Contemporary Business Law: Final Quiz Questions – LAW421

Summary

Business law covers the rules that govern how businesses operate. This document gives a quiz about business law, with questions on contracts, torts, intellectual property, and corporate governance.

Contracts and agreements

Contracts are agreements between two or more parties. Bilateral contracts require both parties to agree. Unilateral contracts offer a reward for a specific action. Quasi contracts occur when one party benefits from another's work.

Torts and defenses

Torts are civil wrongs that cause harm or loss. Assumption of risk is a defense. A person who assumes risks cannot sue for negligence. Tort law is mostly governed by state common law.

Intellectual property

Intellectual property protects creations of the mind. Trademarks protect symbols and words. Trade dress protects the visual appearance of a product. Copyright protects original works of authorship.

Corporate governance

Corporate governance covers the rules and practices for directing and controlling companies. The Sarbanes-Oxley Act (2002) regulates financial reporting and auditing. The Digital Millennium Copyright Act (1998) protects copyright holders.

Key terms

Unilateral contract

A contract where only one party makes a promise.

Quasi contract

A contract imposed by a court to prevent unjust enrichment.

Tort

A civil wrong that causes harm or loss.

Trade dress

The visual appearance of a product or its packaging.

Cybersquatting

Registering a domain name in bad faith to profit from someone else's trademark.

Embezzlement

Theft or misappropriation of funds placed in one's trust or belonging to one's employer.

Questions this document helps with

• What is the difference between bilateral and unilateral contracts?
• Which types of torts are mostly governed by state law?
• What does the Sarbanes-Oxley Act regulate?

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