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Business Law I Essentials

Assessment Questions

Business Law I EssentialsAssessment Questions
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  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. End Notes
  3. 2 Disputes and Dispute Settlement
    1. Introduction
    2. 2.1 Negotiation
    3. 2.2 Mediation
    4. 2.3 Arbitration
    5. Assessment Questions
    6. End Notes
  4. 3 Business Ethics and Social Responsibility
    1. Introduction
    2. 3.1 Business Ethics
    3. 3.2 Social Responsibility
    4. Assessment Questions
    5. End Notes
  5. 4 Business and the United States Constitution
    1. Introduction
    2. 4.1 Commerce Clause
    3. 4.2 Constitutional Protections
    4. Assessment Questions
    5. End Notes
  6. 5 Criminal Liability
    1. Introduction
    2. 5.1 Common Business Crimes
    3. 5.2 Civil vs. Criminal Liability
    4. Assessment Questions
    5. End Notes
  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. End Notes
  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. End Notes
  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. End Notes
  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. End Notes
  11. 10 Government Regulation
    1. Introduction
    2. 10.1 Administrative Law
    3. 10.2 Regulatory Agencies
    4. Assessment Questions
    5. End Notes
  12. 11 Antitrust Law
    1. Introduction
    2. 11.1 History of Antitrust Law
    3. 11.2 Antitrust Laws
    4. Assessment Questions
    5. End Notes
  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. End Notes
  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. End Notes
  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. End Notes
  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.

What is the definition of a contract?

2.

The elements of a contract include all but the following element:

  1. Offer and acceptance.
  2. Consideration.
  3. Capacity.
  4. Promissory Estoppel.
3.

What are the ways an agreement can be invalidated?

  1. Fraud.
  2. Misrepresentation.
  3. Undue influence.
  4. All of the above.
4.

Describe the concept of Promissory Estoppel.

5.

Consideration may include any of the following except:

  1. A promise.
  2. A gift.
  3. Property.
  4. Money.
6.

What happens when a person lacks the legal capacity to enter into a contract?

7.

Which of the following is most likely to be classified as a necessity for which a minor will be held liable on a contract?

  1. A television.
  2. School supplies.
  3. Education.
  4. Food.
8.

A minor can avoid a contract to purchase a car if:

  1. The car has been destroyed.
  2. The car has been damaged.
  3. He or she grows tired of it.
  4. All of the above.
9.

When can a mentally incompetent person void a contract?

10.

Examples of illegal contracts include all but the following:

  1. Contracts for the sale or distribution of heroin.
  2. Contracts for loansharking.
  3. Contracts in consideration of marriage.
  4. Employment contracts for the hiring of undocumented workers.
11.

Define a material breach.

12.

Typical remedies available for a breach of contract include:

  1. Money damages.
  2. Rescission.
  3. Specific Performance.
  4. All of the above.
13.

Distinguish between rescission and reformation.

14.

Courts of equity will not grant specific performance of contracts:

  1. For a personal service contract.
  2. For the sale of real estate.
  3. For the sale of the original manuscript of a rare edition book.
  4. All of these are correct.
15.

Define restitution.

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© Nov 26, 2019 OpenStax. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License 4.0 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.