Business Law
Midterm Exam
Course Introduction
Business Law provides a comprehensive overview of the legal principles and frameworks that govern commercial activities and organizations. This course examines key topics such as contract law, agency, torts, sales of goods, negotiable instruments, and the formation and structure of various business entities. Students will explore regulatory compliance, ethical considerations, and dispute resolution mechanisms, gaining an understanding of how legal concepts impact business decision-making and operations. Through case studies and real-world examples, the course equips students with the foundational legal knowledge essential for navigating the modern business environment.
Recommended Textbook
Business Law 9th Edition by Andy Gibson
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36 Chapters
1525 Verified Questions
1525 Flashcards
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Page 2
Chapter 1: Legal Foundations
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Q1) How would you describe the law?
Answer: Law is a set of rules developed over a long period of time regulating people's interactions with each other and which sets standards of conduct between individuals and other individuals and individuals and the government.
Q2) The rules of equity:
A) Provide a wider range of remedies than the common law.
B) Complement the common law.
C) Are based upon the concept of fairness.
D) All of the above.
Answer: D
Q3) The reason statute law takes priority over the common law is because:
A) Common law principles come from old English cases.
B) Politicians are more accessible to the electorate.
C) Judges are accountable to the parliament.
D) Politicians are accountable to the electorate.
Answer: D
Q4) Equity is a system of fairness that applies to all legal disputes in Australia.
A)True
B)False
Answer: False
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Chapter 2: Origins of Australian Law
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Q1) What significant changes were brought about by the Australia Act 1986 (Cth)?
Answer: The Australia Act 1986 (Cth), was one of the Acts that repealed the Colonial Laws Validity Act 1865, and abolished what was known as the 'repugnancy rule' which meant that a state law which was inconsistent with an English Law was invalid. Since 1986, no statutes passed by the English Parliament have any effect on the Commonwealth or the States. The legislation also abolished the right of appeal to the Privy Council from the State Supreme Courts, thus breaking the last direct link with the English legal system and completed the process of constitutional development.
Q2) The attitude of the High Court of Australia to the interpretation of the Constitution has been to expand the power of the Commonwealth Government.
A)True
B)False
Answer: True
Q3) When a Commonwealth act clashes with a State act, the State act must be followed. A)True
B)False
Answer: False
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Chapter 3: Legal Systems
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Q1) Is the High Court a State Court, that is located within the State court hierarchy, or is it a Federal court, that is located within the Federal court hierarchy?
A) The High Court is neither a State Court nor a Federal Court.
B) The High Court is a State Court located within the State court hierarchy.
C) The High Court is a Federal Court located within the Federal court hierarchy.
D) The High Court is both a State Court and a Federal Court.
Answer: C
Q2) The term jurisdiction refers to the types of cases a particular court can hear.
A)True
B)False
Answer: True
Q3) Which of the following matters fall within the original jurisdiction of the Federal Court?
A) State matters.
B) Commonwealth matters.
C) The Australian Constitution.
D) Disputes between states.
Answer: B
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Chapter 4: How Law Is Made: Precedentstatute Law
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Q1) Which rule would a court be most likely to use to determine whether a public lane would be included in the phrase, 'any house, office, room or place'?
A) Ejusdem generis.
B) Stare decisis.
C) Noscitur a sociis.
D) Obiter dicta.
Q2) Which of the following statements best describes the doctrine of precedent?
A) Cases with similar facts should be decided in a similar manner.
B) Cases on different facts should be decided in a similar manner.
C) Cases must be similar to previous decisions or they cannot be heard.
D) All previous decisions must be followed except if they lead to an absurd result.
Q3) Which of the following statements most accurately defines 'stare decisis'?
A) The legal reasoning upon which the decision in a case was based.
B) The doctrine of precedent; 'to stand by a decision.'
C) Anything said about the law in the course of a judgment that does not form part of the matters in issue.
D) The final order of the court is binding on the immediate parties to the action.
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Chapter 5: Civil Liability: The Law of Torts and Negligence
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Q1) In the context of an action for negligence, the harm suffered must be:
A) The foreseeable consequence of an action.
B) The result of a careless act.
C) Serious physical injury.
D) All of the above.
Q2) Who is the reasonable person and why is he/she so important in an action for negligence?
