Skip to ContentGo to accessibility pageKeyboard shortcuts menu
OpenStax Logo
Business Law I Essentials

Assessment Questions

Business Law I EssentialsAssessment Questions
Table of contents
  1. Preface
  2. 1 American Law, Legal Reasoning, and the Legal System
    1. Introduction
    2. 1.1 Basic American Legal Principles
    3. 1.2 Sources and Types of Law
    4. 1.3 Important Business Laws and Regulations
    5. Assessment Questions
    6. Endnotes
  3. 2 Disputes and Dispute Settlement
    1. Introduction
    2. 2.1 Negotiation
    3. 2.2 Mediation
    4. 2.3 Arbitration
    5. Assessment Questions
    6. Endnotes
  4. 3 Business Ethics and Social Responsibility
    1. Introduction
    2. 3.1 Business Ethics
    3. 3.2 Social Responsibility
    4. Assessment Questions
    5. Endnotes
  5. 4 Business and the United States Constitution
    1. Introduction
    2. 4.1 Commerce Clause
    3. 4.2 Constitutional Protections
    4. Assessment Questions
    5. Endnotes
  6. 5 Criminal Liability
    1. Introduction
    2. 5.1 Common Business Crimes
    3. 5.2 Civil vs. Criminal Liability
    4. Assessment Questions
    5. Endnotes
  7. 6 The Tort System
    1. Introduction
    2. 6.1 Intentional Torts and Negligence
    3. 6.2 Product and Strict Liability
    4. Assessment Questions
    5. Endnotes
  8. 7 Contract Law
    1. Introduction
    2. 7.1 Agreement, Consideration, and Promissory Estoppel
    3. 7.2 Capacity and Legality
    4. 7.3 Breach of Contract and Remedies
    5. Assessment Questions
    6. Endnotes
  9. 8 Sales Contracts
    1. Introduction
    2. 8.1 The Nature and Origins of Sales Contracts
    3. 8.2 Warranties and Sales Contracts
    4. Assessment Questions
    5. Endnotes
  10. 9 Employment and Labor Law
    1. Introduction
    2. 9.1 Employment, Worker Protection, and Immigration Law
    3. 9.2 Labor Law
    4. 9.3 Equal Opportunity in Employment
    5. Assessment Questions
    6. Endnotes
  11. 10 Government Regulation
    1. Introduction
    2. 10.1 Administrative Law
    3. 10.2 Regulatory Agencies
    4. Assessment Questions
    5. Endnotes
  12. 11 Antitrust Law
    1. Introduction
    2. 11.1 History of Antitrust Law
    3. 11.2 Antitrust Laws
    4. Assessment Questions
    5. Endnotes
  13. 12 Unfair Trade Practices and the Federal Trade Commission
    1. Introduction
    2. 12.1 Unfair Trade Practices
    3. 12.2 The Federal Trade Commission
    4. Assessment Questions
    5. Endnotes
  14. 13 International Law
    1. Introduction
    2. 13.1 Introduction to International Law
    3. 13.2 Sources and Practice of International Law
    4. Assessment Questions
    5. Endnotes
  15. 14 Securities Regulation
    1. Introduction
    2. 14.1 Liability Under the Securities Act
    3. 14.2 The Framework of Securities Regulation
    4. Assessment Questions
    5. Endnotes
  16. Answer Key
    1. Chapter 1
    2. Chapter 2
    3. Chapter 3
    4. Chapter 4
    5. Chapter 5
    6. Chapter 6
    7. Chapter 7
    8. Chapter 8
    9. Chapter 9
    10. Chapter 10
    11. Chapter 11
    12. Chapter 12
    13. Chapter 13
    14. Chapter 14
  17. Index
1.

A process in which a third party selected by the disputants helps the parties to voluntarily resolve their disagreement is known as:

  1. Mediation.
  2. Discovery.
  3. Arbitration.
  4. Settlement.
2.

What’s the first step in Alternative Dispute Resolution?

  1. Conciliation.
  2. Mediation.
  3. Negotiation.
  4. Arbitration.
3.

What’s the definition of negotiation?

4.

How does the process of negotiation work?

5.

Explain the Thomas-Kilmann Conflict Mode Instrument.

6.

A person trained in conflict resolution is considered:

  1. An arbitrator.
  2. A mediator.
  3. A negotiator.
  4. A judge.
7.

Mediation focuses on:

  1. Solutions.
  2. Testimony.
  3. Expert witnesses.
  4. Discoveries.
8.

Name the steps in Mediation.

9.

What’s the main benefit of e-mediation?

10.

Roger and Larry are having a dispute regarding their joint business. They want to have a binding resolution to their dispute, but they would prefer to have the dispute handled privately and by someone with special expertise. The best form of dispute resolution for their problem would be:

  1. Arbitration.
  2. Litigation.
  3. Mediation.
  4. Summary Jury Trial.
11.

All of the following are methods to enforce an arbitrator’s decision except:

  1. Writs of Execution.
  2. Garnishment.
  3. Fines.
  4. Liens.
12.

Describe the typical steps in Arbitration.

13.

Explain the differences between binding and non-binding arbitration.

14.

All of the following are the most common applications of arbitration in the business context except:

  1. Labor.
  2. Business Transactions.
  3. Property Disputes.
  4. Torts.
15.

The following are the type of awards that may be issued by an arbitrator:

  1. Bare Bones.
  2. Reasoned.
  3. Both a and b.
  4. Neither a nor b.
PreviousNext
Order a print copy

As an Amazon Associate we earn from qualifying purchases.

Citation/Attribution

Want to cite, share, or modify this book? This book uses the Creative Commons Attribution-NonCommercial-ShareAlike License and you must attribute OpenStax.

Attribution information
  • If you are redistributing all or part of this book in a print format, then you must include on every physical page the following attribution:
    Access for free at https://openstax.org/books/business-law-i-essentials/pages/1-introduction
  • If you are redistributing all or part of this book in a digital format, then you must include on every digital page view the following attribution:
    Access for free at https://openstax.org/books/business-law-i-essentials/pages/1-introduction
Citation information

© Mar 31, 2023 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License . The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo are not subject to the Creative Commons license and may not be reproduced without the prior and express written consent of Rice University.