Quiz 7 – Business Law, Appendix 2 Name 1.______ refers to an ...

Quiz 7 – Business Law, Appendix 2Name ______________________________________1.________ refers to an offer freely given by one party and freely accepted by the other party.a. Mutual exclusivityb. Notarized contractc. Express contractd. Mutual assent2.In a valid contract, consideration can take the form of a promise to perform a specific act.a. Trueb. False3.A trademark is a distinctive mark, symbol, word, phrase or motto used to uniquely identify the goods orservices of a particular business.a. Trueb. False4.In the United States, the ________ is considered to be the supreme law of the land.a. Supreme Courtb. Bill of Rightsc. statutory lawsd. Constitution5.A statutory law is a court ruling on a particular issue that judges who hear similar cases in the future areexpected to follow.a. Trueb. False6. When the U.S. Congress passes a law it is referred to as constitutional law.a. Trueb. False7. A tort is a private wrong that results in physical or mental harm to an individual or damage to that person'sproperty.a. Trueb. False8. A felony is a private wrong that results in physical or mental harm to an individual, or damage to thatperson's property.a. Trueb. False9. A ________ occurs, when one of the parties fails to satisfy the terms of the agreement.a. breach of contractb. mediationc. lack of responsibilityd. breach of law

10.________ governs the sale of goods, leases, warranties, transfer of funds, and a variety of other businessrelatedactivities.a. Uniform Commercial Codeb. Administrative lawc. Common lawd. Statutory law11. A ________ is a legal monopoly that gives an inventor the exclusive right over the invention for a limitedtime period.a. trademarkb. patentc. copyrightd. property symbol12. The statute of limitations is the time period in which a lawsuit must be initiated.a. Trueb. False13. Chapter 7 bankruptcy is a form of bankruptcy that allows individual debtors to set up a repayment to adjusttheir debts.a. Trueb. False14. The Nike swoosh and Libby's green giant are both examples of:a. patents.b. copyrights.c. trademarks.d. contracts.15. Unintentional torts, also known as negligence, arise because of careless or irresponsible behavior.a. Trueb. False