Corporate Law
Final Exam Questions
Course Introduction
Corporate Law is a foundational course that examines the legal framework governing the formation, operation, and dissolution of corporations. Students will explore key concepts such as corporate personhood, limited liability, fiduciary duties, shareholders rights, and the roles of directors and officers. The course analyzes statutory requirements, regulatory controls, and case law that shape the internal and external affairs of corporations, including mergers, acquisitions, and corporate governance practices. Emphasis is placed on understanding the balance of power within corporations and the intersection of law and business decision-making in the corporate world.
Recommended Textbook
Business Law 9th Edition by Andy Gibson
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Page 2
Chapter 1: Legal Foundations
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Sample Questions
Q1) Procedural law:
A) Ensures that the rules of procedure and evidence are strictly followed.
B) Ensures fairness in terms of remedy.
C) Overrules substantive law.
D) Is concerned with disputes between people or organisations.
Answer: A
Q2) Are rules always laws? If not, how do they differ?
Answer: While it is generally true to say that the law is a set of rules, it doesn't automatically follow that all 'rules' are or will be 'law.' To try to determine when a 'rule' becomes 'law' is not always an easy task. It is necessary to consider: Where the rule comes from
How an offender will be dealt with when the rule is broken
How the offender will be punished and By whom
Q3) The Constitution gives the Federal Parliament absolute power to make laws to govern Australia.
A)True
B)False
Answer: False
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Page 3
Chapter 2: Origins of Australian Law
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Q1) Section 109 of the Commonwealth Constitution provides that where there is an inconsistency between a Commonwealth law and a State law:
A) The law which was made first shall prevail.
B) The Commonwealth law shall prevail.
C) The State law shall prevail.
D) The law which was made most recently shall prevail.
Answer: B
Q2) Which significant Australian law abolished appeals from the State Supreme Courts to the Privy Council in London?
A) The Privy Council (Limitation of Appeals) Act 1968 (Cth).
B) The Privy Council (Appeals) Act 1980 (Cth).
C) The Australia Act 1986 (Cth).
D) The Privy Council (Appeals from the High Court) Act 1975 (Cth).
Answer: C
Q3) 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
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Page 4
Chapter 3: Legal Systems
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Q1) An eCourt is an example of alternative dispute resolution.
A)True
B)False
Answer: False
Q2) In Western Australia, a civil dispute involving an amount of $175,000 would commence in which court?
A) Magistrates Court.
B) Court of Appeal.
C) Supreme Court.
D) District Court.
Answer: D
Q3) What is the meaning of the term 'court hierarchy'?
A) A tiered court system within each particular jurisdiction.
B) The horizontal arrangement of courts within Australia.
C) A vertical system of appellate courts.
D) The supreme courts of the various states and territories.
Answer: A
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Page 5
Chapter 4: How Law Is Made: Precedentstatute Law
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Q1) Which of the following is the best description of the Golden Rule of statutory interpretation?
A) It is necessary for the court to look at the law before the statute was passed because the meaning and intention of language used in the Act is unclear.
B) The meaning and intention of language used in the Act is unclear so it is necessary to read the act in its entirety and ask 'What mischief is this statute intended to remedy?'.
C) The meaning and intention of language used in the Act is clear and it is the court's duty to apply it.
D) It is necessary for the court to determine the meaning of a statute because the language used in the Act is either at odds with the legislator's intention, or applying it literally would lead to absurdity, injustice or repugnance.
Q2) Explain fully the importance of the doctrine of <i>ratio decidendi</i> and <i>obiter dicta.</i>
Q3) The two main sources of law in our legal system are common law and equity. A)True B)False
Q4) Explain the doctrine of <i>res judicata.</i>
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6
Chapter 5: Civil Liability: The Law of Torts and Negligence
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Q1) In <i>Graham Barclay Oysters Pty Ltd v Ryan</i> (2002) 194 ALR 337, which of the following were held to be liable for breach of duty of care?
A) The respondent, Ryan.
B) The Great Lakes Council.
