Business Law and Ethics Quiz

Democracy is a political system, not a business organization.

Monopoly refers to market dominance, not intellectual property.

Contracts can be valid without being in written form, depending on the jurisdiction.

Remedies are the actions or compensation sought for breach, not a remedy in itself.

Consideration is a necessary element for a valid contract, not just an offer.

Res ipsa loquitur is a doctrine inferring negligence from the circumstances.

Uberrimae fidei is the principle of utmost good faith in insurance contracts.

The 'S' stands for 'Social' in Environmental, Social, and Governance (ESG) criteria.

Quantum meruit allows for recovery based on the value of services rendered.

An agent-principal relationship allows one party to act on behalf of another with authority.

Deontology focuses on moral duties rather than consequences.

Employment law typically doesn't address discrimination based on education.

Absolute privilege protects statements made in certain contexts from defamation claims.

Duress involves coercion or threats to induce action.

Piercing the corporate veil is an equitable remedy to prevent abuse of the corporate structure.

Fraudulent misrepresentation involves deception leading to contract formation.