Business Law Quiz: Multiple Choice Questions, Week 5

Summary

Business law covers the rules and principles that govern business activities. Students learn about different types of legal issues that businesses face.

Selecting the best answer

Students must choose the best answer to multiple-choice questions. They must mark their answers clearly. Only one answer per question gets credit.

Civil and substantive law

Civil law deals with disputes between individuals or organisations. Substantive law creates, defines, and regulates rights. Some laws are both civil and substantive.

Ethics in business

Ethical behaviour in business involves respecting competitors' rights. Students consider what actions are acceptable when competing.

Judicial review and arbitration

Judicial review is the process where judges check the lawfulness of decisions. Arbitration is a way to resolve disputes outside of court. Students learn about these processes.

Key terms

stare decisis

The principle that courts should decide similar cases in the same way.

joint tenants

Owners who share equal rights to a property and pass their share to the other owner on death.

partnerships

Businesses where partners share profits, losses and liabilities.

S corporation

A type of corporation with a special tax status.

price fixing

An agreement between competitors to set prices at a certain level.

apparent authority

Authority that a third party reasonably believes an agent has, based on the principal's actions.

Questions this document helps with

• What are the differences between civil and criminal law?
• How do businesses ethically compete with each other?
• What is the role of judicial review in business law?

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