C) The Government of New South Wales.
D) None of the above.
Q2) What is the name of the test that the courts use in determining the existence of a duty of care in any given circumstance?
Q3) If a plaintiff has a pre-existing condition that makes their injuries worse:
A) The 'exceptional circumstances' test will apply.
B) Damages will be reduced for contributory negligence.
C) The defendant is liable for any loss of the same kind that would be reasonably foreseeable.
D) The defendant is only liable if the particular damage is foreseeable.
Q4) A defendant will be found to have breached their duty of care if:
A) A reasonable person in the same circumstances would have taken precautions.
B) The risk of injury was foreseeable.
C) The risk of injury was significant.
D) All of the above.
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Chapter 6: Applications of Negligence to Business
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Q1) A prosecution for criminal negligence means a civil action cannot be taken.
A)True
B)False
Q2) To establish a case of occupier's liability, a plaintiff must establish that:
A) The hazard was in the nature of a 'trap' and not obvious.
B) The defendant was negligent in not putting some protection in place or giving a warning.
C) The defendant has occupation or control of the land or structure.
D) All of the above.
Q3) Under the civil liability acts, the definition of 'Community work' excludes work done for:
A) Tourism.
B) Financial gain.
C) Sport and Recreation.
D) Amusement.
Q4) Occupiers never owe a trespasser a duty of care.
A)True
B)False
Q5) What is meant by the term 'vicarious liability'?
Q6) What is occupier's liability?
Page 8
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Chapter 7: Introduction to Contracts
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Q1) The formation of an e-contract is identical to a conventional contract.
A)True
B)False
Q2) To determine the validity of a contract, the intention of the parties must be considered.
A)True
B)False
Q3) British and Australian courts over the centuries have been willing to extend and modify the rules of contract law to apply them to new technologies such as the telephone and facsimile. Why do you think that the application of contract law to online transactions required the passing of <i>specific Electronic Transactions</i> legislation?
Q4) A formal contract derives its validity from its form alone and does not require consideration to be present.
A)True
B)False
Q5) List and explain five things about your life which would be drastically different if the law of contract could not be used to enforce promises.
Q6) What is a quasi-contract?
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Chapter 8: Agreement Between the Parties
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Sample Questions
Q1) Under the electronic Transactions Act 1999 (Cth), a contract is formed:
A) When the acceptance is sent to the offeror's email address.
B) When the acceptance is received at the server specified by the offeror.
C) When the offeror reads the offeree's email.
D) When the offeree's email is opened and printed out.
Q2) Which of the following situations is likely to be seen as an offer rather than as a mere invitation to treat?
A) A poster advertising Business Law at a reduced price.
B) An email containing the question 'Can I buy your copy of Business Law for $50?'
C) A copy of Business Law in the window of a book shop with a price tag attached to it.
D) A catalogue containing a description of Business Law and the statement 'Special offer!'.
Q3) In order to reach a legally enforceable agreement, the parties to an agreement:
A) Need only reach broad agreement on the substance of the contract.
B) Must agree to more than just the substance of the contract.
C) Must expressly agree to every term of the agreement.
D) Cannot leave any details to be worked out later.
Q4) Explain the difference between an offer and an invitation to treat.
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Page 10
Chapter 9: Intention to Create Legal Relations
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Q1) What is the courts' rationale for presuming that agreements made between parties in a commercial context are intended to be legally binding? Is this a fair presumption?
Q2) The decision in Jones v Vernon Pools Ltd [1938] All ER 626 was based on the fact that:
A) The agreement was a social one.
B) The agreement was 'subject to contract.'
C) The ticket had been lost.
D) The coupon contained an 'honour clause.'
Q3) In which of the following cases did the court decide that an 'honour clause' in an agreement between a British firm and an American firm indicated that the firms did not intend to create legal relations?
A) Rose and Frank Co. v Crompton and Bros Ltd [1925] AC 445.
B) Edwards v Skyways Ltd [1964] 1 WLR 349.
C) Carlill v Carbolic Smoke Ball Co. [1893] 1 QB 256.
