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Questions and Answers
Which type of business organization is owned by one individual and has unlimited personal liability?
Which type of business organization is owned by one individual and has unlimited personal liability?
What is the essential element of a valid contract that involves something of value given in exchange for a promise?
What is the essential element of a valid contract that involves something of value given in exchange for a promise?
Which type of tort involves the intentional infliction of harm or the unauthorized restraint of another person?
Which type of tort involves the intentional infliction of harm or the unauthorized restraint of another person?
What is the term for a type of intellectual property that protects confidential information?
What is the term for a type of intellectual property that protects confidential information?
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Which employment law prohibits discrimination based on race, color, religion, sex, and national origin?
Which employment law prohibits discrimination based on race, color, religion, sex, and national origin?
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What is the primary responsibility of the Securities and Exchange Commission (SEC)?
What is the primary responsibility of the Securities and Exchange Commission (SEC)?
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Which type of security represents ownership in a company?
Which type of security represents ownership in a company?
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What is the term for a business organization that is a hybrid of a corporation and a partnership?
What is the term for a business organization that is a hybrid of a corporation and a partnership?
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Which type of contract is formed by one party's promise to perform an act in exchange for another party's promise?
Which type of contract is formed by one party's promise to perform an act in exchange for another party's promise?
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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?
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?
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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
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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
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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
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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)
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Description
Test your knowledge of business law concepts, including types of business organizations, contract law, tort law, intellectual property law, employment law, and securities law.
