Law and Commercial Law Quiz
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Questions and Answers

What are the conditions for acquiring trader status?

  • Being a legal resident and having a good credit score
  • Having a business license and owning a commercial property
  • Being over 21 years old and having a college degree
  • Being engaged in commercial activities and having the capacity to trade (correct)

    • What are the reasons for the expiry of companies?

  • Bankruptcy and dissolution (correct)
  • Introduction of new products and services
  • Change in market demand and technological advancements
  • Merger with other companies and expansion of business operations

    • What are the characteristics of commercial papers?

  • They are non-negotiable instruments
  • They are only issued by government entities
  • They are transferable by endorsement and delivery (correct)
  • They are exclusively used in international trade

    • What are the branches of law according to the text?

    <p>Criminal law, civil law, and commercial law</p> Signup and view all the answers

    What is the definition of commercial law?

    <p>The body of law that governs business and commercial transactions</p> Signup and view all the answers

    Commercial Law is only concerned with laws related to businesses and commerce.

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

    Maritime Law is not a part of Commercial Law.

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

    There are only two types of business mentioned in the text.

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

    The conditions for acquiring trader status are not specified in the text.

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

    Commercial papers have no specific types according to the text.

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

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