Company Law
Exam Materials
Course Introduction
Company Law explores the legal framework governing the formation, management, and dissolution of companies. The course introduces students to key concepts such as corporate personality, limited liability, company formation procedures, and regulatory compliance. It examines the roles and responsibilities of directors and shareholders, corporate governance principles, fiduciary duties, and mechanisms of accountability. In addition, students study legal issues related to company finance, mergers and acquisitions, and remedies for improper conduct. Through analyzing statutes, case law, and contemporary challenges, the course equips students with a comprehensive understanding of the legal environment in which companies operate.
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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38 Verified Questions
38 Flashcards
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Sample Questions
Q1) Which is the best definition of Civil Law as a legal system?
A) Laws based on the Koran.
B) Codified laws.
C) Laws based on the Bible.
D) Laws made by sovereigns.
Answer: B
Q2) The Australian Constitution gives the Federal Parliament exclusive power to make laws with respect to:
A) Education.
B) Business.
C) Health.
D) Defence.
Answer: D
Q3) The main objective of criminal law is to seek compensation for the victim.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Origins of Australian Law
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Sample Questions
Q1) Which of the following is NOT a concurrent power of the Commonwealth under s 51 of the Commonwealth Constitution?
A) Taxation.
B) Customs.
C) Marriage.
D) Banking.
Answer: B
Q2) Which principle was effectively laid to rest by the High Court in the case of <i>Mabo v Queensland (No. 2)</i> (1992) 175 CLR 1?
A) The settlement of Australia.
B) The doctrine of precedent.
C) The separation of powers.
D) <i>Terra nullius.</i>
Answer: D
Q3) The <i>Statute of Westminster</i> (1931) (Imp) made Australia a federation.
A)True
B)False
Answer: False
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4
Chapter 3: Legal Systems
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41 Flashcards
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Sample Questions
Q1) Why might an accused person prefer to have an indictable matter dealt with summarily in an inferior court instead of in a higher court?
A) Inferior courts settle disputes less formally.
B) Inferior courts settle disputes more cheaply.
C) Inferior courts settle disputes more quickly.
D) All of the above.
Answer: D
Q2) Which of the following is NOT one of the objectives of the High Court?
A) To grant special leave to appeal from other superior courts.
B) To serve as a final court of appeal within the Australian legal system.
C) To provide a simpler and more accessible alternative to the Federal Court.
D) To guard and interpret the Australian Constitution.
Answer: C
Q3) An appeal from a decision of the Supreme Court of Victoria may be taken to the Privy Council.
A)True
B)False
Answer: False
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5
Chapter 4: How Law Is Made: Precedentstatute Law
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Sample Questions
Q1) The benefits of being able to use the internet as a source of law include:
A) Information is available free of charge.
B) Information is current.
C) Information is available quickly.
D) All of the above.
Q2) The decisions of higher courts in a different hierarchy are binding on lower courts in another hierarchy.
A)True
B)False
Q3) Which of the following statements best reflects the translation of the term 'ratio decidendi'?
A) 'A matter which has been adjudicated upon.'
B) 'The reason for the decision.'
C) 'Let the decision stand.'
D) 'A saying by the way.'
Q4) To be valid, regulations need to be approved by Parliament.
A)True
B)False
Q5) Explain the doctrine of <i>res judicata.</i>
Q6) List some of the advantages and disadvantages of the doctrine of precedent.
Page 6
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Chapter 5: Civil Liability: The Law of Torts and Negligence
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Sample Questions
Q1) 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.
Q2) The onus is on the plaintiff to prove that their action is within the limitation period.
A)True
B)False
Q3) What is the name of the test that the courts use in determining the existence of a duty of care in any given circumstance?
Q4) The reasonable person test, in the case of children, gives way to the standard of a child of similar age and experience.
A)True
B)False
Q5) Define a tort.
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Page 7
Chapter 6: Applications of Negligence to Business
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Sample Questions
Q1) In what circumstances will an employer be vicariously liable for the negligent act of an employee?
A) Always.
B) Only if the employee is an independent contractor.
C) Never.
