BUSINESS AND CORPORATE LAW – Page 7

BCL – L1 – SA – Q40 – Alternative Forms of Business Organisations

Liability in a partnership.

Question

In general, Partnership entails which one of the following liabilities?

A. Unlimited Liability

B. Limited Liability

C. No Liability at all

D. Both A and C

Answer

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Tags: Business organisations, Liability, Partnership
Level: Level 1

Topic: Alternative forms and constitutions of business organisations

BCL – L1 – SA – Q39 – Sale of Goods

Classification of contingent goods.

Question

Contingent goods belong to ____ goods?

A. Existing

B. Future

C. Contingent

D. None of these

Answer

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Tags: Contingent Goods, Contract Terms, Sale of Goods
Level: Level 1

Topic: Sale of Goods

BCL – L1 – SA – Q38 – Contract Law

Validity of a contract caused by fraud or coercion.

Question

An agreement that is caused by fraud, misrepresentation & coercion is

A. Voidable

B. Partially Void

C. Valid

D. All of these

E. None of these

Answer

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Tags: Fraud, Misrepresentation, Voidable Contract
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q37 – Sources of Law

Categories of public law.

Question

Public Law is divided into ____ categories?

A. Three

B. Four

C. Two

D. None of these

Answer

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Tags: Law Categories, Legal Classification, Public Law
Level: Level 1

Topic: Sources of Law

BCL – L1 – SA – Q36 – Agency

Role a minor can play in contracts.

Question

A minor can be an

A. Surety

B. Agent

C. Partner

D. All of these

E. None of these

Answer

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Tags: Agency, Contract Capacity, Minor, Partnership
Level: Level 1

Topic: Agency

BCL – L1 – SA – Q35 – Negotiable Instruments

Number of parties in a promissory note.

Question

How many parties are there to a Promissory note?

A. Two parties

B. One party

C. Four party

D. Three parties

E. None of these

Answer

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Tags: Contract Law, Parties, Promissory Note
Level: Level 1

Topic: Negotiable Instruments

BCL – L1 – SA – Q34 – Contract Law

Type of breach in a contract.

Question

A breach of contract can be of ____ breach.

A. Discharged

B. Illegal

C. Void

D. None of these

Answer

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Tags: Breach of Contract, Contract Validity, Legal Terms
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q33 – Sources of Law

Classification of law as private or public.

Question

Law is either private law or ____ law.

A. Public

B. Private

C. Local

D. None of these

Answer

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Tags: Legal Classification, Private Law, Public Law
Level: Level 1

Topic: Sources of Law

BCL – L1 – SA – Q32 – Contract Law

Classification of a contract for an illegal substance.

Question

Thomas and Jeremiah entered a contract whereby Thomas agreed to sell Jeremiah $1,000 worth of heroin, an illegal substance. This is an example of a:

A. Quasi contract.

B. Void contract.

C. Voidable contract.

D. Secondary party beneficiary contract.

Answer

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Tags: Contract Validity, Illegal Agreement, Void Contract
Level: Level 1

Topic: Contract Law

BCL – L1 – SA – Q31 – Contract Law

Outcome of a lawsuit for breach of a lease agreement.

Question

Patricia rented an apartment to David for $500 per month. Patricia and David signed a one-year lease, to be effective beginning January 1st. After three months, David decided that he did not like the apartment. He gave Patricia a 30-day written notice, stating that he would vacate the rental unit at the end of the thirty days, which was April 30th. Upon receipt of David’s notice, Patricia made reasonable efforts to find a new tenant. Nevertheless, the apartment remained vacant from May 1st through June 30th. Patricia re-rented the apartment beginning July 1st for one year. Patricia sues David in small claims court. What is the likely outcome?

A. Patricia is entitled to the balance of the lease, or $4,000, because David did not have a valid reason to breach the contract.

B. Patricia is entitled to nothing because David gave Patricia thirty-days written notice.

C. Patricia is entitled to $1,000, because she tried to find another tenant immediately upon learning of David’s intent to breach the contract but was unable to re-lease the apartment until July 1st.

D. Patricia is entitled to $500, which represents one- month’s rent.

Answer

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Tags: Breach of Contract, Damages, Lease Agreement, Mitigation
Level: Level 1

Topic: Contract Law

Subject (SQ): BUSINESS AND CORPORATE LAW

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BCL – L1 – SA – Q40 – Alternative Forms of Business Organisations

Liability in a partnership.

BCL – L1 – SA – Q39 – Sale of Goods

Classification of contingent goods.

BCL – L1 – SA – Q38 – Contract Law

Validity of a contract caused by fraud or coercion.

BCL – L1 – SA – Q37 – Sources of Law

Categories of public law.

BCL – L1 – SA – Q36 – Agency

Role a minor can play in contracts.

BCL – L1 – SA – Q35 – Negotiable Instruments

Number of parties in a promissory note.

BCL – L1 – SA – Q34 – Contract Law

Type of breach in a contract.

BCL – L1 – SA – Q33 – Sources of Law

Classification of law as private or public.

BCL – L1 – SA – Q32 – Contract Law

Classification of a contract for an illegal substance.

BCL – L1 – SA – Q31 – Contract Law

Outcome of a lawsuit for breach of a lease agreement.

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Liability in a partnership.

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Classification of contingent goods.

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Validity of a contract caused by fraud or coercion.

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Categories of public law.

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Role a minor can play in contracts.

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Number of parties in a promissory note.

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Type of breach in a contract.

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