrepresentation, or mutual mistake of material fact.Rate this question:
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- 5.
Which legal term is used when an individual is illegally coerced into signing a contract?
- A.
Constraint
- B.
Breach
- C.
Violation
- D.
lien
- E.
Duress
Correct Answer
E. DuressExplanation
Duress is defined as any constraint by threat or forcible confinement.Rate this question:
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- 6.
What option does a buyer have if he or she has received nonconforming goods?
- A.
He or she may recover damages for nonconformity, provided notice is given.
- B.
He or she may receive a subsidy from the federal government
- C.
He or she may receive a subsidy from the state government.
- D.
He or she may recover damages even without giving notice.
- E.
He or she has no options
Correct Answer
A. He or she may recover damages for nonconformity, provided notice is given.Explanation
The Uniform Commercial Code asserts that buyers have this remedy when they receive nonconforming goodsRate this question:
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- 7.
Which of the following statements about agency relationships is true
- A.
They must be written down to be valid
- B.
They cannot be established by the law as having been implied.
- C.
They cannot be broken
- D.
They are often established verbally
- E.
They establish a fiduciary duty on the part of the principal
Correct Answer
D. They are often established verballyExplanation
Agency relationships are typically implied or established verbally; they need not be written down to be legally valid.Rate this question:
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- 8.
In order for a letter of credit to be valid, which of the following must be true?
- A.
It must be irrevocable
- B.
It must be written and signed.
- C.
It must indicate that changes require seller consent.
- D.
It must give consideration
- E.
It must indicate that changes require customer consent
Correct Answer
B. It must be written and signed.Explanation
The Uniform Commercial Code declares that letters of credit must be written and signed by the issuer.Rate this question:
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- 9.
What is the name for an agent appointed by another agent?
- A.
subagent
- B.
Subcontractor
- C.
Double agent
- D.
Minor agent
- E.
Principal agent
Correct Answer
A. subagentExplanation
When a subagent is appointed, the appointing agent becomes a principal.Rate this question:
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- 10.
Which of the following is subject to copyright protection?
- A.
Corporate logo
- B.
New form of animal life
- C.
Brand slogan
- D.
Dance routine
- E.
New form of plant life
Correct Answer
D. Dance routineExplanation
Corporate logos and slogans are subject to trademark protection; new forms of life are subject to patent protectionRate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 21, 2022Quiz Edited by
ProProfs Editorial Team -
Nov 03, 2009Quiz Created by
Gururajks
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