Business Law Course Overview
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Questions and Answers

What is primarily characterized as a juridical person under Ethiopian law?

  • A non-profit organization
  • A government entity
  • An individual conducting business
  • A corporation formed for profit (correct)

Which of the following is NOT a key aspect of contracts discussed in business law?

  • The responsibilities of employees (correct)
  • Elements and distinctive features
  • Grounds for the extinction of contracts
  • Legal remedies for non-performance

What is a primary component necessary for forming an insurance contract?

  • An insured interest (correct)
  • A public offer from a competitor
  • A partnership agreement
  • An unlimited liability clause

Which type of business organization is primarily recognized in Ethiopian law?

<p>Sole proprietorship (A)</p> Signup and view all the answers

Which of the following describes a key feature of negotiable instruments?

<p>They have specific defenses available against them (B)</p> Signup and view all the answers

What is the primary purpose of international laws?

<p>To govern relationships between sovereign states and international entities (D)</p> Signup and view all the answers

Which of the following best describes federal laws?

<p>Laws enacted at the national level with uniform application across the country (A)</p> Signup and view all the answers

What distinguishes national laws from international laws?

<p>National laws are enacted by individual countries within their borders (D)</p> Signup and view all the answers

Which types of laws are defined as being enacted by a legislative body within a country?

<p>National laws (B)</p> Signup and view all the answers

State laws primarily address issues that pertain to which level of governance?

<p>Local governance within individual states (D)</p> Signup and view all the answers

Which classification of laws deals with the rights and duties of individuals among themselves?

<p>Private laws (A)</p> Signup and view all the answers

What is a key characteristic of procedural laws?

<p>They outline the processes for enforcing laws and conducting legal proceedings (B)</p> Signup and view all the answers

Which area is NOT typically covered by federal laws?

<p>Healthcare policy (A)</p> Signup and view all the answers

What role does case law play in the legal system?

<p>It serves as an authoritative source of law. (C)</p> Signup and view all the answers

Which of the following is NOT a basic element of custom according to the provided content?

<p>Statistical evidence (C)</p> Signup and view all the answers

What is the significance of the 'ratio decidendi' in judicial decisions?

<p>It serves as the primary reason supporting a judicial decision. (C)</p> Signup and view all the answers

According to the provided content, how are treaties characterized in international business law?

<p>They are obligatory and must be performed in good faith. (C)</p> Signup and view all the answers

What factor is NOT mentioned as concerning the nature of a particular practice in customs?

<p>Legislative approval (A)</p> Signup and view all the answers

Which court decision holds the force of law as indicated in the content?

<p>Decisions of the Ethiopian Supreme Court cassation bench (D)</p> Signup and view all the answers

What does Article 12 (2) of the FDRE constitution state about international agreements?

<p>They are essential parts of the constitution. (D)</p> Signup and view all the answers

Which aspect does NOT influence the development of custom as a source of law?

<p>Advancements in technology (A)</p> Signup and view all the answers

What is the primary requirement for someone to be considered a resident of a particular area?

<p>Living there for more than 3 months (C), Showing interest in living indefinitely (D)</p> Signup and view all the answers

What distinguishes domicile from mere residence?

<p>Domicile includes permanent attachment (B)</p> Signup and view all the answers

What is the primary goal of studying business law?

<p>To equip students to make well-informed decisions in business contexts (C)</p> Signup and view all the answers

Which of the following is NOT a common ground for the extinction of personality?

<p>Loss of nationality (C)</p> Signup and view all the answers

In what situation can incapable persons exercise their rights?

<p>Through their representatives (C)</p> Signup and view all the answers

Which statement about legal persons is correct?

<p>They must act through an agent or manager (D)</p> Signup and view all the answers

What happens to rights and duties upon the extinction of personality?

<p>They cease to exist entirely (C)</p> Signup and view all the answers

Which assignment covers Chapters 5-6?

<p>Group Assignment and Presentations (B)</p> Signup and view all the answers

What is meant by 'patrimony' in the context of personality?

<p>The state of having rights and duties (A)</p> Signup and view all the answers

Which chapter provides preliminary understanding required before studying business law?

<p>Chapter 1 (C)</p> Signup and view all the answers

What is one subject covered in the Business Law course?

<p>Contract Law (C)</p> Signup and view all the answers

What percentage of the total marks is assigned to participation and discussion?

<p>5% (C)</p> Signup and view all the answers

Which chapters are assessed in the Final Term Exam?

<p>Chapters 7-10 (D)</p> Signup and view all the answers

Which article of the Civil Code defines domicile?

<p>Article 183 (D)</p> Signup and view all the answers

What does the law of sales primarily govern?

<p>Sales transactions between entities (A)</p> Signup and view all the answers

What type of law does 'Agency Law' generally relate to?

<p>Representation and liability relationships (D)</p> Signup and view all the answers

Flashcards

Legal Personality

The ability of a person or entity to possess legal rights and obligations.

Natural Person

A person with legal rights and obligations, born as a human being.

Juridical Person

A person with legal rights and obligations, established by law, such as a company.

Business Organization

A structure formally established by law, operating as a single entity.

