10 Questions
Which type of business organization is owned by one individual and has unlimited personal liability?
Sole Proprietorship
What is the essential element of a valid contract that involves something of value given in exchange for a promise?
Consideration
Which type of tort involves the intentional infliction of harm or the unauthorized restraint of another person?
Intentional Tort
What is the term for a type of intellectual property that protects confidential information?
Trade Secret
Which employment law prohibits discrimination based on race, color, religion, sex, and national origin?
Title VII
What is the primary responsibility of the Securities and Exchange Commission (SEC)?
To enforce securities laws
Which type of security represents ownership in a company?
Stock
What is the term for a business organization that is a hybrid of a corporation and a partnership?
Limited Liability Company (LLC)
Which type of contract is formed by one party's promise to perform an act in exchange for another party's promise?
Bilateral Contract
What is the term for a type of tort that involves the breach of a duty of care, resulting in harm or injury to another person?
Negligent Tort
Study Notes
Types of Business Organizations
- Sole Proprietorship: Owned by one individual, unlimited personal liability
- Partnership: Owned by two or more individuals, unlimited personal liability
- Corporation: Separate legal entity, limited liability, owned by shareholders
- Limited Liability Company (LLC): Hybrid of corporation and partnership, limited liability
- Non-Profit Organization: Exempt from income tax, purpose is not to make profit
Contract Law
-
Elements of a Valid Contract:
- Offer
- Acceptance
- Consideration
- Capacity
- Legality
-
Types of Contracts:
- Bilateral (two-party)
- Unilateral (one-party)
- Express (written or oral)
- Implied (by conduct)
- Quasi (not a true contract, but has contractual elements)
Tort Law
-
Intentional Torts:
- Assault
- Battery
- False Imprisonment
- Defamation
-
Negligent Torts:
- Duty of Care
- Breach of Duty
- Causation
- Damages
-
Strict Liability:
- Product Liability
- Abnormally Dangerous Activities
Intellectual Property Law
-
Types of Intellectual Property:
- Patents (inventions)
- Trademarks (branding)
- Copyrights (creative works)
- Trade Secrets (confidential information)
Employment Law
-
Types of Employment Relationships:
- At-Will Employment
- Contractual Employment
- Independent Contractors
-
Employment Discrimination Laws:
- Title VII (race, color, religion, sex, national origin)
- Americans with Disabilities Act (ADA)
- Age Discrimination in Employment Act (ADEA)
Securities Law
-
Securities and Exchange Commission (SEC):
- Regulates securities markets
- Enforces securities laws
- Oversees stock exchanges and broker-dealers
-
Types of Securities:
- Stocks (equity)
- Bonds (debt)
- Derivatives (options, futures)
Test your knowledge of business law concepts, including types of business organizations, contract law, tort law, intellectual property law, employment law, and securities law.
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