Why formality in contract is important

To balance the inequality in bargaining power.

The following are contracts, except

Promise to bring wife for a holiday in Istanbul

All of the answer in 1, 2 and 3

The following statements are correct about formality, except

Contract is form through oral only.

The following is the group of division@type of laws

Public law, private law and international law

What is meant by commercial activities

Commercial transactions with speculation for profit.

The following statement is true about public law.

It regulates the relationship between citizens and the state

studbud

Business Law

13 termsStudBud Administration96 plays

This exercise is aimed to assess the general knowledge of students on the introductory part of business law

Flashcards13 cardsFPractice quizPHost liveL

Questions 13

Answers

1
Why formality in contract is important
To balance the inequality in bargaining power.
To ensure parties comply with contract.
To form a valid contract.
To ensure parties has capacity to enter a contract.
2
The following are contracts, except
Purchasing ticket to watch a football game
Buying groceries from Lulu Supermarket
Promise to bring wife for a holiday in Istanbul
Be a business partner in a firm
3
What is law?
All of the answer in 1, 2 and 3
Law is the systematic rules that will bind the society
Law is derived from many sources.
Law is a set of rules that regulates people
4
Which of the following situation falls under public law
Mr. Z makes a defamatory statement about Mr. B
Mr S, an Egyptian proposes Ms S, an Omani to marry with him.
A enters into contract with B to purchase a piece of land.
Ms A commits theft.
5
The following statements are correct about formality, except
Contracts to be evidenced in writing.
Contracts must be made by deed.
Contract is form through oral only.
Contracts must be in writing.
6
Who has no capacity to enter a contract.
An adult person
A sick person.
A person who is insane
A person above the age of 18
7
What is meant by valid contract
An enforceable contract.
All of the above.
Create legal obligations.
Recognized by the law.
8
What are the sources of law in Malaysia?
Constitution
Minutes of the meeting
Commercial Book
Book
9
What is a contract
An agreement giving rise to obligations
All of the above.
An agreement that can be enforced
An agreement between two or more parties
10
What is void contract
Not recognized by the law.
Missing of the required elements.
Unenforceable contract.
All of the above.
11
The following is the group of division@type of laws
Public Law, Military law, maritime law
International law, private law and administrative law
Family law, commercial law, private law
Public law, private law and international law
12
What is meant by commercial activities
Commercial transactions with speculation for profit.
Transaction between civilian.
Sale and purchase activity
Individual transactions.
13
The following statement is true about public law.
It regulates the relationship between citizens and the state
Regulates the relationship between Oman and another country
Regulates the relationship between two companies.
Regulates the relationship between two individuals.

Business Law Flashcards | StudBud