Font size
Worksheets24/25 Business Law Mid Term
Total questions: 25
Worksheet time: 14mins
What is a legally enforceable agreement between two or more parties called?
Tort
Contract
Liability
Arbitration
Which term refers to a civil wrong that causes harm or loss to another person?
Breach of Contract
Fraud
Tort
Negligence
What is the failure to take proper care in doing something, resulting in damage or injury to another?
Negligence
Arbitration
Contract
Intellectual Property
Which document helps protects your assets and avoid probate?
(a)
What document legally allows a person to the control finances of another person while they are alive? (a)
Which document lists the finally wishes of someone after they transition, and requires probate?
Healthcare Power of Attnorney
General Power of Attorney
Trust
Living Will
What is the first element of a contract?
Consideration
Acceptance
Capacity
Offer
A sum of money given for designated period of time which must be repaid
Income
Minimum Wage
Loan
Budget
House payment
Mortgage
Wage/salary
Commission
Currency
A percentage (%) of a borrowed sum of money which must be paid in addition to the repayment of the loan itself
Currency Exchange
Mortage
Interest
Savings
Which tort occurs in a way the defendant acts in a careless way?
Negligent Torts
Strict Liability Torts
Intentional Torts
None of the above
Which type of tort occurs when a defendant undertakes inherently dangerous actions?
Negligent Torts
Strict Liability Torts
Intentional Torts
None of the above
Is all property that does not fit the definition of real estate. Has the unique characteristic of being movable.
Real Property
Real Estate
Personal Property
Severance
Land and anything permanently attached to it. Real estate plus “bundle of legal rights.”
Chattel
Personal Property
Personalty
Real Property
Which business structure is owned and operated by a single individual?
Sole Proprietorship
Corporation
Partnership
Limited Liability Company
Which business structure is a legal entity separate from its owners?
Sole Proprietorship
Corporation
Partnership
Limited Liability Company
Who is in charge of the court proceeding and typically provides the sentence when a defendant is convicted?
Prosecutor
Bailiff
Judge
Court Reporter
What is the role of the Jury in a criminal case?
To give out subpoenas.
To record the trial proceedings.
To decide what is true and whether the defendant has committed a crime.
To represent the state.
If a civil case goes to court, what is the name for the person who is being sued?
Prosecution
Plaintiff
Torter
Defendant
Which of the following occurs when the original offer is not accepted and a new offer is returned in place of the original offer?
Replacement offer
Acceptance
Counter offer
Consideration
Set of guidelines or procedures set up or established by an organization, company, or group dealing with right or wrong behavior while at work.
Morals
Values
Conflicts
Ethics
A ______ mortgage is a home loan where the interest rate is the same for the entire term of the loan.
Fixed Rate
Rate of interest
ARM or variable
A ______ rate mortgage is a type of home loan in which the interest rate is not fixed.
Instead, interest payments will be adjusted at a level
Variable or ARM
Fixed
