Business Law Test 2022/2023 PDF

# Α.Α. 2022/2023 ## 11 FAS means - a) foreign alien state - b) free on board - c) free allotment security ## 2) IN CASE OF UNILATERAL MISTAKE - a) the contract is binding, except when the other party knows or should have known the mistake - b) the contract is binding - c) the contract is not bind...

# Α.Α. 2022/2023 ## 11 FAS means - a) foreign alien state - b) free on board - c) free allotment security ## 2) IN CASE OF UNILATERAL MISTAKE - a) the contract is binding, except when the other party knows or should have known the mistake - b) the contract is binding - c) the contract is not binding, except when the other party knows or should have known the mistake ## 3) JOINT VENTURE CONTRACT CAN BE ENTERED - a) only by companies - b) by both companies and individuals - c) only by individuals ## 4) A VALID CONTRACT - a) is a contract that meets all legal requirements and can be enforced by either party - b) is an effective contract - c) is an effective and enforceable contract ## 5) A PARTY WHO BREAKS OFF NEGOTIATIONS IN BAD FAITH - a) is bound to restart the negotiation - b) is liable for losses - c) neither a) nor b) ## 6) AN OFFER CAN BE REVOKED BY THE OFFEROR - a) always except in case of option contract, unilateral contracts, u.c.c. exception, promissory estoppel - b) in any case - c) never ## 7) A QUASI-CONTRACT IS CREATED - a) by operation of law on behalf of the unconscious party - b) by operation of law in order to avoid unjust enrichment of one party at the expense of another - c) by subsequent meeting of the minds ## 8) IN AN OFFER UNSTATED TERMS - a) could be clarified after the contract is closed - b) must be clarified before the agreement is reached - c) may be implied or inferred by common sense ## 9) ACCORDING TO CISG IN CASE OF MATERIAL BREACH THE NON BREACHING PARTY MAY - a) demand the performance - b) either performance or breach - c) demand the discharge by breach ## 10) A VOIDABLE CONTRACT - a) is binding on either party but is enforceable by only one - b) is binding on one party who has the option to withdraw from it or enforce it - c) is binding on one party and enforceable by the same ## 11) ACCORDING TO DUTY OF GOOD FAITH - a) parties should not fail in fulfilling they obligations - b) parties should not withdraw from negotiation once started - c) parties should not enter into the negotiation process if not sincerely aimed at entering into contractual relations ## 12) ADEQUACY OF CONSIDERATION - a) is an issue in court - b) is not an issue in court - c) neither a) nor b) ## 13) CONSIDERATION IS - a) the price - b) something a party provides in exchange for goods from The other party - c) something a party provides in exchange for something from the other party ## 14) CONTRACT - a) is a rule to be enforced just as law - b) is a rule binding upon the parties - c) is a rule to be enforced but is less binding than law ## 15) MEMORANDA/TERMS OF AGREEMENT - a) are specific contracts - b) are never legally binding - c) lay down the state of the negotiation process ## 16) THE ESSENTIAL ELEMENTS OF A CONTRACT ARE - a) oral or written agreement, implied or express agreement - b) capacity, mutual agreement, consideration and legality of subject matter - c) essential conditions, optional conditions ## 17) AN IMPLIED CONTRACT - a) can be by conduct - b) can be inferred by a judge - c) can be inferred by a reasonable person ## 18) UNILATERAL CONTRACT - a) involves two promises - b) is a unilateral conduct - c) involves one promise by one party and an act by another ## 19) PRE-EMPTION RIGHT IS THE RIGHT - a) to buy shares at a fixed price - b) to be offered shares in a company before they are made available to anyone else - c) to sell shares at a fixed price ## 20) A VOID CONTRACT - a) is valid but cannot be enforced - b) is not valid but can be temporarily enforced - c) is not valid and cannot be enforced ## 21) A CONTRACT IS - a) an expression of will - b) a legally enforceable agreement, express or implied - c) a document ## 22) EXPRESS CONTRACT IS - a) the one expressing the clear intention to be bound by the agreement - b) stated in words, written or oral, or partly written and partly oral - c) a signed document ## 23) NEGOTIATION ends - a) when minds meet or if they don't meet within a reasonable