Legal Concepts in Business Quiz

Explore legal concepts in business with this Contract Law quiz covering force majeure, intellectual property, torts, and more!

Practice Learn Test

Which of the following is NOT a type of intellectual property?

Trademark

Labor law

Patent

What is the purpose of 'indemnity' in contracts?

To compensate for loss or damage.

To enforce performance of contractual obligations.

To terminate a contract.

To mediate disputes between parties.

What is the primary function of a 'non-disclosure agreement' (NDA)?

To protect confidential information from being disclosed to third parties.

To publicly disclose sensitive information.

To enforce payment in a business transaction.

To terminate a contractual relationship.

What is the primary purpose of 'arbitration' in dispute resolution?

To resolve disputes outside of court through a neutral third party.

To conduct investigations in criminal cases.

To file legal complaints.

To appeal court decisions.

What is 'intellectual property' (IP)?

Intangible creations of the human intellect, such as inventions, literary and artistic works, designs, and symbols.

A type of real property, such as land and buildings.

A legal term for physical goods.

A form of insurance for business assets.

What is the definition of 'force majeure' in legal terms?

A contractual provision that allows a party to suspend or terminate performance due to unforeseen circumstances beyond their control.

A type of legal document used in property transactions.

A law that governs international trade disputes.

A term used to describe criminal acts committed by individuals in power.

What does 'tort' refer to in legal terminology?

A wrongful act or an infringement of a right leading to civil legal liability.

A type of contract commonly used in business transactions.

A legal term for a formal accusation of a crime.

A specific type of tax.

What is the principle of 'caveat emptor' in contract law?

Let the buyer beware - the principle that the buyer alone is responsible for checking the quality and suitability of goods before a purchase.

A legal doctrine that holds sellers accountable for defects in their products.

A principle that governs landlord-tenant relationships.

A type of insurance policy.

What does 'force majeure' NOT typically cover in a contract?

Natural disasters

Government actions

Economic downturns

Labor strikes

#10

What is the 'statute of limitations' in legal terms?

A law that sets the maximum time after an event within which legal proceedings may be initiated.

A type of legal defense used in criminal cases.

A principle that governs evidence presentation in court.

A term referring to the power of courts to interpret laws.

#11

What is the doctrine of 'respondeat superior'?

A legal doctrine holding employers responsible for the wrongful acts of their employees.

A principle of contract law.

A legal principle governing property ownership.

A type of criminal offense.

#12

What does 'estoppel' mean in legal context?

A legal doctrine that prevents a person from asserting a claim or right that contradicts what they previously said or agreed upon.

A type of court procedure.

An ancient legal code.

A principle of constitutional law.

#13

What does 'voir dire' mean in the legal context?

The process of selecting and questioning potential jurors.

A legal principle regarding property rights.

A type of court order.

A Latin term for a specific type of legal document.

#14

What is 'doctrine of privity' in contract law?

A doctrine that limits who can enforce a contract to only the parties involved.

A principle that governs the formation of contracts.

A type of contractual obligation.

A legal principle related to property ownership.

#15

What is 'duress' in contract law?

A situation where a person is unlawfully compelled to enter into a contract under threat.

A type of contract termination.

A legal doctrine that limits liability in certain situations.

A principle that governs intellectual property disputes.