Q3) The case of <i>Imbree v McNeilly</i> [2008] HCA 40 is authority for the principle that:
A) Parents are not automatically liable for the torts of their children.
B) A learner driver is subject to the standard of care of a child of similar age and experience.
C) A learner driver is subject to the standard of care of an unqualified an inexperienced driver.
D) A learner driver is subject to the same standard of care as any other driver.
Q4) Much of the law of torts is concerned with accidental injury to the person or property. Do you think that it is appropriate for a person to be made liable for an <i>accidental</i> act?
Q5) Describe what a Plaintiff must do in order to succeed in an action for negligence.
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Chapter 6: Applications of Negligence to Business
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Q1) The decision in <i>Burnie Port Authority v General Jones Pty Ltd </i>(1994) 68 ALR 331 was based on the fact that:
A) The landlord of the premises allowed a dangerous substance to escape and damage another's property.
B) The landlord of the premises employed a contractor enter and carry out a dangerous activity.
C) The tenant employed a contractor who was negligent.
D) The landlord failed to have premises properly inspected.
Q2) In which case did the High Court decide that a duty of care could arise in relation to both the giving of information and the giving of advice?
A) Esanda Finance Corporation v Peat Marwick Hungerfords (1997) 71 ALJR 448.
B) L Shaddock & Associates v Parramatta City Council (No 1) (1981) 150 CLR 225.
C) Donoghue v Stevenson [1932] AC 562.
D) Hedley Byrne & Co Ltd v Heller & Partners Ltd [1964] AC 465.
Q3) In order to succeed in an action against an occupier, the plaintiff does not have to establish that the defendant has occupation as long as ownership can be established.
A)True
B)False
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Chapter 7: Introduction to Contracts
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Q1) In the context of contract law, which of the following best describes the element of 'consideration'?
A) Something of value passing from one party to another in return for a promise to do something.
B) An offer by one party and an acceptance by the other.
C) The parties must intend that their promises create legally enforceable obligations.
D) All of the above.
Q2) Which of the following statements is correct in respect to the nature of a contract?
A) All agreements are legally enforceable contracts.
B) Not all contracts are agreements.
C) The terms 'contract' and 'agreement' mean the same thing.
D) A contract is a type of agreement.
Q3) What is a quasi-contract?
Q4) What are the elements that are necessary for the creation of a valid simple contract?
Q5) A valid contract is one which can be enforced by both parties.
A)True
B)False
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Chapter 8: Agreement Between the Parties
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Q1) In the case of Dickinson v Dodds [1876] 2 Ch D 463, it was held that an offer can be revoked:
A) By the offeror sending an email to the offeree.
B) Only by the offeror telling the offeree that the offer has been withdrawn.
C) By the offeree learning from a reliable source that the offer has been revoked.
D) By a letter despatched to the offeree.
Q2) The offeror is the person making the offer.
A)True
B)False
Q3) According to the postal rule:
A) An acceptance will only be effective it is sent by post.
B) Revocation of an offer is effective as soon as it is posted.
C) Offer and acceptance are only effective when received.
D) An acceptance will be effective if it is sent by post or a faster method.
Q4) Explain the difference between an offer and an invitation to treat.
Q5) What is the purpose of an option?
Q6) An offer may be made to the world at large.
A)True
B)False
Page 10
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Chapter 9: Intention to Create Legal Relations
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Q1) A volunteer intends to create legal relations.
A)True
B)False
Q2) When a business advertises their product, the courts generally presume that:
A) The merchant did not intend to enter into contracts with purchasers of their product.
B) The merchant did not intend to immediately create legal relations with viewers of the advertisement.
C) The merchant intended any contract with a purchaser to be legally binding.
D) The merchant intended their statements to be legally binding.
Q3) Commercial agreements are always intended to be legally binding.
A)True
B)False
Q4) The law presumes that in social agreements the parties intend to create legal relations.
A)True B)False
Q5) Advertisements are presumed not to intend legal relations.
A)True
B)False
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Chapter 10: Consideration
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Q1) Which of the following would NOT amount to sufficient consideration?
A) A promise to give the creditor a book worth $100 in exchange for a full discharge from a debt of $200.
B) A used postage stamp.