time - b) when minds meet - c) after a reasonable time ## 24) AN OFFER - a) must clearly identify the good or service - b) must state the essential terms of the proposed contract - c) can state the essential terms of the proposed contract ## 25) UN CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS WAS ADOPTED IN 1980 - a) in paris - b) in vienna - c) in rome ## 26) AN ADVERTISMENT - a) is an offer - b) is not an offer but just an invitation to offer - c) can be an offer if it is specific to an identified or identifiable person or group ## 27) AN OFFER LASTS - a) for the specified period of time - b) for a reasonable time - c) for the specified period of time or, if not specified, for a reasonable time ## 28) ACCEPTANCE - a) must be addressed in any manner or by any medium so long as reasonable - b) must be addressed - c) can be implied by silence or inaction ## 29) CONSIDERATION - a) is a good given in exchange for another - b) is any lawful alteration of responsibilities that is given in exchange for the other person's consideration - c) is a service given in exchange for another ## 30) THE INTENT OF THE PARTIES IS TO BE DETERMINED - a) from the words contained in the document - b) from the words and actions taken as a whole - c) from mental interpretation ## 31) DURING THE PERIOD OF TIME DURING WHICH THE OFFER IS TO REMAIN OPEN IT MAY EXPIRE - a) in case the acceptance is revoked by the offeree - b) in case of rejection, counteroffer, death or incompetency of either offeror or offeree - c) never ## 32) PAST CONSIDERATION (something already performed without expectation of obtaining something in return) - a) is not binding if the parties don't enter a new agreement - b) is binding for the parties - c) is not binding since it was not bargained for in the current transaction ## 33) IN CASE A PARTY FAILS TO READ WHAT HE SIGNS - a) the contract is binding - b) the contract is binding because a person should not be allowed to benefit from his own ignorance or carelessness - c) the contract is not binding because there was no intention to agree ## 34) A MATERIAL MISTAKE PERTAINS TO - a) a relevant fact - b) a relevant fact, value or opinion - c) a relevant value ## 35) LOL - a) is a binding agreement - b) may contain binding provisions - c) is not a binding agreement ## 36) IN CASE OF RELEVANT MISTAKE THE CONTRACT IS - a) void - b) unenforceable - c) voidable ## 37) JUSTIFIABLY RELIED UPON MEANS THAT - a) the mistaken party must have actually relied upon the misrepresentation - b) the mistaken party could have reasonably relied upon the misrepresentation - c) the mistaken party must have reasonably relied upon the misrepresentation ## 38) FRAUD IS - a) a misreprensentation of a material fact, made knowingly, with the intent to defraud, justifiably relied upon, causing injury to the other party - b) a misreprensentation of a fact, made knowingly, with the intent to defraud, justifiably relied upon, causing Injury to the other party - c) a misreprensentation of a material fact, made knowingly, with the intent to defraud, justifiably relied upon ## 39) MADE KNOWINGLY - a) means actual knowledge - b) means potential knowledge - c) includes careless indifference to the truth ## 40) THE DEFRAUDED PARTY can - a) claim for damages - b) rescind the contract or affirm the contract - c) rescind the contract ## 41) ACCEPTANCE - a) must be clear and unconditional - b) can be clear and unconditional - c) can be a counteroffer ## 42) IN INTERNATIONAL CONTRACTS GOOD FAITH CONCEPT - a) has uniform accepted definition - b) determined by Unidroit - c) neither a) nor b) ## 43) CONTRACT LAW IS A FOUNDATION UPON WHICH ARE BUILT - a) tort law, business law, company law - b) other areas of business law - c) institutional relationships ## 44) A MISTAKE IS LEGALLY RELEVANT IF IT IS - a) unilateral - b) material - c) incidental ## 45) ACCORDING TO UNIDROIT PRINCIPLES DUTY OF GOOD FAITH - a) can never be excluded or limited by the parties - b) is binding upon the parties if they have chosen to submit the contract to unidroit principles ## 46) CIF means - a) customs import free - b) cost insurance freight - c) cost included form ## 47) SUBJECTIVE INTENT - a) is legally relevant only if is manifested by words or actions - b) is legally relevant - c) is legally irrelevant ## 48) PRELIMINARY AGREEMENTS - a) are not binding agreements - b) are part of the negotiation process - c) are agreements whereby the parties undertake to conclude an agreement subject to certain conditions ## 49) AGENCY - a) is a company - b) is a type of business organization - c) is a business ## 50) PRINCIPAL - a) is the employer - b) is the ceo - c) is any person for whom an agent acts ## 51) TYPES OF JOINT VENTURES ARE - a) incorporated jv/partnership jv - b) contractual jv/corporate jv - c) bilateral jv/multilateral jv ## 52) THE SUBJECT MATTER IN AN INTERNATIONAL CONTRACT FOR THE SALE OF GOODS IS - a) the transfer of movable goods - b) the transfer of possession of movable goods - c) the transfer of ownership of movable goods ## 53) PRINCIPLE OF PERSONALITY RELATES TO - a) the new entity created by partners in jv - b) sole entrepreneurs - c) mutual trust on which jv is grounded ## 54) UN CONVENTION ON CONTRACTS FOR THE INTERNATIONAL SALE OF GOODS - a) is binding per se - b) is binding for the ratifying parties only - c) is binding for the parties of the convention only ## 55) CISG IN RESPECT OF PARTIES HAVING THEIR PLACES OF BUSINESS IN A RATIFYING STATE - a) applies unless the parties exclude or limit its application - b) applies in any case - c) applies if the parties choose it as applicable law ## 56) IN CASE OF BREACH OF A PRELIMINARY AGREEMENT THE BREACHING PARTY SHALL BE LIABLE FOR - a) damages, expenses and costs - b) nothing at all - c) damages, expenses and specific performance contained in the envisaged contract ## 57) IN FRANCHISE AGREEMENT THE MAIN OBLIGATION OF THE FRANCHISOR IS - a) to supply franchisee with goods - b) to provide franchisee with expertise - c) to allow franchisee to use its brand name ## 58) DISTRIBUTION CONTRACT IS - a) an alternative for the supplier to setting up its own retail network - b) a sale purchase contract - c) an alternative for the supplier to hiring a market consultant ## 59) DOCUMENT AND CONTRACT - a) are the same - b) the document is only evidence of the mental agreement that constitutes the actual contract - c) the contract is the content of the document ## 60) IN CASE OF BREACH OF CONFIDENTIALITY - a) the non-breaching, even if suffered no losses, will be entitled to recover the benefit received by the other - b) there are no recoverable damages - c) the breaching party shall be liable only for costs incurred in by the non-breaching parties ## 61) GREEN FIELD INVESTMENT MEANS THAT - a) partners in jv are involved in environmental business - b) partners in jv exchange shares in an existing company - c) partners in jy create a new company ## 62) JOINT VENTURE AGREEMENT IS - a) a contract whereby two or more enterprises agree to pool their resources for the purpose of attain a certain business objective - b) contract whereby two or more enterprises merge - c) a unilateral contract # Page 4 | # | # | # | # | # | # | # | |:---:|:---:|:---:|:---:|:---:|:---:|:---:| | 2 & | 11 c | 20 & | 31 & | 41 & | 51 & | 61 c | | 3 & | 12 c | 21 & | 32 & | 42 & | 52 & | 62 & | | 4 & | 13 c | 22 & | 33 a | 43 & | 53 & | | | 5 a | 14 c | 23 & | 34 & | 44 & | 54 & | | | 6 a | 15 c | 24 & | 35 c | 45 a | 55 & | | | 7 a | 16 & | 25 c | 36 c | 46 & | 56 c | | | 8 & | 17 c | 26 c | 37 c | 47 a | 57 c | | | 9 & | 18 c | 27 & | 38 a | 48 & | 58 a | | | 10 & | 19 c | 28 & | 39 a | 49 & | 59 & | | | | 20 c | 29 & | 39 c | 50 & | 60 a | | | | | 30 & | 40 c | 50 c | | | # Page 5 | # | # | # | # | |:---:|:---:|:---:|:---:| | 1 b | 21 a | 41 a | | 2 b | 22 a | 42 | | 3 a | 23 b | 43 b | | 4 a | 24 b | 44 | | 5 b | 25 c | 45 a | | 6 c | 26 a | 46 b | | 7 b | 27 b | 47 c | | 8 c | 28 c | 48 c | | 9 a | 29 b | 49 b | | 10 b | 30 b | 50 c | | 11 c |31 b | 51 a | | 12 c |32 a | 52 a | | 13 a |33 b | 53 a | | 14 b | 34 a | 54 c | | 15 c | 35 c | 55 a | | 16 c | 36 c | 56 a | | 17 c | 37 c | 57 a | | 18 c | 38 a | 58 a | | 19 b | 39 a | 59 b | | 20 c | 40 a | 60 a | | 21 a | 41 a | 61 a | | 22 a | 42 b | 62 a | | 23 c | 43 b | | | 24 c | 44 a | | | 25 b | 45 a | | | 26 b | 46 b | | | 27 c | 47 c | | | 28 c | 48 c | | | 29 b | 49 b | | | 30 b | 50 c | | | 31 b | 51 a | | | 32 a | 52 a | | | 33 b | 53 a | | | 34 a | 54 c | | | 35 c | 55 a | | | 36 c | 56 a | | | 37 c | 57 a | | | 38 a | 58 a | | | 39 a | 59 b | | | 40 a | 60 a | |