Introduction to Law and Business Law
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Questions and Answers

Which of the following best describes a contract?

  • An obligation established by law that does not require consent from both parties.
  • A meeting of minds between two parties where one is obligated to give something or render service. (correct)
  • A legally binding agreement that requires monetary compensation.
  • A verbal agreement that outlines intentions without legal implications.

    • What is defined as a quasi-delict?

  • Negligence that results in damage without a pre-existing contractual relationship. (correct)
  • A crime that leads to financial compensation.
  • An intentional act that causes damage to another person.
  • An act of negligence that occurs during the performance of a contract.

    • Which article of the New Civil Code of the Philippines defines obligation?

  • Article 2176
  • Article 1156 (correct)
  • Article 1173
  • Article 1305

    • What does negligence refer to in the context of obligations?

    <p>The omission of required diligence based on circumstances.</p> Signup and view all the answers

    In the context of business registration, which agency is responsible for corporations?

    <p>Securities and Exchange Commission</p> Signup and view all the answers

    Which of the following accurately reflects the concept of tort law?

    <p>It focuses on civil wrongs that cause harm to individuals.</p> Signup and view all the answers

    What is a key characteristic of a sole proprietorship?

    <p>It is owned and managed by one individual.</p> Signup and view all the answers

    Which article addresses liability in quasi-delictual cases?

    <p>Article 2176</p> Signup and view all the answers

    What happens if a business name is not registered?

    <p>He cannot use or sign the business name on documents.</p> Signup and view all the answers

    Which of the following names would be prohibited for use?

    <p>A name that includes generic words only.</p> Signup and view all the answers

    What type of words cannot be included in a business name?

    <p>Names that may imply governmental affiliation.</p> Signup and view all the answers

    Juridical persons can acquire property and incur obligations, according to which article?

    <p>Article 46</p> Signup and view all the answers

    Which of the following is NOT considered a juridical person?

    <p>A solitary business owner</p> Signup and view all the answers

    Which type of business name is likely to cause confusion?

    <p>A name that resembles another registered business name</p> Signup and view all the answers

    Which of the following statements regarding prohibited business names is correct?

    <p>Names containing governmental names are prohibited.</p> Signup and view all the answers

    What is NOT a characteristic of a prohibited business name?

    <p>It represents a unique brand identity.</p> Signup and view all the answers

    What distinguishes a partnership from a joint account?

    <p>A partnership can adopt a unique commercial name.</p> Signup and view all the answers

    Which of the following statements is true regarding juridical capacity?

    <p>Natural persons inherently possess juridical capacity.</p> Signup and view all the answers

    What is a defining feature of a business trust?

    <p>The trustee has the duty to manage property for the benefit of a beneficiary.</p> Signup and view all the answers

    Which condition is required for a joint venture?

    <p>There must be a community interest in the venture's objective.</p> Signup and view all the answers

    How is capacity to act acquired?

    <p>Through age and maturity.</p> Signup and view all the answers

    In a partnership, how is profit distribution typically determined?

    <p>According to the amount of capital each partner contributes.</p> Signup and view all the answers

    Which statement accurately describes the management of joint accounts compared to partnerships?

    <p>Only one ostensible partner manages the account.</p> Signup and view all the answers

    What aspect characterizes an accidental partnership?

    <p>Participants agree on capital contributions but without formal arrangement.</p> Signup and view all the answers

    What is necessary for customs to have the force of law?

    <p>They must be acknowledged and approved by society through long and uninterrupted usage.</p> Signup and view all the answers

    Which of the following best describes the doctrine of 'stare decisis'?

    <p>Similar cases should be decided in the same manner once a precedent has been set.</p> Signup and view all the answers

    What aspect is NOT included in the topics of business law?

    <p>Market Research</p> Signup and view all the answers

    Marketing management involves which of the following activities?

    <p>Planning, executing, and controlling marketing activities.</p> Signup and view all the answers

    Which governing law covers obligations and contracts in the Philippines?

    <p>New Civil Code of the Philippines</p> Signup and view all the answers

    Which of the following is NOT a key aspect of marketing management?

    <p>Supply Chain Management</p> Signup and view all the answers

    In the context of business organizations, which is associated with the New Civil Code of the Philippines?

    <p>Joint Venture</p> Signup and view all the answers

    Why is understanding business law essential for business owners?

    <p>To operate within legal boundaries and protect their interests.</p> Signup and view all the answers

    What is a primary characteristic of law as defined?

    <p>It is a rule of conduct laid down by a legislative body.</p> Signup and view all the answers

    Which of the following is NOT considered an essential element of a valid contract?

    <p>Mutual Trust</p> Signup and view all the answers

    In the context of business law, 'torts' primarily involve which of the following?

    <p>Civil wrongs causing harm or loss</p> Signup and view all the answers

    Which concept best describes the responsibility of manufacturers for harm caused by defective products?

    <p>Strict Liability</p> Signup and view all the answers

    Which of these business organizations is characterized by shared ownership and management?

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

    In the realm of tort law, which of the following is considered a defense against negligence?

    <p>Assumption of Risk</p> Signup and view all the answers

    Which type of contract is enforceable regardless of whether the terms were fully executed?

    <p>Unilateral Contract</p> Signup and view all the answers

    What is the primary purpose of laws governing agency relationships in business?

    <p>To define the authority of agents to act on behalf of principals</p> Signup and view all the answers

    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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    Business Law Discussion - 28 September 2024 PDF

    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.

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