WorksheetsReVison
Total questions: 30
Worksheet time: 21mins
Property of the company belongs to
Shareholders
company
members
promoters
What does 'Limited Liability by Shares' principle mean ?
liability of shareholder's are unlimited
liability of shareholder's are limited to the re sale value of shares they have in the company
liability of shareholder's are limited to the extent of the nominal value of shares in the company
share holder's have no liability for company's losses
A company has 500 000 ordinary shares. A dividend of $0.06 per share was declared. What is the total dividend amount distributed by the company?
$6 000
$30 000
$500 000
$3 000 000
What are the factors of production?
Land, labour and enterprise
Labour, capital and resources
Employment, ethics, and customer
Which of the following is not a required element of a contract.
Mutual Assent
Offer and Acceptance
Consideration
Cash Value Exchange
A contract between two parties for illegal activities is not valid.
True
False
Which of the following is a contract?
Betty offers to give a book to Lou. Lou accepts.
Betty offers Lou the book in exchange for Lou’s promise to pay twenty-five dollars. Lou accepts.
Betty offers to give Lou the book if Lou promises to pick it up at Betty’s house. Lou agrees.
None of the above
Consideration is...
a set of mutual promises in which each party agrees to give up something to the benefit of the other.
The amount of time one has to accept an offer.
The 5 minutes following an offer that must elapse before an acceptance can take place.
The element of a contract that says the value of what each party is giving up must be equal.
What is the definition of an offer?
An expression of willingness to negotiate.
A declaration that one party will contract with another.
Expression of willingness to contract with the party to whom it is addressed, as soon as the latter accepts its terms.
An invitation for other parties to consider whether they are able to purchase the goods/services.
What is the definition of an invitation to treat?
Select all options that apply!
An invitation to another party to negotiate.
An indication of one party's willingness to enter into a contract with the party to whom its addressed as soon as the latter accepts its terms.
It is not an offer, it falls short of being an offer.
An invitation to the other party to make an offer.
What is a counter offer?
A further offer made by the original offeror.
Where a party seeks to introduce a secondary or ancillary agreement to the original contract.
Where a party seeks to change or vary terms of the original offer or seeks to introduce a new term(s).
A rejection and withdrawal of the original offer.
In order for _______________ to be present in a contract, the offeree must say or do something to accept.
Void
Bilateral
Acceptance
Writing
Offers can be terminated by revocation, rejection, expiration, and operation of law.
FALSE
TRUE
Choose the correct types of legal systems in the world?
Common
Civil
Juridical
Religious
Which of the followings are considered to be a Municipal Law?
By-laws
Constitution
Ordinances
Regulations
Choose the functions of law.
Establishing standards
Maintaining order
Resolving disputes
Protecting liberties and rights
All of the above answers are correct
What is the role legislative branch of the government?
To resolve the disputes which arise from the law
To enact/adopt new laws
To execute the law
To establish order in the society
In one sentence explain what is LLP?
Choose the characteristics of civil liability?
Usual penalty is an imprisonment
Plaintiff has the burden of prove
The prosecution initiates the lawsuit (case)
Defendant loses is found liable
In criminal law, the state of the mind if the accused person is defined as.....?
Actus Reus
Mens Rea
Omission
Intention
Dispute resolution is all about (a)
Which types of ADR do you know?
The main diffrence in judiciary system of common vs civil legal system countries?
In this type of ADR, participation is upon the aggrement of parties as per contractual dispute resolution clause where the judge imposes a resolution?
Mediation
Negotiation
Arbitration
Litigation
