Legal Environment Of Business Final Essay Questions
This quiz assesses key aspects of the legal environment of business, focusing on contract law, strict liabilities, and the essentials of legal offers. It is designed to test understanding of mutual assets in contracts and remedies under strict liabilities, crucial for legal and business professionals.
- 1.
What are the remedies under strict liabilites?
- A.
Wild animals
- B.
Self defense
- C.
Products liabilites
- D.
Ultra hazardous acts
- E.
Defense of others
- F.
False imprisionment
Correct Answer(s)
A. Wild animals
C. Products liabilites
D. Ultra hazardous actsExplanation
The remedies under strict liabilities include wild animals, products liabilities, and ultra hazardous acts. Strict liability means that the defendant is held responsible for their actions regardless of their intent or negligence. In the case of wild animals, if someone owns a wild animal and it causes harm to another person, the owner is strictly liable for the damages. Products liabilities refer to the legal responsibility of manufacturers or sellers for any injuries or damages caused by their defective products. Ultra hazardous acts are activities that are inherently dangerous and can result in strict liability if harm is caused.Rate this question:
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- 2.
What must a legal offer must have/ be...
- A.
Specific terms
- B.
Consideration
- C.
Made to offeree
- D.
Contractual consent
Correct Answer(s)
A. Specific terms
C. Made to offeree
D. Contractual consentExplanation
A legal offer must have specific terms, meaning that it must clearly state the terms and conditions of the offer. It must also be made to the offeree, which means that it must be directed towards a specific person or group of people. Additionally, the offer must have contractual consent, which means that the offeree must willingly and voluntarily agree to the terms of the offer. These three elements are essential for a legal offer to be valid and enforceable.Rate this question:
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- 3.
Elements of contracts:
- A.
Mutual Asset
- B.
Contractual consent
- C.
Consideration
- D.
Obligation
Correct Answer(s)
A. Mutual Asset
C. ConsiderationExplanation
The explanation for the given correct answer is that in order for a contract to be valid, there must be mutual asset and consideration. Mutual asset refers to both parties involved in the contract agreeing to the terms and conditions. Consideration refers to something of value being exchanged between the parties, such as money, goods, or services. These elements are essential for a contract to be legally binding and enforceable.Rate this question:
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- 4.
Mutual Asset includes a/an ________ and ________
Correct Answer(s)
legal offer
acceptance by offereeExplanation
Mutual asset refers to a situation where both parties involved in a contract have made a legal offer and acceptance by the offeree. This means that one party has made a proposal or offer to enter into a contract, and the other party has accepted the offer, indicating their agreement to the terms and conditions. This mutual agreement forms the basis of a legally binding contract between the two parties.Rate this question:
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Current Version
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Feb 13, 2023Quiz Edited by
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Apr 30, 2016Quiz Created by
Imanrosscollege