2-29 Business Law

What is a contract?

• A formal agreement between family members only.

• A legally binding agreement between two or more parties.

• A verbal promise with no legal implications.

• A written document that is not legally enforceable.

Which of the following is NOT a requirement for a contract to be valid?

• Offer

• Acceptance

• Payment

• Consideration

What is a patent?

• A right granted for any device, substance, method, or process that is new, inventive, and useful.

• A right to prevent others from using your trademark.

• A copyright protection for literary and artistic works.

• A legal document for owning a piece of land.

Which of the following is considered intellectual property?

• A business idea

• A company's customer list

• A new invention

• All of the above

What law regulates the relationship between employers and employees?

• Contract Law

• Tort Law

• Employment Law

• Business Ethics

Which of the following is an ethical issue in business?

• Deciding on a new product name

• Choosing suppliers based on personal relationships

• Calculating profit margins

• Researching new markets

What is a tort?

• A legal obligation to perform a contract

• A wrongful act leading to civil legal liability

• A type of business entity

• A government regulation on businesses

Which of the following is NOT a legal form of business?

• Sole Proprietorship

• Partnership

• Corporation

• Friendship

What does copyright protect?

• Inventions

• Logos and brand names

• Literary and artistic works

• Business methods

What is the primary purpose of employment law?

• To regulate stock markets

• To protect the rights of employers and employees

• To enforce business ethics

• To govern international trade