Business Legal Responsibilities Quiz
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Questions and Answers

Which type of contracts must be in written form?

  • Verbal agreements for services
  • Contracts for the sale of goods below a certain value
  • Informal agreements between friends
  • Contracts relating to land (correct)

    • What is the parol evidence rule?

  • Written evidence that supports an oral contract
  • Evidence presented by a third party
  • Oral evidence is not admissible in court to explain a written contract (correct)
  • Evidence of contract breach

    • What does the Uniform Electronic Commerce Act (UECA) recognize?

  • Electronic signatures on written contracts
  • Oral agreements made via electronic means
  • Handwritten contracts scanned and sent electronically
  • Electronic contracts as a valid form of contract (correct)

    • What are standard form contracts?

    <p>Contracts drafted by one party without negotiation with the other party</p> Signup and view all the answers

    What is the primary purpose of professional liability?

    <p>To protect professionals from economic loss due to client injury from their services</p> Signup and view all the answers

    Which relationships are held to a high standard of care under fiduciary duty?

    <p>Patient–doctor, lawyer–client, director/officer–corporation, architect–client</p> Signup and view all the answers

    What must exist for professional liability to be established?

    <p>The professional holds a duty of care and is in a position of power or trust</p> Signup and view all the answers

    What represents the term fiduciary duty?

    <p>Trust, loyalty, responsibility, honesty, and good faith</p> Signup and view all the answers

    What is essential for an enforceable contract?

    <p>Consideration</p> Signup and view all the answers

    Who is the person making the offer in a contract formation?

    <p>Offeror</p> Signup and view all the answers

    What is the crucial element for the timing of consideration discussion?

    <p>Timing</p> Signup and view all the answers

    Which method can be used for acceptance to be communicated?

    <p>Clicking 'I agree' online</p> Signup and view all the answers

    What determines whether the agreement is enforceable under contract law?

    <p>The intention of the parties</p> Signup and view all the answers

    What is the role of an offeree in contract formation?

    <p>The person to whom the offer is made</p> Signup and view all the answers

    In what circumstances can the postal rule apply?

    <p>Certain circumstances</p> Signup and view all the answers

    What is the term for written terms in a contract?

    <p>Express terms</p> Signup and view all the answers

    What is the term for terms occasionally added by judges in court situations?

    <p>Implied terms</p> Signup and view all the answers

    What is not considered consideration in a contract?

    <p>Gratuitous promises</p> Signup and view all the answers

    What is the term for the exchange of something of value in a contract?

    <p>Consideration</p> Signup and view all the answers

    What is the term for the person to whom the offer is made in a contract?

    <p>Offeree</p> Signup and view all the answers

    What are the key components used to establish negligence?

    <p>Duty of care, breach, and harm suffered</p> Signup and view all the answers

    What is the major responsibility of manufacturers in relation to product safety?

    <p>Ensure product safety and warn the public of any defects</p> Signup and view all the answers

    What does product liability involve?

    <p>The duty to create safe products and comply with strict safety laws</p> Signup and view all the answers

    What are the key questions for consumer products according to the text?

    <p>Safety, testing, approval, packaging, labeling, and recall policies</p> Signup and view all the answers

    What duty do manufacturers have to consumers?

    <p>Ensure safety and warn of defects</p> Signup and view all the answers

    What do occupiers have to do to make their property safe?

    <p>Take reasonable steps</p> Signup and view all the answers

    What does contributory negligence allow the court to do?

    <p>Apportion responsibility to the injured party</p> Signup and view all the answers

    What are contracts according to the text?

    <p>Enforceable agreements between parties</p> Signup and view all the answers

    What does contract law determine?

    <p>Rights and obligations of the parties</p> Signup and view all the answers

    What is a contract according to the text?

    <p>An exchange of promises, with express and implied terms, and is enforceable by the legal system</p> Signup and view all the answers

    What does UECA aim to recognize?

    <p>The validity of electronic contracts</p> Signup and view all the answers

    Study Notes

    Legal Responsibilities in Business

    • Examples of fiduciary duty include a physician not securing patient records, an architect overcharging, and a lawyer representing both sides in a property transaction without disclosure.
    • Manufacturers have a major responsibility to ensure product safety and warn the public of any defects.
    • Negligence is established by identifying duty of care, breach, and harm suffered as a result.
    • Product liability involves the duty to create safe products and comply with strict safety laws.
    • Key questions for consumer products include safety, testing, approval, packaging, labeling, and recall policies.
    • Manufacturers have a duty of care to consumers to ensure safety and warn of defects.
    • Occupiers must take reasonable steps to make their property safe, with different responsibilities for trespassers, licensees, and invitees.
    • Contributory negligence allows the court to apportion responsibility to the injured party.
    • Contracts are enforceable agreements between parties, which may not always be formal or written.
    • Contract law determines the rights and obligations of the parties and creates a framework for enforceable agreements.
    • A contract is an exchange of promises, with express and implied terms, and is enforceable by the legal system.
    • UECA aims to recognize the validity of electronic contracts and clarify their unique application in contract formation.

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    Description

    Test your knowledge of legal responsibilities in business with this quiz. Explore topics such as fiduciary duty, product liability, negligence, and contract law. Learn about the duties of manufacturers, occupiers, and parties entering into contracts, and understand the legal framework that governs business interactions.

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