D) Only if the negligent act was carried out in the course of their employment.
Q2) Liability for criminal negligence might arise because:
A) The accused failed to exercise reasonable care and this caused death or injury to a member of the community.
B) There was a very serious departure from reasonable standards of care.
C) The accused was reckless in the face of it being reasonably foreseeable that the injured person would suffer serious harm.
D) All of the above.
Q3) In <i>Grant v Australian Knitting Mills</i> [1936] AC 85, the manufacturer:
A) Was liable to the customer under the product liability law.
B) Was not liable to the customer for breach of an implied term in the contract.
C) Was not liable because the customer had the opportunity to inspect the product.
D) Was liable for breach of duty of care owed to the customer.
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Page 8
Chapter 7: Introduction to Contracts
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Sample Questions
Q1) A unilateral contract is one where both parties still have to perform their obligations.
A)True
B)False
Q2) Which of the following is the best description of an 'illegal' contract?
A) The contract remains valid and binding unless and until it is repudiated by the injured party.
B) There are no legal rights or obligations from the outset, and the contract cannot be enforced by either party.
C) While the contract is valid on its face, no legal action can be brought on it.
D) The purpose of the contract contravenes a statute or the common law.
Q3) What is a quasi-contract?
Q4) For the creation of an apparent simple contract, intention, agreement and consideration must be shown to be present.
A)True
B)False
Q5) What are the elements that are necessary for the creation of a valid simple contract?
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9
Chapter 8: Agreement Between the Parties
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Sample Questions
Q1) When goods are sold by tender, the offer is accepted and the contract is formed:
A) According to the terms on which the invitation to tender is made.
B) As soon as the announcement is made by the seller.
C) When the tenderer accepts the sellers offer by submitting a tender.
D) When the seller accepts the tenderer's offer by accepting the tender.
Q2) Which of the following is NOT a requirement of a valid revocation of an offer?
A) The revocation must take place prior to acceptance of the offer by the offeree.
B) The offeree must be made aware of the revocation of offer.
C) The offeror must give notice of the revocation to the offeree.
D) The offeror must sign and date the revocation of offer.
Q3) In Carlill v Carbolic Smoke Ball Co [1893] 1 QB 256, the advertisement placed by the company was:
A) An offer.
B) A statement of intention.
C) An invitation to treat.
D) None of the above.
Q4) What is the purpose of an option?
Q5) When you purchase goods at an online auction, who makes the offer, who accepts the offer, and when and where is the contract formed?
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Chapter 9: Intention to Create Legal Relations
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Sample Questions
Q1) In which of the following cases did the court decide that an agreement between three friends to share the prize money in a lottery was contractually binding?
A) Teen Ranch Pty Ltd v Brown (1995) 38 AILR 5-036.
B) Balfour v Balfour [1919] 2 KB 571.
C) Merritt v Merritt [1970] 2 All ER 760.
D) Trevey v Grubb (1982) 44 ALR 20.
Q2) What is a letter of comfort?
Q3) Advertisements are presumed not to intend legal relations.
A)True
B)False
Q4) By including the wording 'this agreement is subject to contract' it is clear that the parties do not yet intend to be legally bound to a contract.
A)True
B)False
Q5) Explain the two legal presumptions that assist courts to determine the intention of parties that enter into agreements with each other. What does it mean when these presumptions are called 'rebuttable'?
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Page 11
Chapter 10: Consideration
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Sample Questions
Q1) To what extent has the doctrine of promissory estoppel made the requirement that all simple contracts be supported by consideration irrelevant?
Q2) Which case is authority for the principle that a promise made after an act is not supported by consideration?
A) Lampleigh v Braithwait (1615) Hob 105; 80 ER 255.
B) Anderson v Glass [1869] 5 WW&A'B(L) 152.
C) Dunlop Pneumatic Tyre Co Ltd v Selfridge & Co Ltd [1915] AC 847.
D) Roscorla v Thomas [1842] 3 QB 234.
Q3) The plaintiff in Dunlop Pneumatic Tyre Co Ltd v Selfridge & Co Ltd [1915] AC 847 was unable to enforce the defendant's promise because:
A) The promise had been made to Dew & Co.
