FBLA Business Law Test

Which of the following is NOT a required element of a contract?

• Offer

• Acceptance

• Public Notarization

• Consideration

A tort is best described as:

• A breach of contract between two parties

• A wrongful act leading to civil legal liability

• A government regulation violation

• An agreement between two parties with legal obligations

Which type of intellectual property protection is typically used for inventions?

• Copyright

• Trademark

• Patent

• Trade secret

In employment law, wrongful termination refers to a firing that:

• Occurs without a two-week notice

• Is based on discriminatory reasons

• Happens during a probationary period

• All of the above

A negotiable instrument must include which of the following?

• An unconditional promise or order to pay

• A specific payee

• A notarization signature

• A witness's signature

Which principle of legal ethics requires lawyers to represent their clients with undivided loyalty?

• Confidentiality

• Conflict of Interest

• Competence

• Fiduciary Duty

The Fair Credit Reporting Act is designed to promote the accuracy, fairness, and privacy of information in the files of:

• Banks

• Consumer reporting agencies

• Federal government databases

• Private corporations

Which of the following is NOT a form of consumer protection?

• Product warranties

• No-return policies

• Truth in advertising laws

• Privacy policies

The legal concept of "quiet enjoyment" in real estate law refers to:

• The right to use property without interference

• The absence of noisy activities on a property

• The confidentiality of real estate transactions

• The peaceful resolution of property disputes

Which of the following is a characteristic of a bilateral contract?

• Only one party makes a promise

• It involves a promise in exchange for an act

• Both parties make a promise

• It is always written