Business law test 1. CLEP Business Law Exam Practice Questions 2019-01-08

Business law test 1 Rating: 7,8/10 1577 reviews

REG Sample CPA Exam Questions

business law test 1

Which type of warranty assures the buyer that the goods will be up to his or her standard? This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets ā€”the world of economics. The express warranty also often contains a protocol for returning unacceptable goods. Sign up Already a StudyStack user? However, a nonmaterial breach can be the basis of an action for damages. The correct answer is B. You have to be a professional to come out strong at the end of these trivia questions.

Next

CLEP Business Law Exam Practice Questions

business law test 1

Void Contract What contract has only 1 of the parties make a promise and has the other party perform an act for that promise? She subsequently falls asleep while driving and injures another driver. This warranty is distinct from the implied warranty of merchantability because it requires the product to have particular characteristics besides being of acceptable quality. John Maynard Keynes asserted that corporations should be put to work for the government and the people, and that they should seek to improve the lives of all people. Consideration need not be accompanied by an option, though it sometimes is. Economics is probably not what you think. Since the machinery was Sec.

Next

Business

business law test 1

The math is easy using your calculator to add, subtract, multiply or divide. Visit our to get a great overview of where to start. Finally, many times consideration is conditional, which would make it impossible for it to be performed simultaneously by both parties. This process is part of judicial review, but is used only when a plaintiff argues that a certain statute is irrational. And now, we have another avenue in which to gather informationā€”social media.

Next

Free Business Flashcards about Business Law Exam 2

business law test 1

. If you forget it there is no way for StudyStack to send you a reset link. A contract is a legally enforceable agreement and one of its key elements is that it must be based upon a bargain, ie. Answer choice A is a true statement, but does not relate to the question. Also, the party that is charged with the material breach may be subject to fines or other remedies.

Next

Business

business law test 1

Friedman slightly refined this approach by emphasizing that corporations should focus on promoting the interests of shareholders only within the bounds of the law and social customs. It is not primarily about money or finance. The questions will start out easy at first. Business law is a branch of law that examines what? Which power enables courts to evaluate laws and declare them unconstitutional? What does it mean to say that the American legal system is adversarial? Equal protection is the guarantee in the Fourteenth Amendment to the Constitution that all people will be treated equally by the law. The correct answer is E. Finally, Tina would be liable for battery for hitting another student with a rock, even if she was intending to hit someone else.

Next

Free Business Flashcards about Business Law Exam 2

business law test 1

An implied warranty of fitness for a particular purpose assures the buyer not only that the product will be sound, but also that it will be appropriate for the special purposes of the buyer. In order to be valid in a contract, consideration has to be a legal obligation rather than a moral obligation. Go ahead and give it a try! Term principle of rights Definition humans have basic rights life liberty the pursuit of happiness, because duty cannot exist without a corresponding right Term utilitarianism Definition outcome oriented. A person who lacks the capacity to understand will not have his or her contracts voided until he or she is declared incompetent by the court. In other words, since both the plaintiff and the defendant want to prevail, they will in most circumstances present their best possible case and thereby elucidate the pertinent issues. These contracts are a way for the union to gain leverage over an antagonistic employer. A Death caused by passion B Death caused by rage C Death caused by negligence D None of the above E All of the above 3 What is the Lemon Law? The correct answer is E.

Next

CLEP Business Law Exam Practice Questions

business law test 1

An express warranty describes the criteria for acceptability for the goods. The contracts of a person will be void if he or she is under the guardianship of a court. The person must petition the court for this action. You would need to create a new account. Definition o Applied to laws involving gender or legitimacy. We do not share your email address with others.

Next

Business 103: Introductory Business Law

business law test 1

In which of the following scenarios would Tina be liable for the tort of negligence? A Gods special care and protection B The foundation of Judeo-Christian moral teachings C The basis of our U. Likewise, it is not necessary for the consideration to have a monetary value, so long as it is of some legal benefit to the promisee and some legal detriment to the promisor. The rational basis test is the judicial process for determining whether legislation is arbitrary or has a clear and reasonable purpose. The correct answer is C. Milton Friedman asserted that corporations should obey laws and social customs, but otherwise should concentrate all of their resources on making a profit. Answer choices C and E are false statements.

Next

South Carolina Business and Law Exam (Commercial, Residential)

business law test 1

Each time you take the practice test, the questions our randomly generated from our database so you never see the same test twice. Term Concurrent Definition more than one court can hear the case. After finishing the exam turn on the dvd and I'll go over each answer. Visit our to view past quizzes with answers and rationales. Extreme hardship is not a reason to void contracts; both parties should be aware of the risks before entering into a legal agreement. In this course students will learn how to: Demonstrate an understanding of law, its historical development, judicial process, and the role of law in a complex social system, with emphasis on the American legal system and its institutions; Demonstrate the ability to analyze fact patterns in accordance with the legal professional case analysis method; to apply appropriate vocabulary and substantive legal principles; and then to analyze, compare, and evaluate the logic, reasoning, and arguments of other students, in accordance with established legal principles; Demonstrate the ability to complete a group project with other students, by identifying the applicable legal issues in a case or proposed statute, debating those issues, and producing a live course presentation; Identify and describe the basic principles of major business law subjects, such as constitutional authority to regulate business; common law contracts; the Uniform Commercial Code; agency; business associations; real and personal property and business-related torts; And identify and describe approaches to business ethics, social responsibility, and justice, and, demonstrate the ability, when confronted with an ethical dilemma, to weigh the arguments for alternative courses of action, and logically and persuasively argue for a particular course of conduct.

Next