Business Law - Review

An agreement between two parties that creates an obligation is a(n)

• Contract

• Tort

• Offer

• Purpose

_______ of an offer is agreement to the terms of the offer.

• Competency

• Consideration

• Acceptance

• Offer

Spoken defamation of character of a person, business, or group, causing the entity to lose esteem of community.

• meanness
• libel
• gossip
• slander

John proposes to sell his car to Jan for $500. What element of a contract did John propose?

• Acceptance
• Offer
• Rejection 
• Revocation

Agreeing to give false testimony violates which element?

• Capacity
• Consideration
• Legality
• Offer

When Donnie, Matt, and Steve, all age 15, enter into a contract, what term describes this type of contract?

• Bilateral
• Valid
• Void
• Voidable

Element of a contract that requires something of legal value must be exchanged between the parties.

• consideration

• capacity

• offer and acceptance

• genuine agreement

The idea that corporations can and should act ethically and be accountable to society for their actions.

• Corporate Bill of Rights

• Moral Minimum

• Consumer Protection Agency

• Corporate Social Responsibility

What is a tort?

• a criminal act
• a set of laws
• a civil wrong
• none of these

When does a tort occur?

• when a person is injured
• when property is damaged
• when a person's reputation is harmed
• all of these