Bcom Bachelor of Commerce Business Law

Question 1

Which US federal law governs the sale of goods between merchants?

Accepted Answer

Answer

The Uniform Commercial Code (UCC) Article 2 governs the sale of goods and commercial transactions between merchants in the US.

Question 2

What is the legal concept of 'consideration' in a contract?

Accepted Answer

Answer

Consideration is something of value—money, services, or a promise—exchanged between contracting parties that makes a contract legally binding.

Question 3

Under US bankruptcy law, which chapter provides for reorganization of a business?

Accepted Answer

Answer

Chapter 11 of the US Bankruptcy Code allows businesses to restructure their debts while continuing operations.

Question 4

What is 'promissory estoppel' in contract law?

Accepted Answer

Answer

Promissory estoppel enforces a promise when one party reasonably relied on it to their detriment, even if traditional consideration is absent.

Question 5

Which act prohibits monopolistic practices and restraint of trade in the US?

Accepted Answer

Answer

The Sherman Antitrust Act of 1890 is the primary US law that prohibits contracts, combinations, or conspiracies in restraint of trade and monopolization.

Bcom Bachelor of Commerce Practice Test

Bcom Bachelor of Commerce Practice Test

Bcom Bachelor of Commerce Business Law