D) Jones v Vernon Pools Ltd [1938] All ER 626.
Q4) 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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11
Chapter 10: Consideration
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Q1) In the context of contract law, 'consideration' is defined as:
A) The act of considering the terms of a contract before agreeing to them.
B) The monetary value of the contract.
C) A sum paid by one party for the other party's offer.
D) The price paid by each party for the other party's promise or performance.
Q2) Future consideration is also known as executed consideration.
A)True
B)False
Q3) Which of the following is the best example of executory consideration?
A) A pays B $10.00 today in return for B giving A a book today.
B) A promises to pay B $10.00 tomorrow in return for B giving A a book tomorrow.
C) A promises to pay B $10.00 tomorrow in return for B giving A a book yesterday.
D) All of the above.
Q4) Why is consideration important in respect to contracts? In your answer compare the types of consideration supported by relevant cases.
Q5) Consideration must have a value that is recognised by the law.
A)True
B)False
Q6) Is it possible for past consideration to be good consideration?
Page 12
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Chapter 11: Capacity of the Parties
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Q1) A contract entered into by a corporation is enforceable:
A) Against the corporation as an artificial person.
B) Against the shareholders of the corporation.
C) Only if the contract is consistent with the corporation's constitution.
D) Against the directors of the corporation.
Q2) In Blomley v Ryan (1956) 99 CLR 362:
A) The court held that it would be unfair to enforce the contract against the farmer.
B) The court granted an order for specific performance against the farmer.
C) The court held that the farmer although drunk, still understood what he was doing and therefore the contract was valid.
D) The court held that the farmer was so drunk that his judgment was affected and this was known to Blomley.
Q3) If the court decides that the goods are necessaries, the infant only has to pay a 'fair and reasonable' price for them.
A)True
B)False
Q4) How do the courts determine whether goods or services purchased by an infant will result in a valid and enforceable contract?
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Page 13
Chapter 12: Genuine Consent
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Q1) To establish duress, the onus is on the coerced party to show it was the only reason they entered into the contract.
A)True
B)False
Q2) Explain the difference between innocent and fraudulent misrepresentation.
Q3) Which of the following situations appears to involve a 'mutual mistake'?
A) X purchased goods on credit from Y, believing Y to be Z. Y was aware of X's mistake.
B) 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.
C) 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.
D) X, who spoke little English, signed a document granting Y an option, believing it to be a receipt. This belief was encouraged by Y.
Q4) Only mistakes of law can render a contract void.
A)True
B)False
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Chapter 13: Is the Contract Legal
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Q1) A restraint of trade contract will be void if:
A) The time for which the restraint is to apply is too long.
B) The geographical extent of the restraint is too wide.
C) The restraint does not apply to a proprietary interest of the person applying the restraint.
D) Any of the above.
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) When a contract is legal at its creation but subsequently becomes illegal:
A) Remedies are never available to the guilty party.
B) Remedies are available to the guilty party as long as the innocent party receives their remedies first.
C) Remedies are sometimes available to the guilty party.
D) Remedies are always available to the guilty party.
Q4) A clause in a contract referring disputes to arbitration instead of the courts is valid.
A)True
B)False
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Page 15
Chapter 14: Terms of the Contract
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Q1) In the case of an oral contract, the intention of the parties cannot be proved.
A)True
B)False
Q2) When is a particular statement more likely to be a term of the contract rather than a mere representation?
A) The statement was made with the intention of preventing the other party from finding any defects.
B) The other party was asked to check or verify the statement.
C) Both parties placed considerable importance on the statement.
D) A long time has passed between the making of the statement and the final agreement.
Q3) What is the correct name for a term in an agreement which provides that the agreement does not become a contract until the happening of a certain event?
A) A condition subsequent.
B) A condition consequent.
C) A condition precedent.
D) A condition antecedent.
Q4) In order for a party to rely on an exclusion clause in a contract, what must they show?
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Chapter 15: Rights and Liabilities of the Parties, Discharge and Remedies
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Q1) Which of the following is the best description of discharge by release?
