Legal Environment of Biz (pretest-interim)

An oral contract is _______

• Legal

• Not enforceable

• Not for money

• Not legal

Offer, acceptance and consideration are all parts of a

• Covers

• Loans

• Applications

• Contract

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

• Contract

• Tort

• Offer

• Purpose

When someone is authorized to act on behalf of another it governed by _______ law

• Agency

• Tort

• Statutory

• Administrative

_______ law is the area of law that guides real property, personal property, and intellectual property.

• Tort

• Property

• Oral contracts

• Agency

An _______ is one in which some of the terms are not expressed in words.

• Oral contract

• Verbal contract

• Written contract

• Implied contract

Courts can enforce

• LLC

• Partnership

• Defense

• Contracts

A classmate is having trouble finishing a report. He'll pay you to finish it for him. What is the ethical thing to do?A classmate is having trouble finishing a report. He'll pay you to finish it for him. What is the ethical thing to do?

• Decline to do it, but ask for the money anyway or you'll tell the teacher.

• Decline to do it, explaining that you don't have time.

• Agree to do it since you have time. But decline the money because it's wrong.

• Agree to do it. You could use the money.

Laws passed by legislatures are called ____________.

• Statutory laws

• Common laws

• Ordinances

• Precedent laws

Personal, human liberties that are guaranteed by the U.S. Constitution.

• civil rights
• common rights
• human rights
• sole rights