C) A promise to give $100 to one party's daughter in exchange for a promise to provide services to the value of $300 to the other party.
D) A promise to pay $100 in exchange for a promise to fully discharge the debtor from the obligation to pay the balance of the debt of $200 owing to the creditor.
Q2) Consideration must be present or future, it cannot be past.
A)True
B)False
Q3) The rule in Foakes v Beer was not applied in Hirachand Punamchand v Temple [1911] 2 KB 330 because:
A) The payment was accepted by the creditor.
B) The debt was paid by a third party.
C) The debt was paid with interest.
D) The debt was paid in full.
Q4) Explain what is meant by the expression 'valuable consideration.'
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Page 12
Chapter 11: Capacity of the Parties
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Q1) In Steinberg v Scala (Leeds) Ltd [1923] 2 Ch 452, the infant:
A) Was able to rescind the contract and recover the money.
B) Was not able to rescind the contract.
C) Was able to rescind the contract but could not recover the money.
D) Could recover all the money she had paid for the shares.
Q2) In NSW, a contract will be binding on a minor provided:
A) It is for the minor's benefit.
B) It satisfies the definition of a 'civil act.'
C) The minor is old enough to understand it.
D) All of the above.
Q3) If a person becomes mentally ill after entering into a contract, that contract will be voidable.
A)True
B)False
Q4) An infant is a person under the age of 18 years.
A)True
B)False
Q5) Do all persons, natural and legal, have full contractual capacity to enter into contracts?
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Chapter 12: Genuine Consent
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Q1) In Commercial Bank of Australia v Amadio (1983) 151 CLR 447 which of the following was NOT a reason why the bank was considered to have acted unconscionably?
A) The bank took advantage of the Amadios' special disabilities.
B) It did not insist that the parents obtain separate independent advice.
C) The bank exercised economic duress.
D) The bank did not explain the real financial position of the son whom his parents were trying to help.
Q2) In Phillips v Brooks [1919] 2 KB 243 which of the various parties was successful in establishing that the contract was not void for mistake?
A) The pawnbroker.
B) The jeweller.
C) The plaintiff.
D) Sir George Bullough.
Q3) The test for unconscionability is the special disability of the weaker party.
A)True
B)False
Q4) Explain the difference between innocent and fraudulent misrepresentation.
Q5) Explain the difference between duress and undue influence.
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Page 14
Chapter 13: Is the Contract Legal
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Q1) Which of the following is NOT a factor to consider in determining the validity of a restraint of trade clause?
A) The type of business involved.
B) The geographic extent of the restraint.
C) The relative bargaining powers of the parties.
D) The amount of consideration paid.
Q2) Contracts in restraint of trade are regarded as prima facie void.
A)True
B)False
Q3) To determine if a contract is illegal by statute, courts look for the intention of the statute.
A)True
B)False
Q4) An employer can enforce a restraint of trade clause in a contract of employment with an employee, provided it is not an attempt to limit competition.
A)True
B)False
Q5) The courts adopt a different approach depending upon the circumstances in which a restraint may be imposed. Discuss.
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Chapter 14: Terms of the Contract
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Q1) In the case of a written contract, the courts assume that the intention of the parties is contained within the 'four corners' of the contract.
A)True
B)False
Q2) Why was the statement found not to be a term in the case of: Oscar Chess v Williams [1957] 1 All ER 325?
A) The statement was a term.
B) The plaintiff buyer had special skills or knowledge in relation to the subject matter.
C) Neither party was in a position to know the truth.
D) The defendant seller had special skills or knowledge in relation to the subject matter.
Q3) A term in a contract which relieves a party to the contract of some or all liability under the contract is called:
A) An exclusion clause.
B) An exemption clause.
C) An exception clause.
D) Any of the above.
Q4) Explain and distinguish between a condition and a warranty.
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16
Chapter 15: Rights and Liabilities of the Parties, Discharge and Remedies
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Q1) The absence of privity of contract will not prevent a claim under the Australian Consumer Law.
A)True B)False
Q2) Which of the following is the best description of 'privity of contract'?
A) A third party is entitled to bring an action to enforce a contract to which they are not a party if they have the consent of one of the parties to do so.
B) The parties to the contract are under an obligation not to disclose the details of the contract to third parties.
C) Only the persons who are parties to the contract can acquire rights and incur liabilities under it.
