TOPIC: BUSINESS LAW
1. Which legal document outlines the fundamental principles governing a company's operations and management?
a) Partnership Agreement
b) Memorandum of Association
c) Articles of Association
d) Shareholder Resolution
2. In contract law, what is the term for a contract where both parties exchange promises to perform?
a) Bilateral Contract
b) Unilateral Contract
c) Express Contract
d) Implied Contract
3. What type of intellectual property protects original works of authorship, such as books, music, and artistic creations?
a) Trademark
b) Patent
c) Copyright
d) Trade Secret
4. Which legal concept allows individuals to use someone else's property temporarily, often for a fee, without transferring ownership?
a) Lease
b) Easement
c) License
d) Lien
5. What is the primary purpose of antitrust laws in business law?
a) To promote monopolies
b) To regulate tax policies
c) To prevent unfair competition and maintain market competition
d) To encourage price-fixing among competitors
Read More: Test No. 109
6. In business law, what is the term for a situation where a person is legally bound to act in the best interest of another party?
a) Agency
b) Fiduciary duty
c) Partnership
d) Breach of contract
7. What type of business structure provides limited liability to its owners and is not taxed at the entity level?
a) Sole proprietorship
b) Partnership
c) Corporation
d) Limited Liability Company (LLC)
8. What law regulates the relationship between employers and employees, including issues related to wages, working conditions, and employment discrimination?
a) Contract Law
b) Intellectual Property Law
c) Labor Law
d) Tort Law
9. What term refers to the legal process through which a company declares that it cannot meet its debt obligations and seeks protection from creditors?
a) Bankruptcy
b) Merger
c) Acquisition
d) Liquidation
10. What legal doctrine allows a court to order a party to perform a specific act or to refrain from doing a specific act?
a) Rescission
b) Injunction
c) Arbitration
d) Mediation