Commercial Law: Definition and Sources

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30 Questions

Which of the following is a characteristic of the Romanian economy, according to the Constitution?

Economy based on a free market economy

What is the primary source of law for commercial companies in Romania?

The Law on Commercial Companies

Which of the following is NOT a principle of commercial law?

The buyer is always right

What is the purpose of the Law on the Registration of Commerce (Law 256/2022)?

To register certain types of companies at the registry of commerce

Who are the participants in commercial law relationships?

Professionals, natural persons, and legal persons

What is the purpose of the Law on Combating Unfair Competition (Law 11/1991)?

To combat unfair competition

What is the primary activity of a profesionist?

Exploiting an intreprindere

What does the article 3 of the Civil Code define?

The desfasurarea of an organized activity

What is the main characteristic of a non-commercial intreprindere?

It is a civil intreprindere

What regulates the economic activities of authorized individuals?

OUG nr. 44/2008

What is the term for individuals who perform economic activities?

Profesionist

What is the system centered around the notions of profesionist and intreprindere?

Monist system of private law

What is the primary responsibility of the council of supervision in a dualist system?

To oversee the activities of the directors and report to the AGA

In a unitary system, who is responsible for verifying and contributing to the preparation of the company's financial documents?

The council of administration

In a company with 15 or fewer associates, who is responsible for exercising control over the management?

The associates

What is the difference between the control of management in a unitary system and a dualist system?

The control of management is exercised by the censors in a unitary system and by the auditor in a dualist system

What is the role of the directors in a dualist system?

To manage the company's daily activities

Who introduces a request for insolvency of the company in a unitary system?

The council of administration

What is the maximum number of companies in which a person can hold the position of administrator?

5

In what type of company can a person who is not a partner also hold the position of administrator?

Societate de capitaluri

What is the main difference between the unitary and dualist systems of administering a societate de capitaluri?

The presence of a board of directors

What is the consequence for an administrator who is recruited from among the company's employees during their term of office?

Their employment contract is suspended

What is the primary obligation of an administrator towards the company they manage?

Loyalty

Who can designate a person to manage a societate de capitaluri in the case of a juridical person?

The juridical person

What is the minimum value of an action?

0.1 lei

What is the main difference between actions and parts of social capital?

Parts of social capital have a more closed legal regime

What is the benefit of being an action holder in case of liquidation of the company?

Right to recover the value of the actions

What is the main difference between actions and obligations?

Obligations are more secure than actions

Who cannot have actions with dividend priority?

Directors and administrators

What is the minimum value of an obligation?

2.5 lei

Test your knowledge of commercial law, a branch of private law that regulates commercial relationships between professionals, individuals, and legal entities. This quiz covers the definition, sources, and principles of commercial law.

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