BUSN 331 - Week 1 & 2

Which of the following best describes how law protects members of society?

• setting rules with penalties and making those who break the law accountable

• establishing ethical rules and minimizing risks before they materialize

• constraining business activity and regulating commercial relationships

• minimizing unknown contingencies to avoid irreconcilable disputes between businesses

Which statement best describes the defining characteristics of public law?

• It regulates relationships between governments and individuals.

• It provides rules concerning rights and obligations of business.

• It focuses on fairness according to strict rules of common law.

• It contains the rules of law in the Civil Code of Quebec.

Which of the following best defines business law?

• legal responsibility for the occurrence of an event causing loss

• rules governing commercial relationships and the enforcement of rights

• rules governing procedures involved when one person sues another

• rules providing members of a society with established rights

Canadian business law consists of a set of established bilingual rules governing commercial relationships that exclude enforcement of rights.

• True

• False

How does the law offer protection?

Answer explanation

The law protects members of society in two ways: 

1. It sets rules with penalties to encourage compliance . 

2. It seeks to make those who break the law accountable for their misconduct.

What are the SIX elements of a valid contract?

When there is no consideration, generally there is no valid contract and this is called ___________________

An ad in the morning newspaper read "Absolutely the best offer anywhere in Calgary. We'll give you a StarSystem tablet/laptop with a Roland PR-1011 wi-fi printer for only $1299!!! Pick it up today." This is an example of which of the following?

• Bilateral contract

• Offer

• Invitation to treat

• Gratuitous promise

If a person agrees to sell someone a brand new Cadillac for $100, this becomes a valid, binding contract.

• True

• False

Amanda has agreed to attend Rebecca’s home and provide her with biology tutoring for three hours per week for a flat fee of $50. What is the legal term for Rebecca’s promise to pay Amanda $50 each week?

• gratuitous promise

• a unilateral contract

• ratification

• consideration