A) A party who has already performed their obligation chooses to relieve the other party from performing their obligation.
B) Both parties abandon their original agreement while it is still executory.
C) One party leads the other to reasonably believe that strict performance will not be insisted upon.
D) A party who has already performed their obligation agrees to relieve the other party from performing their obligation in return for their doing something different.
Q2) Why did the court find that the contract was frustrated in the case of: Krell v Henry [1903] 2 KB 740?
A) Due to the declaration of war and the consequent impossibility of performing the contract.
B) Due to the complete destruction of the subject matter of the contract.
C) Due to the non-occurrence of an event essential to achieve the substantial purpose of the contract.
D) Due to the fundamental and radical change in the circumstances of the contract.
Q3) Explain the meaning of novation and what does it create.
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Page 17
Chapter 16: Remedies in Contract
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Q1) Which of the following statements is the best description of the duty of the injured party to 'mitigate' their loss?
A) They must take all reasonable steps to minimise their loss.
B) They must take all reasonable steps to prevent the breach.
C) They must take all reasonable steps to report the breach to the court.
D) They must take all reasonable steps to transfer the loss to the party in breach.
Q2) Which of the following statements is the best description of the remedy of 'specific performance'?
A) The injured party is entitled to set aside the contract and be restored to their pre-contractual position.
B) The party at fault is restrained from breaching the contract or from committing a wrongful act.
C) The party at fault is directed to carry out their obligations under the contract.
D) The party at fault has unjustly obtained a benefit at the injured party's expense and is ordered to restore it to the injured party.
Q3) What is the purpose of rescission?
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Chapter 17: Statutory Consumer Guarantees and the Australian Consumer Law
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Q1) A consumer affected by a breach of a consumer guarantee may sue both the supplier and the manufacturer.
A)True
B)False
Q2) Which of the following factors have to be taken into account in determining 'acceptability'?
A) Whether the purpose for the goods had been made known to the seller.
B) Price.
C) The description applied to the goods.
D) All of the above.
Q3) 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.
Q4) Do you consider that the remedies now available to consumers under the Australian Consumer Law are adequate?
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) What is the main purpose of the Australian Consumer Law?
Q2) 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.
Q3) 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.
Q4) A consumer can take action against both the retailer and the manufacturer for breach of the consumer guarantees.
A)True
B)False
Page 20
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Chapter 19: Agency
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Q1) Which of the following is NOT a correct statement about an auctioneer?
A) An auctioneer is an agent of the vendor but after the fall of the hammer becomes an agent of the purchaser.
B) An auctioneer owes a duty to the vendor to accept the highest bid.
C) An auctioneer is accountable to the vendor for the collection of the purchase price.
D) An auctioneer can sue for t he purchase price in their own name.
Q2) What do you think is the rationale behind the rule that an agent must act in person? Do you agree with this rationale?
Q3) Which of the following is an example of an agency created by ratification?
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.
Q4) Agency is a fiduciary relationship.
A)True
B)False
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Chapter 20: Introduction to Companies and Incorporated
Associations
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Q1) The advantage of putting a company into administration is that it:
A) Results in a better return for creditors.
B) Results in a better return for members on a winding up.
C) Provides a defence against an action for breach of s 588G.
D) All of the above.
Q2) In which of the following situations will a director be found to have breached their duty to exercise discretion?
A) The director has put themselves in a situation where their duties to the company and their personal duties conflict.
B) The director has agreed to vote in a certain way at future board meetings.
C) The director has done something which no reasonable director could regard as being in the interests of the company.
D) The director has exercised one of their powers primarily in order to gain some private advantage.
Q3) What are the duties of company directors?
Q4) Committee members of an unincorporated association owe a fiduciary duty to the association.
A)True
B)False
Page 22
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Chapter 21: Partnerships
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Q1) 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.
Q2) Which of the following is NOT an element of apparent authority?
A) The third party was not aware that the person lacked authority.
B) The transaction was business of the kind carried on by the firm.