D) The parties to the contract are only obliged to comply with the terms of the agreement and are not obliged to do any more than this.
Q3) If there has been substantial performance of the contract, the doctrine of substantial performance may permit the defaulting party to still obtain the contract price.
A)True B)False
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Chapter 16: Remedies in Contract
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Q1) Which of the following remedies does NOT necessarily require the intervention of the court?
A) Injunction.
B) Restitution.
C) Rescission.
D) Damages.
Q2) The main purpose of damages is to enable the innocent party to receive monetary compensation.
A)True
B)False
Q3) Which of the following statements is the best description of a 'mareva' injunction?
A) A court order restraining the defendant from removing or disposing of assets until the court makes a decision.
B) A court order requiring the person to perform some contractual obligation.
C) A court order preventing a breach of contract.
D) A court order which freezes the status quo between the parties until the dispute can be heard by the court.
Q4) What is meant by the term 'damages'?
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Chapter 17: Statutory Consumer Guarantees and the Australian Consumer Law
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Q1) When will the consumer guarantee as to correspondence with description NOT apply?
A) Whether or not the seller normally deals in goods of that description.
B) Where the consumer has seen the goods but relies on the seller's description.
C) Only when the seller normally deals in goods of that description.
D) Where the consumer has not seen the goods and relies on the seller's description.
Q2) The guarantee that spare parts and repair facilities must be reasonably available applies to the supplier as well as the manufacturer.
A)True
B)False
Q3) When will a buyer of defective goods NOT be protected under the Australian Consumer Law?
A) If the defect was brought to their attention by the supplier.
B) If the buyer caused the damage to the goods.
C) If the buyer examines the goods and fails to discover an obvious defect.
D) All of the above.
Q4) What is the difference between a sale by sample and a sale by description?
Q5) Under the Australian Consumer Law, who is a consumer?
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Chapter 18: General and Specific Consumer Protections
Under the Acl
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Q1) Section 18 is often used by businesses to take action against competitors.
A)True
B)False
Q2) Which of the following was considered by the court to be the most significant factor in determining the penalty in Miller v Fiona's Clothes Horse of Centrepoint Pty Ltd [1989] ATPR 40-963?
A) That the company's business had suffered because of the adverse publicity.
B) That the offence was not committed deliberately.
C) That penalties for contravention of consumer protection legislation should be a deterrent to the defendant and to others.
D) That the company had cooperated with the Trade Practices Commission.
Q3) Which of the following 'consumers' are NOT protected by s 22 of the unconscionability provisions of the Australian Consumer Law?
A) A proprietary company.
B) A listed public company.
C) A partnership.
D) An individual.
Q4) What is the main purpose of the Australian Consumer Law?
Page 20
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Chapter 19: Agency
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Q1) Agency is a fiduciary relationship.
A)True
B)False
Q2) Authority that is conferred by the principal either verbally or in writing is an example of:
A) Implied actual authority.
B) Express actual authority.
C) Retrospective actual authority.
D) Apparent or ostensible authority.
Q3) An agent can sue for breach of contract if their authority is revoked without their consent.
A)True
B)False
Q4) What constitutes a 'secret commission' received by an agent? Outline any remedies available to the principal as a consequence of receiving a secret commission.
Q5) A del credere agent is a general agent who buys and sells without having possession or control of the goods or their documents.
A)True
B)False
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Chapter 20: Introduction to Companies and Incorporated
Associations
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Q1) The case of Morley v Statewide Tobacco Service Ltd (1992) ACLC 1233 is authority for the principle that:
A) A director will not be liable for a breach of s 588G if they were unable to attend company meetings.
B) A director's liability under s 588G is determined by what they ought to have known about the company's debts.
C) A director's liability under s 588G is determined by their actual knowledge of the company's debts.
D) A director will not be liable for a breach of s 588G if they acted in good faith.
Q2) What is meant by the term 'share capital'?
Q3) An important result of incorporation is limited liability.
A)True
B)False
Q4) Directors are required by law to act in the best interests of the shareholders of the company. Do you think that directors should also have a duty to act in the best interests of employees, the community and/or the environment? Explain your answer.
Q5) What is a prospectus?