B) There was no privity of contract between Dunlop and Selfridge.
C) Dunlop had given Selfridge no consideration.
D) All of the above.
Q4) The effect of the rules of consideration is that the law can only be used to enforce bargains, but it cannot be used to enforce promised gifts. Is this distinction between gifts and bargains a fair one?
Q5) Explain what is meant by the expression 'valuable consideration.'
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Chapter 11: Capacity of the Parties
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Sample Questions
Q1) Where voidable contracts with infants are concerned, the infant can only recover money they have paid to the other party if they can establish that there has been a total failure of consideration.
A)True
B)False
Q2) A contract with a minor which is enforceable and binding on both parties is called:
A) A voidable contract.
B) A void contract.
C) A good contract.
D) A valid contract.
Q3) A corporation has limited contractual capacity.
A)True
B)False
Q4) Do all persons, natural and legal, have full contractual capacity to enter into contracts?
Q5) A valid transaction allows the minor to repudiate the contract.
A)True
B)False
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Chapter 12: Genuine Consent
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Sample Questions
Q1) Explain the difference between innocent and fraudulent misrepresentation.
Q2) Where mutual mistake is pleaded, the courts apply an objective standard of the reasonable person.
A)True
B)False
Q3) Which of the following situations appears to involve a 'unilateral mistake'?
A) X, who spoke little English, signed a document granting Y an option, believing it to be a receipt. This belief was encouraged by Y.
B) Two parties agreed to send goods by a particular ship but there were two ships with that name and each party was thinking of a different ship.
C) X purchased goods on credit from Y, believing Y to be Z. Y was aware of X's mistake.
D) A beneficiary and an insurance company negotiated a life insurance policy, both unaware that the subject of the life insurance policy was in fact already dead.
Q4) Why are courts generally reluctant to set aside a contract due to a mistake by one of the parties? Do you agree with this reluctance?
Q5) Explain the difference between duress and undue influence.
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Chapter 13: Is the Contract Legal
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Sample Questions
Q1) Why was the contract enforced in St John Shipping Corporation v Joseph Rank Ltd [1957] 1 QB 267?
A) The prohibition was in the public interest.
B) The plaintiffs were responsible for the breach.
C) The prohibition related to the operation of the business rather than formation of the contract.
D) The illegal behavior was only incidental to performance of the contract.
Q2) At common law, a restraint of trade clause will be enforced if it is reasonable in the circumstances. If you were drafting legislation intended to enact this common law principle, how would you define the term 'reasonable'?
Q3) Which of the following restraints of trade would NOT be likely to be valid?
A) A restraint upon a solicitor from carrying on business in the same city for one year after the sale of the practice.
B) A restraint upon the vendor of a business from carrying on a similar business within the same district in the next 3 years.
C) A restraint upon an employee from divulging trade secrets.
D) A restraint upon the vendor of a business from carrying on a similar business anywhere for the rest of his life.
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Page 15
Chapter 14: Terms of the Contract
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Sample Questions
Q1) What was the reason for the decision in the case of Hoyts Pty Ltd v Spencer (1919) 27 CLR 133?
A) The oral statement was promissory and therefore enforceable as a collateral contract.
B) The oral statement was representational rather than promissory.
C) The oral statement was intended to form part of the agreement between the parties.
D) The oral statement was inconsistent with the terms of the written document.
Q2) Which of the following statements is the best description of a 'condition subsequent'?
A) A term in a contract not essential to the main purpose of the contract, non-performance of which will not entitle the plaintiff to rescind the contract.
B) A term in a contract which provides that the contract will terminate on the happening of a particular event.
C) A term which must be satisfied before a contract can come into existence.
D) A term in a contract, the consequences of breach of which cannot be determined until after the breach has occurred and the seriousness of the effects of the breach can be ascertained.
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Page 16
Chapter 15: Rights and Liabilities of the Parties, Discharge and Remedies
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Sample Questions
Q1) Why did the court find that the contract was frustrated in the case of: Taylor v Caldwell (1863) 122 ER 309?
