#1
Which of the following is a characteristic of a corporation?
Limited liability of owners
Unlimited liability of owners
No legal personality
Ownership by a single individual
#2
What is the main purpose of contract law?
To regulate the creation and enforcement of agreements
To determine criminal liability
To set standards for product safety
To establish tax regulations
#3
Which of the following is NOT a type of intellectual property?
Trademark
Patent
Contract
Copyright
#4
Which of the following is a key characteristic of a partnership?
Limited liability of owners
Unlimited liability of owners
Ownership by a single individual
No legal personality
#5
Which of the following is a characteristic of a sole proprietorship?
Limited liability of the owner
Unlimited liability of the owner
Ownership by multiple individuals
No legal personality
#6
Which of the following is a primary source of law?
Regulations
Judicial decisions
Legal encyclopedias
Secondary sources
#7
What is the 'doctrine of ultra vires' in corporate law?
The power of a corporation to issue shares
The doctrine that protects minority shareholders
The doctrine that limits a corporation's actions to those within its stated purposes
The ability of a corporation to enter into contracts
#8
What is the principle of 'caveat emptor'?
Let the buyer beware
Let the seller beware
Let the contract be fulfilled
Let the agreement be valid
#9
What is the purpose of the Uniform Commercial Code (UCC) in the United States?
To regulate international trade
To harmonize state laws on commercial transactions
To establish uniform tax regulations
To govern criminal liability
#10
What is the difference between a tort and a crime?
A tort is a civil wrong, while a crime is a criminal wrong
A tort is a criminal wrong, while a crime is a civil wrong
Both are civil wrongs
Both are criminal wrongs
#11
What is the purpose of antitrust laws?
To regulate international trade
To prevent unfair business practices and promote competition
To establish uniform tax regulations
To govern criminal liability
#12
What is the purpose of the Securities Act of 1933 in the United States?
To regulate the sale of securities
To establish tax regulations
To prevent anticompetitive practices
To govern criminal liability
#13
Which of the following is NOT a requirement for a valid contract?
Offer and acceptance
Legal purpose
Equal consideration
Capacity of parties
#14
Which of the following is a remedy for breach of contract?
Specific performance
Criminal prosecution
Civil fine
Administrative sanction
#15
What is the 'statute of frauds'?
A law that requires certain contracts to be in writing to be enforceable
A law that limits the liability of corporate shareholders
A law that regulates the sale of goods
A law that protects consumers from deceptive practices
#16
Which of the following is true about intellectual property rights?
They are protected under contract law
They include patents, trademarks, and copyrights
They are not enforceable in court
They only apply to physical products
#17
What is the difference between a contract assignment and a contract delegation?
An assignment transfers both rights and duties, while a delegation transfers only duties
An assignment transfers only rights, while a delegation transfers only duties
An assignment transfers only duties, while a delegation transfers only rights
An assignment transfers both rights and duties, while a delegation transfers only rights
#18
What is the 'parol evidence rule'?
A rule that allows parties to introduce oral evidence in court
A rule that prohibits parties from introducing oral evidence to vary the terms of a written contract
A rule that requires parties to have a witness present when signing a contract
A rule that allows parties to modify a contract without the other party's consent
#19
What is the difference between a void contract and a voidable contract?
A void contract is valid until one party chooses to void it, while a voidable contract is invalid from the beginning
A void contract is valid from the beginning, while a voidable contract is valid until one party chooses to void it
A void contract is always enforceable, while a voidable contract is never enforceable
A void contract is never enforceable, while a voidable contract is enforceable until one party chooses to void it