Business Law Quiz 2022/2023

A.A. 2022/2023

11) FAS means
- Foreign alien state
- free alignment security
- free on board
21) IN CASE OF UNILATERAL MISTAKE
- in the contract is binding, except when the other party knows or should have known the mistake
- the contract is binding
- the contract is not binding if the other party knows or should have known the mistake
- the contract is not binding, except when the other party knows or should not have known the mistake
31) JOINT VENTURE CONTRACT CAN BE ENTERED
- only by companies
- only by individuals
- by both companies and individuals
41) A VALID CONTRACT
- is a contract that meets all legal requirements and can be enforced by either party
51) A PARTY WHO BREAKS OFF NEGOTIATIONS IN BAD FAITH
- is bound to restart the negotiation
- is liable for losses
- neither nor b
61) AN OFFER CAN BE REVOKED BY THE OFFEROR
- always except in case of option contract, unilateral contract, u.c.c exception, promissory estoppel
- in any case
71) A QUASI-CONTRACT IS CREATED
- by operation of law in behalf of the unconscious party
- by operation of law on order to avoid unjust enrichment of one party at the expense of another
- by one party at the expense of the another
81) IN AN OFFER UNSTATES TERMS
- could be clarified before the agreement is closed
- must be clarified after the agreement is reached
- may be implied or inferred in case of material breach
91) ACCORDING TO CISG IN CASE OF MATERIAL BREACH
- the non breaching party may
  - demand the performance
  - either the discharge or breach
101) A VOIDABLE CONTRACT
- is binding on either party but is enforceable by only one
- is binding on one party who has the option to withdraw from or to enforce it
- is binding on one party and enforceable by the same
111) ACCORDING TO DUTY OF GOOD FAITH
- all parties should not fail in fulfilling they obligations
- all parties should not withdraw from negotiation process if started
- not sincerely aimed at entering into contra actual relations
121) ADEQUACY OF CONSIDERATION
- is an issue in court
- neither nor b
121) CONSIDERATION IS
- the price
- something a party provides in exchange for goods
- something a party provides in exchange for something from the other party
141) FROM THE CONTRACT
- is a rule to be enforced just as law
- is a rule binding upon the parties
- is a rule binding upon the parties but less binding than law
151) MEMORANDA / TERMS OF AGREEMENT
- are never legally binding
- are specific contracts
- are never legally binding
161) THE ESSENTIAL ELEMENTS OF A CONTRACT ARE
- all oral or written agreement, implied or expressed
- of capacity, mutual agreement, consideration and legality
- subject matter
171) AN IMPLIED CONTRACT
- can be inferred by a judge
- can be inferred by a reasonable person
- can be by conduct
181) UNILATERAL CONTRACT
- is a unilateral two conduct
- involves one promise by one party and an act by another
191) PRE-EMPTION RIGHT IS THE RIGHT
- to buy shares at a fixed price
- to be offered to anyone in a company before they are made available to anyone else
- to sell shares at a fixed price
201) A VOID CONTRACT
- is void but cannot be enforced
- is not valid but cannot be temporarily enforced
- is not valid and cannot be enforced
211) AN EXPRESSION OF WILL
- a legally enforceable agreement, express or implied
- a document
- a document
221) EXPRESS CONTRACT IS
- the agreement expressed the clear intention to be bound by the agreement
- by stated in words, written or oral, or partly written and partly oral
- a signed document