A) Due to the declaration of war and the consequent impossibility of performing the contract.
B) Due to the non-occurrence of an event essential to achieve the substantial purpose of the contract.
C) Due to the fundamental and radical change in the circumstances of the contract.
D) Due to the complete destruction of the subject matter of the contract.
Q2) A contract that has been breached is void ab initio.
A)True
B)False
Q3) Which of the following involves the discharge of a contract by operation of law?
A) One of the parties becomes bankrupt.
B) Each party discharges the obligation of the other to perform the contract.
C) One of the parties fails to carry out their obligation completely, and the other party accepts this.
D) Performance of the contract becomes impossible due to the occurrence of an unforeseen event.
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Chapter 16: Remedies in Contract
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Q1) The main purpose of damages is to enable the innocent party to receive monetary compensation.
A)True
B)False
Q2) Which of the following remedies is NOT an equitable remedy?
A) Injunction.
B) Exemplary damages.
C) Specific performance.
D) An Anton Pillar order.
Q3) Enforcement of contractual rights involves seeking the appropriate remedy.
A)True
B)False
Q4) Exemplary damages are awarded when the court feels that it needs to punish the party in default.
A)True
B)False
Q5) What is a penalty?
Q6) Why might the innocent party prefer to obtain rescission as a remedy for breach of contract, rather than an order for damages?
Q7) 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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Sample Questions
Q1) Why was the plaintiff successful in obtaining a full refund in the case of Rowland v Divall [1923] 2 KB 500?
A) Because he had only had the car for four months.
B) Because the seller had no right to sell him the car.
C) Because the owner had no right to sell him the car.
D) Because the true owner had made a claim against him.
Q2) If goods can only be used for one purpose, they will be unacceptable if they are not fit for that purpose.
A)True
B)False
Q3) In Grant v Australian Knitting Mills [1936] AC 85, why was Grant entitled to sue the retailer under Sale of Goods legislation?
Q4) In the context of a sale by sample the buyer will not be considered to have accepted the goods until they have had the opportunity to examine them.
A)True
B)False
Q5) What is the difference between a sale by sample and a sale by description?
Page 19
Q6) 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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Sample Questions
Q1) Manufacturer's liability for breach of the consumer guarantees extends to importers where there is no manufacturer in Australia.
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) The statutory prohibition of unconscionable conduct in s 21 of the Australian Consumer Law replaces the common law.
A)True B)False
Q4) Section 18 is often used by businesses to take action against competitors.
A)True
B)False
Page 20
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Chapter 19: Agency
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Sample Questions
Q1) In which of the following circumstances will delegation of an agent's authority NOT be permitted?
A) Where the agent's duties are purely administrative.
B) Where the agent determines that the delegation is in the best interests of the principal.
C) Where the delegation arises out of necessity.
D) Where the delegation is permitted by the principal either expressly or impliedly.
Q2) When an agent negotiates a contract between a principal and a third party, the agent acquires no rights or duties under the contract.
A)True
B)False
Q3) Which of the following is an example of an agency created by necessity?
A) Adam is entrusted with Peter's property and finds it necessary to do something with it in order to preserve it.
B) Peter retrospectively affirms the authority of Adam.
C) Adam and Peter become partners in a partnership.
D) Peter appoints Adam under a general power of attorney to carry out a particular transaction on his behalf.
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Chapter 20: Introduction to Companies and Incorporated
Associations
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Q1) Which of the following statements about a debenture holder is NOT true?
A) A debenture holder has the same rights as a shareholder of the company.
B) A debenture holder is a secured creditor of the company.
C) A debenture holder can sue the company for unpaid interest.
D) A debenture holder can take action to have the company wound up.
Q2) Which of the following statements is NOT true?
A) ASIC initiates civil and criminal action for breaches of the Corporations Act 2001 (Cth).
B) ASIC Monitors and promotes market integrity.
C) ASIC monitors compliance with accounting standards.
D) ASIC investigates breaches of Australian law that relates to a company.