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Contract

An agreement between two or more parties, legally binding.

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Legal Remedies

The actions taken to correct or compensate for a breach of contract.

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Insurance Contract

A financial arrangement where one party agrees to protect another against risk.

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Commercial Documents

Documents used in trade and business transactions, like invoices and receipts.

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Transferable Security

A type of security that can be easily traded, such as stocks and bonds.

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Negotiation

The process of exchanging information and reaching an agreement.

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Deposits

Money deposited in a bank account.

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Loans

Money borrowed from a bank, typically with interest.

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Financial Services

Services provided by banks, like financial advice and investment management.

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Business Law Framework

The foundational principles governing business law.

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Contract Law

Rules governing agreements between parties in business.

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Law of Sales

Laws regulating the purchase and sale of goods.

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Agency Law

The legal framework for individuals or companies acting on behalf of others.

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Law of Business Organizations

Laws defining legal structures used by businesses, like partnerships or companies.

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Labor and Employment Law

Laws protecting worker's rights and regulating employment relationships.

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Commercial Transactions

Legal aspects of trading activities, including contracts, payments, and transport.

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International Laws

Rules that govern relationships between nations.

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National Laws

Laws enforced within specific countries.

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Federal Laws

Laws that apply uniformly across a country.

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State Laws

Laws enacted by individual states or provinces within a federation.

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Substantive Law

Laws defining rights and responsibilities.

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Procedural Law

Laws establishing procedures for enforcing rights.

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Public Law

Laws dealing with government-related issues.

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Private Law

Laws governing individual rights and relationships.

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Civil Law

Laws concerning non-criminal disputes.

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Criminal Law

Laws concerning actions against the state.

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Judicial Precedents

Judicial decisions that become legally binding.

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Customary Law

Practices considered legally obligatory, often established through long-standing tradition.

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International Agreements

Agreements between nations, often binding in international business law.

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Domicile

The place where a person primarily conducts their business.

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Patrimony

The rights and obligations a person possesses.

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Extinction of Personality

The cessation of legal personality, either through death or dissolution.

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Study Notes

Objectives of Business Law Course

  • Understanding legal personality and differences between natural persons and artificial persons (juridical persons).
  • Comprehension of business elements, types of business organizations under Ethiopian law, and distinctions between partnerships and companies.
  • Exploration of obligations, sources of contracts, and legal remedies for non-performance.
  • Knowledge of insurance industry laws in Ethiopia, formation criteria for insurance contracts, and components of insurance policies.
  • Differentiation of commercial documents, transferable securities, and negotiations related to goods.
  • Insights into banking activities like deposits, loans, and financial services.

Topics Covered in Business Law

  • Introduction to Law: Framework of legal understanding essential for business law.
  • Contract Law: Principles guiding agreements between parties.
  • Law of Sales: Regulations governing transactions of goods.
  • Agency Law: Roles and responsibilities in representing others in business.
  • Law of Business Organizations: Legal structures governing businesses.
  • Labor and Employment Law: Rights and obligations of employees and employers.
  • Commercial Transactions: Legal aspects of trade and commerce activities.

Goals of Studying Business Law

  • Equip students with the knowledge to navigate complex business legalities.
  • Enable informed decision-making and risk management in business contexts.
  • Develop analytical skills to interpret laws and apply legal principles in real scenarios.

Introduction to Law

  • Law varies based on cultural, historical, and jurisdictional contexts.
  • International Laws: Govern relations between nations; established through treaties and cover diverse fields like human rights and trade.
  • National Laws: Enforced within specific countries; created by legislative bodies addressing various legal areas.
  • Federal Laws: Uniform regulations applied nationally; encompass issues like immigration and taxation.
  • State Laws: Local regulations enacted by individual states within a federal system, covering areas like education and healthcare.

Functions of Law

  • Laws classified into substantive (rights and duties) vs. procedural (rules for enforcing rights) categories.
  • Distinction between public (government-related) and private (individual rights) law.
  • Civil (non-criminal disputes) and criminal law (actions against the state) are fundamental categories.

Sources of Law

  • Judicial decisions and precedents significantly inform legal interpretations and guiding principles.
  • Customs: Practices recognized as legally obligatory shaped by societal behaviors and collective beliefs.
  • International agreements: Treaties form part of international business law, established through conventions that are binding.
  • Defined as the capacity to acquire rights and duties; applicable to both natural and legal persons.
  • Domicile: Determined by a person’s principal business location, affecting legal jurisdiction.
  • Patrimony reflects rights and duties, with all persons holding these from birth to death, including legal entities.

Extinction of Personality

  • Ends through death or absence for natural persons, and through bankruptcy or dissolution for legal entities.
  • Loss of nationality does not equate to loss of legal personality.
  • Termination of personality entails the end of rights, duties, and overall patrimony.

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Business Law PDF - Mid Term - Haramaya University

Description

This quiz covers essential topics in Business Law, including the distinctions between natural and artificial persons, types of business organizations, and contract law principles. It also delves into obligations, insurance laws, and banking activities relevant to Ethiopian law. Test your understanding of these critical legal concepts.

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