Entrepreneurship Law Final
Exam
Course Introduction
Entrepreneurship Law examines the legal frameworks and regulatory environments impacting startups and nascent businesses. The course covers essential topics such as business formation and structure, intellectual property protection, contract negotiation, financing strategies, risk management, and compliance with regulatory requirements. Through case studies and practical examples, students will gain a foundational understanding of how legal considerations shape entrepreneurial decision-making and learn to identify common legal challenges faced by innovators and founders across various industries.
Recommended Textbook
Business Law 9th Edition by Andy Gibson
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Chapter 1: Legal Foundations
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Q1) 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
Q2) The main function of the Australian Parliament is to:
A) Determine State government policies.
B) Protect the rights of the citizens.
C) Inform the citizens of their rights.
D) Enact laws according to the Australian Constitution.
Answer: D
Q3) Which of the following is NOT an aspect of public law?
A) Negotiable instruments law.
B) Criminal law.
C) Taxation law.
D) Administrative law.
Answer: A
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3
Chapter 2: Origins of Australian Law
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Q1) The doctrine of separation of powers was formulated by:
A) A Phillip.
B) J Montiesquieu.
C) J Cook.
D) A B Dicey.
Answer: B
Q2) The doctrine of separation of powers:
A) Is a constitutional requirement of federalism in Australia.
B) Is based on the idea that no one person or body should exercise more than one power.
C) Requires that there is a separation of power between the state and federal governments.
D) Refers to the division of power between the House of Representatives and the Senate. Answer: B
Q3) The<i> Colonial Laws Validity Act</i> 1865 (Imp) gave the colonies the right to amend their constitutions.
A)True
B)False
Answer: True
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Page 4
Chapter 3: Legal Systems
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Q1) The role of the Jury is to decide matters of fact.
A)True
B)False
Answer: True
Q2) Explain the difference between a Court of first instance and a Court of appeal.
Answer: The difference between a court of first instance and an appellate court, is that the appeal court has appellate jurisdiction, that is to hear appeals from other courts, whereas a court of first instance has original jurisdiction, because it is the court to which the dispute or issue is taken for the first time.
Q3) What is the appellate jurisdiction of the High Court?
A) To hear appeals from State and Territory Supreme Courts, the Family Court of Australia and from the Federal Court of Australia.
B) The High Court does not have an appellate jurisdiction.
C) To hear indictable offences against the laws of the Commonwealth, cases where the Commonwealth itself is a party, disputes between two or more states, or matters involving residents of two or more states.
D) To guard and interpret the States' Constitutions.
Answer: A
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Chapter 4: How Law Is Made: Precedentstatute Law
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Q1) List some of the advantages and disadvantages of the doctrine of precedent.
Q2) If a bill is twice rejected by the Senate while being passed by the House of Representatives on both occasions, which of the following may occur?
A) A referendum.
B) An appeal to the High Court.
C) The Prime Minister decides whether the bill is passed.
D) A double dissolution of both houses.
Q3) The two main sources of law in our legal system are common law and equity.
A)True
B)False
Q4) The draft of a proposed statute is called delegated legislation.
A)True B)False
Q5) The maxim noscitur a sociis refers to the rule used to find a viable meaning for a broad general word.
A)True
B)False
Q6) Explain fully the importance of the doctrine of <i>ratio decidendi</i> and <i>obiter dicta.</i>
Page 6
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Chapter 5: Civil Liability: The Law of Torts and Negligence
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Q1) 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.
Q2) The recent statutory reforms to the law of negligence provide that, in the event of contributory negligence on the part of the plaintiff, the court can reduce the defendant's liability by 100%, thereby defeating the plaintiff's claim. Can you think of a situation where it would be appropriate to relieve a negligent defendant from liability entirely?
Q3) In tort law, who is the 'reasonable person'?
A) The plaintiff.
B) The judge.
C) The defendant.
D) A person of normal intelligence.
Q4) The modern law of negligence was established by the Ipp Report.
A)True
B)False
Q5) Describe the difference between tort law and contract law.
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Chapter 6: Applications of Negligence to Business
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Q1) An auditor will never under any circumstances owe a duty of care to a third party.
A)True
B)False
Q2) It is easier to take action against a manufacturer of a defective product under consumer protection legislation than under the common law because:
A) It is quicker and cheaper.
B) There is no need to prove fault.
C) Statute law takes precedence over the common law.
D) The manufacturer is strictly liable.
Q3) A 'non-delegable' duty of care is:
A) Less onerous than an ordinary duty of care.
