Business Law MCQ Exam#2 BUS201

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Do you use facebook?

Photo of a smartphone with the Facebook application open
Economics is greatly impacted by how well information travels through society. Today, social media giants Twitter, Facebook, and Instagram are major forces on the information super highway. (Credit: Johan Larsson/Flickr)

Decisions ... decisions in the social media age

To post or not to post? Every day we are faced with a myriad of decisions, from what to have for breakfast, to which route to take to class, to the more complex—“Should I double major and add possibly another semester of study to my education?” Our response to these choices depends on the information we have available at any given moment; information economists call “imperfect” because we rarely have all the data we need to make perfect decisions. Despite the lack of perfect information, we still make hundreds of decisions a day.

And now, we have another avenue in which to gather information—social media. Outlets like Facebook and Twitter are altering the process by which we make choices, how we spend our time, which movies we see, which products we buy, and more. How many of you chose a university without checking out its Facebook page or Twitter stream first for information and feedback?

As you will see in this course, what happens in economics is affected by how well and how fast information is disseminated through a society, such as how quickly information travels through Facebook. “Economists love nothing better than when deep and liquid markets operate under conditions of perfect information,” says Jessica Irvine, National Economics Editor for News Corp Australia.

This leads us to the topic of this chapter, an introduction to the world of making decisions, processing information, and understanding behavior in markets —the world of economics. Each chapter in this book will start with a discussion about current (or sometimes past) events and revisit it at chapter’s end—to “bring home” the concepts in play.

Introduction

In this chapter, you will learn about:

  • What Is Economics, and Why Is It Important?
  • Microeconomics and Macroeconomics
  • How Economists Use Theories and Models to Understand Economic Issues
  • How Economies Can Be Organized: An Overview of Economic Systems

What is economics and why should you spend your time learning it? After all, there are other disciplines you could be studying, and other ways you could be spending your time. As the Bring it Home feature just mentioned, making choices is at the heart of what economists study, and your decision to take this course is as much as economic decision as anything else.

Economics is probably not what you think. It is not primarily about money or finance. It is not primarily about business. It is not mathematics. What is it then? It is both a subject area and a way of viewing the world.

In this course students will learn how to: Demonstrate an understanding of law, its historical development, judicial process, and the role of law in a complex social system, with emphasis on the American legal system and its institutions; Demonstrate the ability to analyze fact patterns in accordance with the legal professional case analysis method; to apply appropriate vocabulary and substantive legal principles; and then to analyze, compare, and evaluate the logic, reasoning, and arguments of other students, in accordance with established legal principles; Demonstrate the ability to complete a group project with other students, by identifying the applicable legal issues in a case or proposed statute, debating those issues, and producing a live course presentation; Identify and describe the basic principles of major business law subjects, such as constitutional authority to regulate business; common law contracts; the Uniform Commercial Code; agency; business associations; real and personal property and business-related torts; And identify and describe approaches to business ethics, social responsibility, and justice, and, demonstrate the ability, when confronted with an ethical dilemma, to weigh the arguments for alternative courses of action, and logically and persuasively argue for a particular course of conduct.
Exam PDF eBook: 
Business Law MCQ Exam#2 BUS201
Download Business Law BUS201 Exam PDF eBook
50 Pages
2014
English US
Educational Materials



Sample Questions from the Business Law MCQ Exam#2 BUS201 Exam

Question: Vu enters into a contract with Sarah (who owns the only house in the neighborhood that is always overgrown and messy) to landscape the property and update its appearance, but then Sarah tries to back out of the contract. Juan, Sarah's next-door neighbor, who had been hoping to list his house for sale after the "makeover" of Sarah's house, can sue to enforce the contract between Sarah and Vu.

Choices:

True

False

Question: The two components of the "agreement" element required for a valid contract are the offer and an acceptance of the offer.

Choices:

True

False

Question: The doctrine of quasi-contract applies only if there is an actual contract that covers the subject matter in controversy.

Choices:

True

False

Question: Under legal principles commonly referred to as "the mailbox rule," an acceptance of a contract offer will be valid as soon as it is sent (even if not sent by United States mail, or dropped in a mailbox), because it is no longer under an offeree's control.

Choices:

True

False

Question: The general rule (which means there can be exceptions) about assignability of contract rights is that all rights are assignable.

Choices:

True

False

Question: A company's price lists or advertisements are not "serious intent offers," but are instead generally viewed by courts as "invitations to negotiate."

Choices:

True

False

Question: In Washington, when both parties are mistaken as to the same material fact in their contract with each other, neither party can rescind the contract.

Choices:

True

False

Question: In Washington, whether an employee's covenant not to compete (an agreement signed with a current employer to prohibit the employee from leaving and working with a competing future employer) is enforceable will generally depend upon whether restrictions as to duration, geographic area, and scope of activity are reasonable, and whether the covenant, as drafted, reasonably protects the business interests of the current employer.

Choices:

True

False

Question: Under the "plain meaning rule," a court will enforce a contract, if the contract's terms are clear and unambiguous.

Choices:

True

False

Question: Under the traditional rule or approach to unilateral contracts, a unilateral contract is not formed until the person receiving the offer completes the act that is the subject of the contract.

Choices:

True

False

Question: All contracts with credit card companies are "unconscionable" contracts.

Choices:

True

False

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Source:  Maureen Shellooe Miller. Open Course Library: BUS&201 Business Law. The Open Course Library. Washington State Board for Community & Technical Colleges, Jul. 2014. http://www.oercommons.org/courses/business-law-bus-201
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