A Short Business Law Test Quiz

12 Questions | Total Attempts: 66

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Business Law Quizzes & Trivia

Questions and Answers
  • 1. 
    In connection with the law of contract, ‘consideration’ has a special meaning. A contract is a legally enforceable agreement and one of its key elements is that it must be based upon a bargain, i.e., each party must give something in return for the promise given by the other, and what each party promises or undertakes to do in fulfillment of the contract is called ‘consideration’.
    • A. 

      True

    • B. 

      False

  • 2. 
    If a contract is broken, a sanction may be imposed, and typically the aggrieved party will be _______ damages, that is, financial compensation to be paid by the party who broke the contract.
    • A. 

      Awarded

    • B. 

      Penalized

  • 3. 
    European Union law derives from three sources:-  (Select Three)
    • A. 

      High Court

    • B. 

      European Union treaties

    • C. 

      Secondary legislation

    • D. 

      Decisions of the European Court of Justice

  • 4. 
    Not all ________ are resolved in the courts of law. There is elaborate provision for certain disputes to be heard by tribunals while others may be decided by arbitration or mediation.
    • A. 

      Disputes

    • B. 

      Decisions

    • C. 

      Problems

  • 5. 
    Lay people become magistrates, sit on juries and are to be found as members of many tribunal panels.
    • A. 

      True

    • B. 

      False

  • 6. 
    A judge presides over the court and ensures that ______ is both done and is seen to be done, he needs to be well-educated and wise and must combine courtesy with firmness of character and efficiency.
    • A. 

      Justice

    • B. 

      Fairness

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