#1
Which legal document outlines the internal rules and procedures of a company?
Memorandum of Association
Articles of Association
Certificate of Incorporation
Annual Report
#2
Which legal concept refers to the obligation to act in the best interests of another party?
Negligence
Fiduciary duty
Strict liability
Tort
#3
What legal doctrine allows a party to escape a contract if certain conditions are not met?
Statute of limitations
Doctrine of frustration
Force majeure
Doctrine of impossibility
#4
What is the primary purpose of the Securities and Exchange Commission (SEC) in the United States?
Enforcing environmental regulations
Regulating the stock and securities industry
Overseeing immigration policies
Managing labor relations
#5
In the context of bankruptcy law, what is Chapter 7 primarily associated with?
Reorganization of business debts
Liquidation of assets to pay off debts
Debtor-in-possession financing
Creditor's committee proceedings
#6
What is the primary purpose of a non-disclosure agreement (NDA) in a business context?
To disclose confidential information to the public
To prevent parties from entering into a contract
To protect sensitive information from being shared with third parties
To enforce payment terms in a contract
#7
In the context of employment law, what does the term 'at-will employment' mean?
Employment that lasts for a specific duration
Employment with no fixed duration and can be terminated by either party at any time
Employment with guaranteed job security
Employment only during specific working hours
#8
In a contract, what does the term 'consideration' mean?
The final decision to enter into the contract
The exchange of something of value between the parties
The termination of the contract
The legal capacity of the parties involved
#9
What is the primary purpose of antitrust laws in business?
To promote fair competition and prevent monopolistic practices
To enforce strict contractual obligations
To facilitate tax exemptions for businesses
To regulate employment relations
#10
In the context of intellectual property, what does the acronym 'IP' commonly refer to?
Internal processes
Innovative products
Intellectual property
Industry protocols
#11
What is the purpose of a trademark in business law?
To protect inventions and discoveries
To protect the visual identity of a brand
To regulate competition in the market
To enforce contract terms
#12
What legal principle holds that an employer is liable for the actions of employees performed within the course of employment?
Respondeat superior
Quantum meruit
Ultra vires
Stare decisis
#13
Which legal doctrine allows a court to set aside or invalidate a contract due to unequal bargaining power?
Parol evidence rule
Statute of frauds
Unconscionability
Consideration doctrine
#14
What legal principle holds that individuals are presumed innocent until proven guilty in a court of law?
Burden of proof
Habeas corpus
Due process
Presumption of innocence
#15
Which legal principle states that an individual cannot be tried for the same crime twice?
Double jeopardy
Writ of mandamus
Subpoena duces tecum
Ad hoc