C) The transaction was not carried out in the usual way.
D) The third party knew or reasonably believed the person to be a partner.
Q3) Which of the following statements is NOT correct?
A) A limited partnership must be registered.
B) A limited partner has only a limited role in management of the partnership business.
C) A general partner has unlimited liability for partnership debts.
D) A limited partnership must have at least one general partner.
Q4) A partnership is automatically dissolved if one of the partners dies.
A)True
B)False
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Chapter 22: Choosing a Business Entity
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Q1) Which of the following statements about a partnership is true?
A) Partnerships, like sole traders, are not regulated by statute.
B) Due to ongoing disclosure requirements, secrecy is generally difficult to maintain.
C) Partners have a heavier tax burden than a sole trader.
D) Liability of partners for partnership debts is unlimited and personal.
Q2) Franchises are regulated by the common law of contract.
A)True
B)False
Q3) Which of the following is an advantage of a franchise for the franchisor?
A) Virtually instant reputation and goodwill.
B) Benefiting from the marketing efforts of the other party.
C) Benefiting from the financial expertise of the other party.
D) Rapid expansion.
Q4) Which of the following is an advantage of a franchise for the franchisee?
A) Rapid expansion.
B) Virtually instant reputation and goodwill.
C) Total control over the business.
D) Fewer staff problems.
Q5) What is a sole trader?
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Chapter 23: Other Business-Related Torts
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Q1) Which of the following is NOT required to be proved in an action in defamation?
A) That the statement made by the defendant is defamatory.
B) That the statement made by the defendant was published.
C) That the statement made by the defendant refers to or identifies the plaintiff.
D) That the defendant intended to harm the reputation of the plaintiff.
Q2) Which of the following statements is the best description of 'Nervous Shock'?
A) An intentional act which causes another to reasonably believe that they are in imminent danger of harmful or offensive contact.
B) An intentional or negligent act which brings about an immediate or direct harmful or offensive contact to another.
C) An intentional, direct and total restraint upon the liberty of another.
D) A statement made to another in a way that is intended to cause physical injury to them and that does in fact cause a reasonably foreseeable physical harm to them.
Q3) An apology by the defendant will have no effect on an action for defamation.
A)True
B)False
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Chapter 24: Insurance
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Q1) A life insurance policy is a contract of indemnity.
A)True
B)False
Q2) Life insurance policies are treated as ongoing contracts and therefore not subject to renewal.
A)True
B)False
Q3) Carla insures her residence for $300,000 when it is in fact worth $500,000. If the contract contains a 'subject to average' clause and a fire causes $100,000 worth of damage, how much is the insurer obliged to pay?
A) $75,000.
B) $60,000.
C) $100,000.
D) $80,000.
Q4) What is the relationship between insurance law and tort law?
Q5) Fraud on the part of one co-insured will always prevent the other from recovering under an insurance policy.
A)True
B)False
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Chapter 25: Sale of Goods
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Q1) Now that the Competition and Consumer Act 2010 (Cth) contains the major consumer protection provisions, what do you perceive to be the major benefits in a contract for the sale of goods of the various state Sale of Goods acts?
Q2) Which of the following is NOT an exception to the nemo dat quod non habet rule?
A) The goods are purchased by a person with statutory or common law powers.
B) The seller is selling as a factor or mercantile agent.
C) The owner gives the impression that the seller has authority to sell.
D) The goods are purchased in a public market by a buyer in good faith and without knowledge of the seller's lack of title to sell.
Q3) The term caveat emptor means:
A) The buyer must beware.
B) The buyer must be protected.
C) The buyer must be blamed.
D) The buyer must be warned.
Q4) It is important to know when property passes because risk of loss of damage is with the owner.
A)True
B)False
Q5) What are unascertained goods?
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Chapter 26: Electronic commerce
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Q1) Which of the following is the best definition of the term: 'domain name'?
A) The method used to protect computer systems from unauthorised interaction.
B) The method of data encryption and digital identification used to ensure integrity of online communications.
