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Module 2 Quiz - Understanding The Legal and Tax Environment - MGT-1100
Module 2 Quiz - Understanding The Legal and Tax Environment - MGT-1100
Module 2 Quiz - Understanding The Legal and Tax Environment - MGT-1100
Question 1 1 / 1 pts
____ is the body of unwritten law that has evolved out of judicial (court)
decisions rather than being enacted by legislatures.
Contract law
Business law
Tort
Question 2 1 / 1 pts
Tort
Common law
Contact law
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Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100
Question 3 1 / 1 pts
_____ sets forth the rules that apply to commercial transactions between
businesses and between individuals and businesses.
Question 4 1 / 1 pts
In ____, the parties agree to present their case to an impartial third party
and are required to accept the arbitrator’s decision.
Correct! Arbitration
Consideration
Mediation
Capacity
Question 5 1 / 1 pts
____ is the exchange of some legal value or benefit between the parties.
Can be in the form of money, goods, or a legal right given up
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Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100
Capacity
Legal purpose
Correct!
Consideration
Mutual assent
Question 6 1 / 1 pts
____ occurs when one party to a contract fails (without legal excuse) to
fulfill the terms of the agreement.
Consideration
Restitution
Payment of damages
1 / 1 pts
Question 7
____ is a civil, or private, act that harms other people or their property.
Common law
Correct! Tort
Business law
Contract law
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Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100
Question 8 1 / 1 pts
____ laws that prevent companies from entering into agreements to control
trade through a monopoly.
Warranties
Bankruptcy
Deregulation
Question 9 1 / 1 pts
Bankruptcy
Warranties
Correct! Deregulation
Antitrust regulation
Question 10 1 / 1 pts
____ are taxes that must be paid on wages, salaries, and commissions.
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Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100
Sales tax
Property taxes
Correct!
Payroll taxes
Excise taxes
1 / 1 pts
Question 11
_____ gives an inventor the exclusive right to manufacture, use, and sell
an invention for 20 years.
Service mark
Correct! Patent
Trademark
Copyright
Question 12 0 / 1 pts
Copyright
ou Answered Trademark
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Module 2 Quiz: Understanding the Legal and Tax Environment: MGT-1100
Patent
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