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Chapter 21: Partnerships
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Q1) A written partnership agreement must conform to the requirements of the Partnership Act of the relevant state or territory.
A)True
B)False
Q2) According to the Partnership Acts, the liability of partners in contract is severable.
A)True
B)False
Q3) If notice of their retirement is given to all of the persons who have had dealings with the partnership, a retiring partner is liable for:
A) Only the debts of the partnership incurred after they retired.
B) Only the debts of the partnership incurred before they retired.
C) None of the debts of the partnership.
D) All of the debts of the partnership.
Q4) A person who obtains credit for a partnership may make themselves liable to the supplier by 'holding out.'
A)True
B)False
Q5) What are the three factors that determine whether a partnership exists?
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Chapter 22: Choosing a Business Entity
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Q1) Which of the following statements about a sole trader is true?
A) A sole trader with employees must change to a different business structure.
B) Every sole trader must register their business name.
C) There are no special requirements to start operating a business if the sole trader uses their own name.
D) The sole trader must generally consult with customers, creditors and employees in deciding what the business will and will not do.
Q2) A franchise is a specialised business entity.
A)True
B)False
Q3) Which are the three certainties that are necessary for the creation of an express trust?
A) Intention to create a trust, agreement and consideration.
B) Intention to create a trust, plus certainty of the identity of the property and beneficiaries.
C) Intention to create a trust, consent of the beneficiaries and agreement of the trustee.
D) Consideration, knowledge on the part of the beneficiaries and certainty of duration.
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Page 24
Chapter 23: Other Business-Related Torts
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Q1) A sports club can be held vicariously liable for a player's battery arising from a deliberate breach of the rules.
A)True
B)False
Q2) Which of the following is NOT a defence to the tort of private nuisance?
A) Consent.
B) Provocation.
C) The taking of reasonable precautions.
D) Contributory negligence.
Q3) Which of the following is NOT a defence to an action in nuisance?
A) Contributory negligence.
B) Statutory authority.
C) That reasonable precautions had been taken.
D) Triviality of complaint.
Q4) Which of the following is NOT a defence in respect to the tort of defamation?
A) Triviality.
B) Contextual truth.
C) Fair reporting of matters of public concern.
D) Apology or offer to make amends.
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Chapter 24: Insurance
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Q1) At common law, the insured in every contract of general insurance had to have something called:
A) Pecuniary Interest.
B) Equitable Interest.
C) Valuable Interest.
D) Insurable interest.
Q2) Which of the following is an example of an insurable interest?
A) Mortgagees and mortgagors.
B) Landlords and tenants.
C) A creditor against a debtor's insolvency.
D) All of the above.
Q3) All contracts of insurance are contracts of indemnity.
A)True
B)False
Q4) Which of the following is NOT a material fact requiring disclosure by an applicant to an insurer?
A) The health of the applicant.
B) Whether the applicant has a criminal record.
C) Whether the applicant has had financial problems in the past.
D) A fact that reduces the risk.
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Chapter 25: Sale of Goods
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Q1) Why was the buyer able to refuse to pay for the goods in the case of Healy v Howlett & Sons [1919] 1 KB 337?
A) Property and risk remained with the seller.
B) The goods were unascertained.
C) The goods were identified by description only.
D) All of the above.
Q2) Which of the following is the best definition of the nemo dat quod non habet rule?
A) A buyer can only take the same rights to goods as the person from whom they acquired them.
B) A buyer can only acquire rights if they purchase in good faith and for value.
C) A seller can only transfer rights to a buyer in good faith and for value.
D) Only the person in possession can transfer possession to a buyer.
Q3) Future goods are goods identified and agreed upon at the time of the contract of sale.
A)True
B)False
Q4) Define the term 'goods.'
Q5) What is the nemo dat rule?
Q6) What are unascertained goods?
Page 27
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Chapter 26: Electronic commerce
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Q1) Which of the following types of electronic communication will NOT be regulated by the Spam Act 2003 (Cth)?
A) Mobile text messages.
B) Faxes.
C) Voice messages.
D) Emails.
Q2) Which of the following is NOT an offence under the Cybercrime Act 2001 (Cth)?
A) Unauthorised access to, or modification of, restricted data.
B) Hacking into a bank computer and accessing credit card details.
C) Harassment by electronic means.