B) As onerous as an ordinary duty of care.
C) An absolute duty to take reasonable care.
D) More onerous than an ordinary duty of care.
Q4) Occupiers never owe a trespasser a duty of care.
A)True
B)False
Q5) What is a non-delegable duty of care?
Q6) What is meant by the term 'vicarious liability'?
Page 8
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Chapter 7: Introduction to Contracts
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Q1) In the context of an e-contract, acceptance of an offer takes place:
A) When the offeree sends the message to the offeror.
B) When the offeror sends the message to the offeree.
C) When the offeror receives the message from the offeree.
D) When the offeree receives the message from the offeror.
Q2) A 'happy hour' offering half price drinks between 6:00 and 7:00 every Friday is an example of a:
A) Bilateral contract.
B) Express contract.
C) Implied contract.
D) Unilateral contract.
Q3) Which of the following statements is the best description of a 'void' 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.
Q4) What is a quasi-contract?
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Chapter 8: Agreement Between the Parties
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Q1) What is the correct name for a term in an agreement which provides that the agreement will terminate upon the happening of a certain event?
A) A condition precedent.
B) A condition consequent.
C) A condition subsequent.
D) A condition antecedent.
Q2) In order to be contractually binding on the parties, an agreement:
A) May arise by implication as a result of the conduct of the parties.
B) Must be expressed in writing and signed.
C) Must be expressed in writing but need not be signed in all cases.
D) Must be either expressed in writing or expressed verbally.
Q3) An offer may be made to the world at large.
A)True
B)False
Q4) An offer is NOT terminated by:
A) A counter-offer by the offeree.
B) A request for more information by the offeree.
C) A rejection of that offer by the offeree.
D) A qualified acceptance by the offeree.
Q5) What is the purpose of an option?
Page 10
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Chapter 9: Intention to Create Legal Relations
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Q1) What is a letter of comfort?
Q2) The law presumes that in social agreements the parties intend to create legal relations.
A)True
B)False
Q3) In which type of agreement is the onus on the defendant to show that legal relations were not intended?
A) Domestic agreements.
B) Social agreements.
C) Commercial agreements.
D) Voluntary agreements.
Q4) In determining whether the parties to an agreement intended to form a contract, why do the courts so often rely upon legal presumptions?
A) Because parties frequently lie about their intention.
B) Because it is rare for both parties to have the same intention.
C) Because parties rarely express their intention.
D) Because that is the law.
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11
Chapter 10: Consideration
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Sample Questions
Q1) In which case was the issue of past consideration considered in the context of an employment contract?
A) Roscorla v Thomas [1842] 3 QB 234.
B) Dunlop Pneumatic Tyre Co Ltd v Selfridge & Co Ltd [1915] AC 847.
C) Lampleigh v Braithwait (1615) Hob 105; 80 ER 255.
D) Anderson v Glass [1869] 5 WW&A'B(L) 152.
Q2) Future consideration is also known as executed consideration.
A)True
B)False
Q3) Consideration must have a value that is recognised by the law.
A)True
B)False
Q4) Estoppel results in a suspension of the promisor's legal rights.
A)True
B)False
Q5) A promise to accept a lesser sum in satisfaction of a greater sum will be enforceable if it is contained in a deed.
A)True
B)False
Q6) Explain what is meant by the expression 'valuable consideration.'
Page 12
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Chapter 11: Capacity of the Parties
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Q1) The Minors Contracts (Miscellaneous Provisions) Act 1979 SA replaces the common law in relation to contracts with minors in SA.
A)True
B)False
Q2) For a beneficial contract of service to be valid, the benefits should outweigh any harsh conditions.
A)True
B)False
Q3) A contract with a minor which the minor has a right to repudiate is called:
A) A good contract.
B) A void contract.
C) A valid contract.
D) A voidable contract.
Q4) A person wishing to repudiate a contract for intoxication must do so within a reasonable time.
A)True
B)False
Q5) In respect to beneficial contracts of service for infants in respect to all forms of training and employment, what factors do the courts take into account?
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Chapter 12: Genuine Consent
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Q1) 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.
Q2) Under the Australian Consumer Law, unconscionability is the same as misleading and deceptive conduct.
A)True
B)False
Q3) A contract induced by fraud is void.
A)True
B)False
Q4) The right of an innocent party to rescind may be lost if the parties cannot be substantially restored to their original positions.
A)True
B)False
Q5) Explain the difference between duress and undue influence.
Q6) Explain the difference between innocent and fraudulent misrepresentation.