C) The method used to identify a particular Internet address.
D) The method used by browsers to scramble personal information before it is sent over the Internet.
Q2) Which of the following is NOT a remedy for a person who suffers loss or damage as a result of a breach of the Spam Act 2003 (Cth)?
A) Civil penalties.
B) Compensation.
C) Injunction.
D) Recovery of financial benefits.
Q3) An electronic signature is a method of authenticating an electronic transmission.
A)True
B)False
Q4) What is 'Cybersquatting'?
Q5) What is an electronic communication?
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Chapter 27: Property and mortgages
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Q1) Which of the following is NOT one of the remedies of a mortgagee?
A) Register a caveat to protect their interest.
B) Sue the mortgagor personally for the debt.
C) Exercise power of sale over the mortgaged land.
D) Foreclose and acquire ownership of the mortgaged land.
Q2) To place a restriction on the use of land by future owners, it is necessary to:
A) Record an easement on the title.
B) Execute a memorial as part of the chain of title.
C) Record a restrictive covenant as an encumbrance on the title.
D) Register a caveat against the title.
Q3) Assignment of a lease involves a transfer of the original lease into the name of the assignee.
A)True
B)False
Q4) An agreement for lease must contain which of the following terms?
A) Details of the consideration to be paid.
B) The date of commencement and term of the lease.
C) A description of the parties and the property being leased.
D) All of the above.
Q5) What is the meaning of the term 'survivorship' in respect to interests in land?
Page 29
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Chapter 28: Intellectual propert
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Q1) Where does copyright exist?
Q2) Copyright law gives the copyright holder the right to stop another person from:
A) Reproducing the work in a material form.
B) Adapting the work into another form.
C) Performing the protected work in public.
D) All of the above.
Q3) Once a work is 'made' the creator must register their copyright in order to protect their rights.
A)True
B)False
Q4) Which of the following could be registered as a design?
A) A CD cover.
B) A chair.
C) A book.
D) A painting.
Q5) In the context of patent registration, what does the term 'useful' mean?
A) The invention is capable of being used in a practical way.
B) The invention is mechanical rather than biological.
C) The invention is not known publicly.
D) The invention involves an inventive step.
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Chapter 29: Ethics and business practice
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Q1) 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.
Q2) Ethical investment involves investing in companies in order to make them behave ethically.
A)True
B)False
Q3) A person's understanding of the law will be determined by their:
A) Religious and ethical views.
B) Moral views and standards.
C) Political views.
D) All of the above.
Q4) The distinction between the letter and the spirit of the law is largely a moral or ethical question.
A)True
B)False
Q5) List some examples of legal rules with ethical considerations.
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Chapter 30: Criminal law in a business context
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Q1) Which of the following is NOT a common remedy in a civil case?
A) Damages.
B) An injunction.
C) Specific performance.
D) A fine.
Q2) A person charged with a crime is presumed innocent until proved to be guilty.
A)True
B)False
Q3) Which of the following statements about criminal procedure is NOT correct?
A) An indictable offence is heard by a judge and jury.
B) Criminal proceedings are commenced either by summons or by the arrest of a person.
C) A summary offence is heard by a magistrate and jury.
D) An indictable offence will first be heard by a magistrate in a committal hearing.
Q4) Industrial sabotage involves obtaining access to confidential information such as secret formulas, client lists or financial information.
A)True
B)False
Q5) What is the difference between embezzlement and theft/robbery?
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Chapter 31: Restrictive trade practices
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Q1) The concepts of 'market' and 'competition' are essential to the effective operation of the Competition and Consumer Act 2010 (Cth).
A)True
B)False
Q2) Which of the following Agreements signed by the Commonwealth, State and Territory Governments established the National Competition Council?
A) The Conduct Code Agreement.
B) The Competition Principles Agreement.
C) The Agreement to Implement the National Competition Policy and Related Reforms.
D) All of the above
Q3) 'Vertical price fixing' includes an agreement to fix, control or maintain price, made between:
A) Competing businesses at the same level of business activity.
