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Multiple Choice Business Law Questions

1) Jenny promises to pay Ivan $300 in exchange for Ivan's promise to paint Jenny's house. This is an example of:
a) unilateral contract
b) bilateral contract
c) assignment
d) illusionary promise
e) invitation to promise

2) Which is the most expensive form of discovery?
a) interrogatories
b) Requests for admission
c) deposition
d) Requests for production
e) spoliation

3) If a defendant does not answer the complaint, what is the result?
a) default judgement against the defendant
b) case dismissed
c) Bench arrest warrant issued against defendant
d) Automatic 30-day stay granted to defendant
e) Automatic 60-day stay granted to defendant

4) British Petroleum's management actions on the Deepwater Horizon job that appeared to emphasize cost control and speed to completion instead of safety would be an example of?
a) Ethical Egoism
b) Free Market Ethics
c) Shareholder theory
d) all the above

5) Prosecutors wil look at all of the following factors when determining whether to bring a SOX violation, EXCEPT:
a) nature and seriousness of offense, including risk of harm to the public
b) Corporations remedial action, including efforts to implement or improve a compliance program
c) Whether the company's action resulted in sufficient profits for the company
d) Adequacy of the prosecution of individuals responsible for the malfeasance.

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Solution Preview

1. It is important to review these terms, as they are essential to the law. Since both Jenny and Ivan are making a promise to each other, which is contingent upon an act, the contract is BILATERAL.

2. Depositions are an EXTREMELY expensive form of discovery. To learn more about how expensive ...

Solution Summary

This solution provides answers, including detailed explanations of the correct answer, to business law questions. Questions in this solution are related to form of discovery, exchange of goods, ethics, SOXs, etc.