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Questions and Answers
Which of the following best describes a contract?
What is defined as a quasi-delict?
Which article of the New Civil Code of the Philippines defines obligation?
What does negligence refer to in the context of obligations?
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In the context of business registration, which agency is responsible for corporations?
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Which of the following accurately reflects the concept of tort law?
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What is a key characteristic of a sole proprietorship?
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Which article addresses liability in quasi-delictual cases?
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What happens if a business name is not registered?
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Which of the following names would be prohibited for use?
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What type of words cannot be included in a business name?
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Juridical persons can acquire property and incur obligations, according to which article?
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Which of the following is NOT considered a juridical person?
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Which type of business name is likely to cause confusion?
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Which of the following statements regarding prohibited business names is correct?
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What is NOT a characteristic of a prohibited business name?
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What distinguishes a partnership from a joint account?
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Which of the following statements is true regarding juridical capacity?
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What is a defining feature of a business trust?
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Which condition is required for a joint venture?
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How is capacity to act acquired?
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In a partnership, how is profit distribution typically determined?
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Which statement accurately describes the management of joint accounts compared to partnerships?
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What aspect characterizes an accidental partnership?
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What is necessary for customs to have the force of law?
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Which of the following best describes the doctrine of 'stare decisis'?
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What aspect is NOT included in the topics of business law?
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Marketing management involves which of the following activities?
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Which governing law covers obligations and contracts in the Philippines?
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Which of the following is NOT a key aspect of marketing management?
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In the context of business organizations, which is associated with the New Civil Code of the Philippines?
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Why is understanding business law essential for business owners?
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What is a primary characteristic of law as defined?
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Which of the following is NOT considered an essential element of a valid contract?
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In the context of business law, 'torts' primarily involve which of the following?
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Which concept best describes the responsibility of manufacturers for harm caused by defective products?
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Which of these business organizations is characterized by shared ownership and management?
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In the realm of tort law, which of the following is considered a defense against negligence?
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Which type of contract is enforceable regardless of whether the terms were fully executed?
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What is the primary purpose of laws governing agency relationships in business?
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Study Notes
Introduction to Law and Business Law
- Law is a set of rules of conduct that are just, mandatory, and established by a legitimate authority for the benefit of all
- Sources of law include customs, court decisions, and legislation.
- Court decisions are not laws but are important for interpreting existing laws through the doctrine of "stare decisis."
Business Law
- Business law governs business and commercial transactions.
- Key topics include obligations and contracts, business organizations, intellectual property, labor and employment, consumer protection, and international business law.
Marketing Management
- Marketing management is the process of planning, executing, controlling, and managing a business's marketing activities to achieve its objectives.
- It includes strategic planning, market research, advertising and promotion, product and service development, and customer relationship management.
Business Law and its relevance to MM
- Understanding business law is essential for business owners, managers, and professionals operating within legal boundaries and protecting their interests.
- Business laws and regulations govern obligations and contracts, agency, business organizations (sole proprietorship, partnership, joint venture, corporation), tort law, and business registration.
Business Registration
- Sole proprietorships are registered with the Department of Trade and Industry (DTI).
- Partnerships and corporations are registered with the Securities and Exchange Commission (SEC).
Obligations and Contracts
- Obligation refers to the legal responsibility to give, do, or not do something.
- Contract is a meeting of minds between two individuals where one binds themself to give something or perform a service to the other.
Tort Law
- Quasi-delict involves causing damage to another through negligence or fault without a pre-existing contractual relationship.
- Negligence is the omission of diligence expected in the circumstances.
Sole Proprietorship
- A business owned and managed by one person.
- It is not a juridical person, meaning it has no separate legal existence from its owner.
- The owner has unlimited liability for the business's debts.
- The name of the business cannot be identical or resemble a registered name, be purely generic, or be deceptive or misleading.
Partnership
- Two or more individuals combine their money, property, or industry for the purpose of sharing profits.
- It is a juridical person with a legal existence separate from its partners.
- Partners have limited liability for the business' debts.
Joint Accounts
- An arrangement where merchants contribute capital to a joint venture and share profits and losses in proportion to their contribution.
- It is not a juridical person and does not have a separate legal existence from its participants.
Business Trusts
- A legal relationship where a trustee manages property on behalf of a beneficiary.
Joint Ventures
- An association of individuals or companies jointly undertaking a commercial enterprise.
- Participants contribute assets, share risks, and agree on profit-sharing arrangements.
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Description
This quiz covers key concepts of law and business law, including the sources of law, the role of court decisions, and the various aspects of business law that govern commercial transactions. Additionally, it examines the intersection of business law and marketing management, highlighting its importance in achieving business objectives.
