Podcast
Questions and Answers
What area of business law covers agreements that create obligations enforceable by law?
What area of business law covers agreements that create obligations enforceable by law?
- Contracts (correct)
- Bankruptcy
- Property Law
- Agency
Which of the following describes a relationship where one party acts on behalf of another?
Which of the following describes a relationship where one party acts on behalf of another?
- Corporation
- Partnership
- Agency (correct)
- Sole Proprietorship
What is a business owned and run by one person, who is personally liable for all business debts, known as?
What is a business owned and run by one person, who is personally liable for all business debts, known as?
- Sole Proprietorship (correct)
- Partnership
- Limited Liability Company
- Corporation
Which type of business organization protects creations of the mind?
Which type of business organization protects creations of the mind?
What is the term for a failure to perform the obligations specified in a contract?
What is the term for a failure to perform the obligations specified in a contract?
Which kind of authority is explicitly granted to an agent by the principal?
Which kind of authority is explicitly granted to an agent by the principal?
Which bankruptcy chapter involves selling a debtor's assets to pay creditors?
Which bankruptcy chapter involves selling a debtor's assets to pay creditors?
What do antitrust laws primarily aim to prevent?
What do antitrust laws primarily aim to prevent?
Which area of law ensures products are safe for consumers?
Which area of law ensures products are safe for consumers?
Real property refers to:
Real property refers to:
Flashcards
Business Law
Business Law
The legal principles and rules governing commercial transactions, organizations, and activities.
Contract
Contract
A legally binding agreement between two or more parties.
Acceptance
Acceptance
Unconditional agreement to the terms of an offer.
Consideration
Consideration
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Capacity
Capacity
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Agency
Agency
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Actual Authority
Actual Authority
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Apparent Authority
Apparent Authority
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Sole Proprietorship
Sole Proprietorship
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Partnership
Partnership
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