Q3) Which of the following is NOT one of the statutory duties of a director under the Corporations Act 2001 (Cth)?
A) Act in good faith.
B) Avoid insolvent trading.
C) Disclose personal interests.
D) None of the above.
Q4) An important result of incorporation is limited liability.
A)True
B)False
Page 22
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Chapter 21: Partnerships
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Sample Questions
Q1) The case of: Canny Gabriel Castle Jackson Advertising Pty Ltd v Volume Sales (Finance) Pty Ltd [1974] HCA 22 is authority for the principle that:
A) 'Carrying on' of a business requires repetition of acts.
B) The existence of a partnership is determined from what the parties do rather than what they call themselves.
C) Partnership agreements should be in writing.
D) The existence of a fiduciary relationship is essential for the creation of a partnership.
Q2) In what circumstances can a majority of partners expel a partner?
A) If the power to expel is contained in the partnership agreement and exercised in good faith.
B) Partners cannot be expelled by a majority under any circumstances.
C) If the partnership agreement contains the power to expel.
D) Expulsion is allowed in equity for breach of fiduciary duties.
Q3) Partnerships are regulated by:
A) The common law.
B) Equity.
C) The Partnership Act of the relevant state or territory.
D) All of the above.
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23
Chapter 22: Choosing a Business Entity
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Sample Questions
Q1) What is a trust?
Q2) Which of the following is NOT one of the duties of a trustee?
A) Preserve the trust property.
B) Indemnify the beneficiaries for any losses.
C) Act in accordance with the trust.
D) Avoid conflict of interest and personal benefit.
Q3) What is a sole trader?
Q4) Which of the following is an accurate description of a constructive implied trust?
A) The trustee has the power to choose the beneficiaries and the amounts to be paid to them.
B) The parties clearly intended to create a trust, but did not express that intention.
C) Each beneficiary is identified in the trust deed and has an equal share in the trust.
D) A person has become the legal owner of property as the result of a breach of fiduciary duty.
Q5) Franchises are regulated by the common law of contract.
A)True
B)False
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24
Chapter 23: Other Business-Related Torts
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Q1) A merchant who induces their customers to wrongly believe that the merchant's goods are connected with or associated with another person commits the tort of:
A) Passing off.
B) Intimidation.
C) Injurious falsehood.
D) Conspiracy.
Q2) Conspiracy is both a crime and a tort.
A)True
B)False
Q3) A journalist who publishes a defamatory statement about the conduct of a politician may be able to rely upon the defence of:
A) Consent.
B) Fair reporting of matters of public concern.
C) Unlikelihood of harm.
D) Absolute privilege.
Q4) The tort of nuisance is concerned with the use and enjoyment of land.
A)True
B)False
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Chapter 24: Insurance
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Q1) If an insured under a life insurance policy understates their age, the insurer may:
A) Reduce the premiums payable and repay the overpaid premiums with interest.
B) Cancel the policy.
C) Increase the sum insured proportionately.
D) Reduce the sum insured proportionately.
Q2) Explain the purpose of a cover note.
Q3) Contracts of insurance are contracts of utmost good faith.
A)True
B)False
Q4) The doctrine of subrogation:
A) Is limited in its application by the Insurance Contracts Act 1984 (Cth).
B) Continues without restriction.
C) Was abolished by the Insurance Contracts Act 1984 (Cth).
D) Was overruled by the High Court.
Q5) An insurance broker is:
A) An employee of an insurance company.
B) An employee of the insured.
C) An agent of an insurance company.
D) An independent adviser.
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Chapter 25: Sale of Goods
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Q1) Which of the following statements is the best description of 'unascertained' goods?
A) Goods that are defined by description only, such as 'A bag of apples.'
B) Goods identified and agreed upon at the time of sale, such as 'This apple.'
C) Goods to be manufactured or acquired by the seller after the time of sale, such as 'Your next crop of apples.'
D) Goods which were previously unascertained but have now been identified and agreed upon by the parties, such as 'I accept your selection of apples in this bag.'
Q2) In the context of an unconditional contract for the sale of specific goods in a deliverable state, who bears the loss if the goods are destroyed before the buyer takes delivery of them?
