Final Exam Review Business Law

Question 1

A partner&#x27;s liability for the torts of her partners extends beyond those committed in the course of the business.

Accepted Answer

False

Question 2

Partnerships create a separate legal identity

Accepted Answer

False

Question 3

The Shareholder of a corporation has limited liability and is only liable for the amount they invested.

Accepted Answer

True

Question 4

The agent has a fiduciary duty to act in the best interests of the principal

Accepted Answer

True

Question 5

which is an element to qualify as a contract

Accepted Answer

all of the above

Question 6

Terms essential to substantial performance of a contract

Accepted Answer

conditions

Question 7

In which of the following relationships is a fiduciary duty owed?

Accepted Answer

The director of a corporation to the shareholders

Question 8

A group of people carrying on business togetherwith the object of making a profit

Accepted Answer

partnership

Question 9

Intellectual property is a special category of intangible personal property

Accepted Answer

True

Question 10

The patent is not designed to protect the actual work but the idea behind the work or invention.

Accepted Answer

True

Question 11

What is not an example of Frustration

Accepted Answer

trying to get out of a lease because of losing your job

Question 12

exists and has legal effect, but one of the parties has the option to end the contract

Accepted Answer

voidable contract

Question 13

A condition is a minor term of a contractA warranty is an important term of a ccontract

Accepted Answer

False

Question 14

Doctors Dentist and Lawyers are examples of Corporations

Accepted Answer

False

Question 15

Which of the following is true with regards to the characteristics of corporations?

Accepted Answer

A shareholder&#x27;s liability is limtd to the amount they paid for the shares.

Question 16

does not qualify as a legally bindingcontract because an essential element is missing.

Accepted Answer

void contract

Question 17

Patent protection in Canada gives a holder monopoly for a maximum of 10 years

Accepted Answer

False

Question 18

A ____ has been committed when an intentional or careless act harms another

Accepted Answer

tort

Question 19

a partner must act in the bestinterest of other partners is ________

Accepted Answer

fiduciary duty

Question 20

Registration of a trademark gives the owner exclusive rights in Canada for 15 years and is not renewable.

Accepted Answer

False

Question 21

what is not an element to a negligence claim

Accepted Answer

all of these

Questions 21