D) Causing a website to be inundated with a large volume of unwanted messages resulting in an overloading and crashing of the computer system.
Q3) A Domain Name is the method used to identify a particular Internet address. A)True
B)False
Q4) Locate the terms and conditions of a website which you frequently visit. Do those terms and conditions cover all of the issues listed on page 672 of the text?
Q5) What is 'Cybersquatting'?
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Chapter 27: Property and mortgages
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Q1) Which of the following statements about Torrent Title is NOT correct?
A) Mortgages are created by registration rather than by transfer of ownership.
B) Title to land is established by tracing ownership through a series of deeds.
C) The registered owner generally owns the land free from all unregistered interests.
D) The State guarantees that the person named on the register as the owner is in fact the owner.
Q2) Which of the following is an equitable, rather than a legal mortgage?
A) A registered mortgage of Torrens title land.
B) A conveyance of common law system land to the mortgagee.
C) An unregistered mortgage of Torrens title land.
D) None of the above.
Q3) In what circumstances will native title that has been extinguished by a grant of freehold be 'revived'?
A) By a Crown grant.
B) By the resumption of the land by the Crown.
C) By an act of the executive.
D) Once extinguished, native title can never be revived.
Q4) What are fixtures and why is it important to determine if they are moveable or not?
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Chapter 28: Intellectual propert
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Q1) Which of the following is NOT one of the exclusive rights of the registered owner of a design?
A) To make a product which embodies the registered design.
B) To manufacture a spare part to repair existing machinery.
C) To assign any of the above rights to another person.
D) To sell, hire or otherwise dispose of a product that embodies the registered design.
Q2) The case of Fraser v Thames Television Ltd [1983] 2 All ER 101 is authority for the principle that:
A) An idea that is communicated verbally cannot be protected.
B) Ideas cannot amount to confidential information unless they are clearly identifiable and reduced into material form.
C) Ideas cannot amount to confidential information unless the content of the idea is clearly identifiable, original and capable of becoming a reality.
D) Ideas cannot amount to confidential information.
Q3) Unless a trade mark is registered, the owner has no protection.
A)True
B)False
Q4) Where does copyright exist?
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Chapter 29: Ethics and business practice
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Q1) Ethical considerations involve going beyond self-interest in reaching a decision.
A)True
B)False
Q2) Which of the following is NOT one of the propositions that make up the 'rule of law'?
A) The rights and freedoms of citizens are enforceable in the courts.
B) No person should be subject to a law without their knowledge and consent.
C) No person should be punished except for a breach of the law.
D) All persons are equal before the law.
Q3) All modern companies are required by law to have a code of ethical conduct.
A)True
B)False
Q4) In a business context, acting ethically is generally considered to involve:
A) Acting in a morally correct and honourable way.
B) Acting strictly in accordance with the law.
C) Acting in the best interests of shareholders.
D) All of the above.
Q5) List some examples of legal rules with ethical considerations.
Q6) What are some of the benefits to business in acting ethically?
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Chapter 30: Criminal law in a business context
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Q1) Criminal liability requires proof of either a guilty mind (mens rea) or a guilty act (actus reus).
A)True
B)False
Q2) A crime is defined as an offence against the state.
A)True
B)False
Q3) In the context of criminal law, what is the meaning of the term: mens rea?
A) The guilty mind.
B) The wrongful act.
C) The guilty act.
D) The wrongful mind.
Q4) In the context of the Australian Consumer Law, which of the following unfair practices will NOT attract a criminal penalty?
A) Bait advertising.
B) Misleading conduct regarding goods or services.
C) False representations as to goods and services.
D) Misleading and deceptive conduct.
Q5) What is the difference between an indictable offence and a summary offence?
Page 32
Q6) What is the difference between embezzlement and theft/robbery?
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Chapter 31: Restrictive trade practices
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Q1) Two parties who agree to put pressure on a third party not to deal with a fourth party are engaged in a secondary boycott.
A)True
B)False
Q2) The Competition and Consumer Act 2010 (Cth) prohibits the existence of monopolies.
A)True
B)False
Q3) What is the main reason for the practice of resale price maintenance?
A) Resale price maintenance is likely to increase demand for the product.
B) Resale price maintenance is an advertising ploy.
C) Discounting is perceived as anti-competitive.