A) The seller.
B) Whoever is at fault.
C) The buyer.
D) The seller's insurer.
Q3) Estoppel is an exception to the nemo dat quod non habet rule.
A)True
B)False
Q4) What is the nemo dat rule?
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Chapter 26: Electronic commerce
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Q1) Which of the following is NOT included in the definition of Electronic Funds Transfer?
A) Paying bills by BPAY.
B) Using a card to withdraw money from an ATM or EFTPOS terminal.
C) Transferring money between two bank accounts via the internet.
D) Purchasing goods in a shop using a credit card.
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) As a result of the decision in Dow Jones & Co Inc v Gutnick [2002] HCA 56, 'publication' of an article online takes place:
A) At the place of the web server on which the article was uploaded.
B) At the place of the publisher's computer.
C) At the place of the computer on which the article was downloaded.
D) All of the above.
Q4) What is 'Cybersquatting'?
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Chapter 27: Property and mortgages
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Q1) Which of the following statements about strata title is NOT correct?
A) The strata title is vested in the owner's corporation.
B) A strata title is evidence of the horizontal subdivision of the land and/or airspace.
C) The owner's corporation is responsible for management, control and administration of the building.
D) A strata plan can only be registered over Torrens Title land.
Q2) Which of the following is the best definition of a licence in relation to land?
A) Permission to use property in a certain way.
B) A right attached to a particular piece of land for the benefit of another.
C) A grant of exclusive possession of property.
D) An agreement conferring an estate or interest in land for a limited time.
Q3) To what extent has the High Court's decision in the Mabo Case been modified by subsequent legislation?
Q4) 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.
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Chapter 28: Intellectual propert
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Q1) Which of the following is the best definition of a 'collective' trade mark?
A) A trade mark registered in respect of a type of goods and services not sold by the registered proprietor in order to defend a well-established trademark.
B) A trade mark used to indicate a special quality rather than a connection between a person and particular goods or services.
C) A sign used to distinguish the goods or services of members of an association from those of non-members.
D) A sign indicating the overall appearance, resulting from the visual features of an object of manufacture.
Q2) Which of the following statements about 'passing off' is NOT correct?
A) Passing off will not be available if a trade mark is registered.
B) The tort of passing off is designed to protect the reputation or goodwill of a business.
C) Passing off will not be available if the business has not acquired a relevant reputation or goodwill.
D) Passing off arises when a person attempts to 'pass off' or pretend that their goods are those of another person.
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Chapter 29: Ethics and business practice
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Q1) Lawyers are officers of the court and are therefore expected to act within the spirit of the law.
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) In relation to the concept of organisational integrity, which of the following statements is NOT correct?
A) It is based on self-regulation in accordance with a formal set of guiding principles.
B) It is concerned with the ethical behaviour of a corporate entity.
C) It is designed to ensure that responsibility for wrongful acts will be borne by the individuals responsible.
D) It depends on the existence of an ethical corporate culture.
Q4) Describe the ethical considerations and duties of businesses in today's society?
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Chapter 30: Criminal law in a business context
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Q1) 'Chain of responsibility' legislation means that any person in a position of control in a transport operation can be held personally liable for breaches of road laws.
A)True
B)False
Q2) An indictable offence is a less serious offence that cannot be dealt with summarily.
A)True
B)False
Q3) In a criminal trial, the burden of proof will be:
A) On the police to prove the guilt of the accused.
B) On the accused to prove their innocence.
C) On the accused but may shift to the Crown in offences of strict liability.
D) On the Crown but may shift to the accused in offences of strict liability.
Q4) Insider trading is not a criminal offence because no one is harmed by its consequences.
A)True
B)False
Q5) In respect of a criminal prosecution, who has the burden of proof and what is the standard of proof?
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Chapter 31: Restrictive trade practices
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Q1) An authorisation is a determination that the conduct is not contrary to the Act.
A)True
B)False
Q2) Which of the following is NOT one of the functions of the Australian Competition and Consumer Commission?
