Bcom Bachelor of Commerce Business Law 2

Question 1

Which doctrine allows courts to refuse to enforce an unconscionable contract?

Accepted Answer

Unconscionability doctrine

Answer

Parol evidence rule

Answer

Statute of frauds

Answer

Doctrine of frustration

Question 2

What does 'respondeat superior' mean in business law?

Accepted Answer

An employer is liable for torts committed by employees within the scope of employment

Answer

A company must respond to all lawsuits

Answer

Partners share superior authority

Answer

Contracts must be written to be enforceable

Question 3

Under the US Statute of Frauds, which contract MUST be in writing to be enforceable?

Accepted Answer

A contract for the sale of real estate

Answer

A one-year employment contract

Answer

A contract to buy groceries

Answer

An oral partnership agreement

Question 4

What is an 'injunction' in business litigation?

Accepted Answer

A court order requiring a party to do or stop doing a specific act

Answer

A monetary penalty

Answer

A writ of summons

Answer

A jury instruction

Question 5

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

Accepted Answer

Written form

Answer

Offer

Answer

Acceptance

Answer

Consideration

Question 6

What is 'liquidated damages' in a contract?

Accepted Answer

A pre-agreed sum specified in the contract to be paid upon breach

Answer

Damages awarded by a jury

Answer

Punitive damages for intentional harm

Answer

Restitution paid after rescission