B) Manufacturer or wholesaler and retailer.
C) Retailer and retailer.
D) Buyers.
Q4) What is the constitutional basis for the Competition and Consumer Act 2010 (Cth)?
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Chapter 32: Negotiable instruments
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Q1) Negotiability means that a person who takes an instrument in good faith will acquire all the rights to it in spite of any defect in title.
A)True
B)False
Q2) Explain the difference between the nemo dat rule and negotiability as an exception to this rule.
Q3) The Nemo dat quod non habet rule means that no-one can give a better title than they themselves have.
A)True
B)False
Q4) Which of the following would NOT result from a countermand of payment of an open bearer cheque?
A) The cheque will become stale.
B) The financial institution will be liable to the customer if they pay the cheque.
C) The financial institution on which the cheque is drawn must refuse payment of the cheque.
D) The drawer may still be liable to a holder in due course for the amount of the cheque.
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Chapter 33: Insolvency and Debt Recovery
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Q1) Which of the following is NOT a step to commence bankruptcy proceedings?
A) Creditor serves a bankruptcy notice.
B) Meeting of creditors.
C) Creditor files a petition with court.
D) Debtor commits an act of bankruptcy.
Q2) Property available for distribution to the creditors includes all property owned by the bankrupt at the date of commencement, or acquired after that date and at any time up to discharge.
A)True
B)False
Q3) The date of commencement of a bankruptcy on a creditor's petition is calculated by going back six months from the date of the sequestration order.
A)True
B)False
Q4) What are the three main aims of the Bankruptcy Act 1966 (Cth)?
Q5) An insolvent is a person who is unable to pay debts as and when they fall due out of the debtor's own funds.
A)True
B)False
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Chapter 34: The Work Environment and the Employment Relationship
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Q1) When will an employee NOT be covered by Workers' Compensation if they are injured?
A) While travelling between their home and place of employment.
B) At their place of work during a lunch break.
C) While working for the employer at a place other than their usual place of work.
D) While travelling to meet a friend during a lunch break.
Q2) Why was the issue of the employment relationship crucial to the success of the plaintiff's case in Hollis v Vabu Pty Ltd (2002) 207 CLR 21?
A) So that he could hold the courier vicariously liable for the injuries he received.
B) Because he was injured in the course of his employment.
C) So that he could hold the employer vicariously liable for the negligence of the courier.
D) Because the Courier was an independent contractor.
Q3) A person working under a contract for service is known as an independent contractor.
A)True
B)False
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Chapter 35: Consumer Credit and Privacy
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Q1) The Australian Privacy Principles prohibit the use of pseudonyms by individuals.
A)True
B)False
Q2) A hire purchase agreement is a contract that involves a minimum of three parties.
A)True
B)False
Q3) Which of the following transactions will be covered by the National Credit Code?
A) Angela pawns her ring with a pawnbroker.
B) Bryce borrows $5,000 from his uncle.
C) A strata corporation borrows $25,000 to repaint the building.
D) Colin receives an advance on his wages from his employer.
Q4) Which of the following factors will a court consider in determining whether a credit contract is unjust?
A) The terms of other comparable transactions involving other credit providers.
B) The relative bargaining power of the parties.
C) Whether independent legal advice was obtained.
D) All of the above.
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Chapter 36: Ethics and Regulations in Marketing and Advertising
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Q1) Which of the following is the correct definition of a 'slotting allowance'?
A) Selling a product at a low price with the intention of driving competitors out of the market.
B) Taking advantage of a change in market circumstances to increase prices.
C) Charging a supplier a fee for access to the shelf space of a retail store.
D) Inducing a customer to sign an open ended periodic payment authority.
Q2) A code of conduct is a formal set of guiding principles designed to ensure ethical behavior.
A)True
B)False
Q3) Giving and receiving gifts raises ethical issues because:
A) It reduces the profits of the giver of the gift.
B) It reduces economic activity.
C) There may be an expectation that something will be done in return.
D) It gives an unfair advantage to the receiver of the gift.
Q4) 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
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