A) Hearing appeals from decisions to grant or revoke authorisations.
B) Educating the public and the business community by providing consumer guidance.
C) Administering and enforcing the Competition and Consumer Act 2010 (Cth).
D) Authorising otherwise prohibited restrictive trade practices.
Q3) Which of the following bodies is primarily responsible for enforcing the Competition and Consumer Act 2010 (Cth)?
A) The Prices Surveillance Authority.
B) The Australian Competition and Consumer Commission.
C) The Australian Competition Tribunal.
D) The Trade Practices Commission.
Q4) Actions to enforce the Act are heard by the Australian Competition Tribunal.
A)True
B)False
Q5) What is the role and function of Australian Competition and Consumer Commission?
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Chapter 32: Negotiable instruments
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Q1) Which of the following is NOT an advantage of a bill of exchange?
A) In the event of a dishonour, the holder has rights against the prior parties to the bill.
B) A single bill can be used to settle two or more debts.
C) The holder of the bill can only demand payment if they are named on the bill.
D) The creditor can sue on the bill itself without referring back to the original contract which created the debt.
Q2) The basic duty of a collecting bank is to credit the drawer's account.
A)True
B)False
Q3) In which of the following disputes will the Banking Industry Ombudsman NOT become involved?
A) A complaint about a specific banking service.
B) Maladministration by the bank.
C) A credit card dispute.
D) The bank's commercial judgment in a lending decision.
Q4) What is a cheque?
Q5) A person taking a negotiable instrument does so at their own risk.
A)True
B)False
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Chapter 33: Insolvency and Debt Recovery
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Q1) Property available to the trustee for the benefit of creditors includes:
A) Contributions to an eligible superannuation plan.
B) Property used as security for a debt.
C) Property seized by a creditor under a writ of execution within 6 months of the bankruptcy.
D) Damages or compensation for injury.
Q2) A bankrupt may be examined by the court upon the application of the trustee or a creditor.
A)True
B)False
Q3) A bankrupt who fraudulently conceals property with the intent to defraud creditors may be imprisoned for up to three years.
A)True B)False
Q4) Prepare a comparative analysis of the advantages and disadvantages of bankruptcy.
Q5) The most common act of bankruptcy is failure to comply with a bankruptcy notice. A)True B)False
Page 35
Q6) What are the three main aims of the Bankruptcy Act 1966 (Cth)?
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Chapter 34: The Work Environment and the Employment Relationship
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Q1) 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.
Q2) Briefly explain how equal opportunity in the workplace is an alternative to discrimination and its relationship with the principle of affirmative action.
Q3) In the event of any inconsistency between them, which of the following takes precedence?
A) State industrial awards or industrial agreements.
B) State legislation.
C) The common law employment contract.
D) The Fair Work Act 2009 (Cth).
Q4) Where there is no continuity of employment between the employer and the employee, the contract is a casual contract.
A)True
B)False
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Chapter 35: Consumer Credit and Privacy
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Q1) If a finance company is a party to a hire purchase agreement they will be:
A) The dealer of the goods.
B) The financier of the goods.
C) The owner of the goods.
D) All of the above.
Q2) If mortgaged goods are sold by a credit provider under the National Credit Code the borrower is fully discharged from any amount outstanding.
A)True
B)False
Q3) Which of the following is unlikely to entitle the borrower to apply for relief under the hardship provisions of the National Credit Code?
A) Francine quits her job after an argument with her boss.
B) Edgar goes overseas to visit relatives and decides to stay.
C) Donna is unable to work after a serious car accident.
D) All of the above.
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) Injurious falsehood involves a misrepresentation by a person in the course of trade that their goods or services are connected with another with the intention to deceive potential customers.
A)True
B)False
Q2) An alternative to registration of a patent would be to protect the idea using the tort of passing off.
A)True
B)False
Q3) The rise of ambush marketing reflects the increasing value of sponsorship of major events.
A)True
B)False
Q4) The role of the marketer is to make potential customers aware of a product.
A)True
B)False
Q5) The National Measurement Institute is the sole trade measurement authority in Australia.
A)True
B)False
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