D) Discounting is perceived as detrimental to the market status of the product.
Q4) In the context of the Competition and Consumer Act 2010 (Cth), which of the following statements has NOT been said about the term 'competition'?
A) Competition is a process rather than a situation.
B) Competition is a mechanism for discovery of market information.
C) Competition is a mechanism for discovery of the most successful businesses.
D) Competition includes competition from imported goods.
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Chapter 32: Negotiable instruments
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Q1) A bill of exchange is signed by Adam, addressed to Peter and made payable to Paul, who indorses and delivers it to David. In this situation Adam is referred to as:
A) The payee.
B) The drawer.
C) The drawee.
D) The acceptor.
Q2) All negotiable instruments are transferable by negotiation.
A)True
B)False
Q3) A person who has taken a cheque after value has been given but who did not themselves give value is a holder for value.
A)True
B)False
Q4) If Chris steals an open bearer cheque and uses it to purchase a computer:
A) The holder has a better title to the cheque than the rogue transferor.
B) The seller of the computer is a holder in due course.
C) The seller of the computer is entitled to cash the cheque.
D) All of the above.
Q5) What is a cheque?
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Chapter 33: Insolvency and Debt Recovery
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Q1) In what circumstances may a director be personally liable for the debts of an insolvent company?
A) The director reasonably expected that the company was solvent.
B) The director was entirely ignorant of the operations of the insolvent company.
C) The director reasonably relied on information from another that the company was solvent.
D) The director did not take part in the management of the company due to illness.
Q2) Which of the following comes first in the order of payment of debts by the trustee in bankruptcy?
A) The bankrupt's child support payments.
B) The bankrupt's employees' worker's compensation payments.
C) Administration costs including the trustee's fees.
D) The bankrupt's employees' wages.
Q3) A deed under Part X transferring all the debtor's property for the benefit of the creditors is called a deed of gift.
A)True
B)False
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35
Chapter 34: The Work Environment and the Employment Relationship
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Q1) In the context of an employment contract, an employee:
A) Controls how the task is to be done, the manner in which it is to be done and the methods and materials used.
B) Works under a contract for service.
C) Performs an agreed task for an agreed price.
D) Personally performs a task or tasks allocated to them by their employer.
Q2) A person working under a contract for service is known as an independent contractor.
A)True
B)False
Q3) Which of the following duties of an employee continue after the employment has ceased?
A) The duty to account for all money or property received in the course of their employment.
B) The duty to hand over inventions made during the course of their employment.
C) The duty to disclose information relevant to the employer.
D) The duty to obey the employer's lawful, reasonable and safe commands.
Q4) What are the aims of Occupational Health and Safety Legislation?
Q5) Outline the duties of the employer and employee.
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Chapter 35: Consumer Credit and Privacy
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Q1) Which of the following statements about the Privacy Act is NOT correct?
A) The Act does not apply to the journalism activities of media organisations.
B) The Act provides for a general right for consumers to access their own health records.
C) The Act applies to employee records held by employers.
D) All entities regulated by the Act are required to have a privacy policy.
Q2) A hire purchase agreement is a contract that involves a minimum of three parties.
A)True
B)False
Q3) The National Credit Code applies to all consumer credit contracts regardless of the amount or rate of interest.
A)True
B)False
Q4) To be valid, a mortgage must be in writing, signed by the mortgagor and clearly identify the mortgaged property.
A)True
B)False
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Chapter 36: Ethics and Regulations in Marketing and Advertising
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Q1) Which of the following is NOT one of the formal processes that have been established as a method of self regulation of the advertising industry?
A) The Advertising Federation of Australia requires members to commit to a Statement of Ethics and Code of Practice.
B) The Advertising Standards Board hears complaints about offensive advertisements.
C) The Advertising Claims Board prosecutes advertisers who breach the law.
D) The Australian Association of National Advertisers Code of practice applies to all forms of advertising in Australia.
Q2) Which of the following is an example of 'referral selling'?
A) Offering customers a chance to win a prize for themselves and a friend.
B) Offering gifts with a purchase as part of a promotional activity.
C) Paying a spotter's fee to a person as a commission for introducing new business.
D) Offering a fee or prize to a customer which is conditional on them referring new customers who also make a purchase.
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