Page 14
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Chapter 13: Is the Contract Legal
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Q1) The courts adopt a different approach depending upon the circumstances in which a restraint may be imposed. Discuss.
Q2) Why were the contracts enforced by the court in the case of: Yango Pastoral Company Pty Ltd v First Chicago Australia Ltd [1978] HCA 42?
A) The prohibition was in the public interest.
B) The prohibition related to the operation of the business rather than formation of the contract.
C) The plaintiffs were responsible for the breach.
D) The illegal behavior was only incidental to performance of the contract.
Q3) A contract that is legal when it is formed but performed in an illegal manner may be:
A) Valid but unenforceable.
B) Valid and enforceable.
C) Valid but voidable.
D) Void and unenforceable.
Q4) Contracts in restraint of trade are regarded as prima facie void.
A)True
B)False
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Chapter 14: Terms of the Contract
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Q1) If a document containing an exclusion clause is not signed, the clause will not apply.
A)True
B)False
Q2) What is the court's rationale for distinguishing between 'representations' and 'terms'? Do you agree with this rationale?
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) If one of the parties had a specific skill or knowledge with regard to the subject matter of the contract, then a statement is probably a term.
A)True
B)False
Q5) Breach of condition allows the injured party to only sue for damages.
A)True
B)False
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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 '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.
Q2) The decision of the court in Cutter v Powell (1795) 101 ER 573 was that:
A) The contract was divisible and the widow could recover the proportion of the contract amount equal to the number of days that Cutter had completed before he died.
B) The contract was entire and hence the widow could recover nothing.
C) Cutter's death terminated the contract and the contract was therefore void.
D) The widow of the deceased was entitled to payment based on a quantum meruit.
Q3) Using case law examples, demonstrate how the doctrine of frustration has evolved over the last 200 years.
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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 'exemplary' damages?
A) An amount awarded where the innocent party's rights have been infringed but they have suffered no actual loss.
B) An amount awarded to compensate the innocent party for the loss suffered as a result of the breach of contract.
C) An amount awarded to punish the party in breach of the contract.
D) An amount based upon a genuine pre-estimate of actual loss flowing from the breach of contract.
Q2) Restitution is based on unjust enrichment.
A)True
B)False
Q3) Enforcement of contractual rights involves seeking the appropriate remedy.
A)True
B)False
Q4) What is the purpose of rescission?
Q5) Damages are a common law remedy, whereas specific performance and injunction are equitable remedies. How do common law remedies and equitable remedies differ?
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Chapter 17: Statutory Consumer Guarantees and the Australian Consumer Law
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Q1) If the supplier of goods fails to comply with a consumer guarantee which is not a major failure, a consumer may:
A) Require the supplier to remedy the failure.
B) Immediately reject the goods.
C) Seek compensation.
D) Immediately have the failure remedied elsewhere.
Q2) The Australian Consumer Law applies to all consumer transactions involving a sale of goods but not goods on exchange or lease.
A)True
B)False
Q3) In relation to the supply of goods, when will a failure to comply with a consumer guarantee be considered a major failure?
A) If the goods are substantially unfit for the purpose for which goods of that nature are commonly supplied.
B) If the goods are significantly different from their description or sample.
C) If the goods are unfit for a disclosed purpose or unsafe.
D) All of the above.
Q4) Under the Australian Consumer Law, who is a consumer?
Q5) What is the difference between a sale by sample and a sale by description?
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Chapter 18: General and Specific Consumer Protections
Under the Acl
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Q1) In Nationwide News Pty Ltd v ACCC [1997] ATPR 41-543 an advertisement offering a 'free mobile for every reader' was found to be a false or misleading representation because:
A) The advertisement contained conditions which required readers to enter into a service contract at a substantial cost.
B) The conditions were in smaller print than the offer itself and therefore less likely to be noticed.
C) In fact the offer of the mobile was not free.
D) All of the above.
Q2) Conduct that is misleading and deceptive under s 18 of the Australian Consumer Law can result in both civil and criminal penalties.
A)True
B)False
Q3) Which of the following is NOT a power available to a regulator to enforce the Australian Consumer Law?
A) Adverse publicity order.
B) Injunction.
C) Compensation order.
D) Non-punitive order.
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Chapter 19: Agency
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Q1) A contract must exist between the agent and the third party as well as the agent and the principal for agency law to apply.
A)True
B)False
Q2) In what circumstances will Peter be an employer and Paul an employee?
A) Paul is claiming to be Peter's legal representative.
B) Peter is paying Paul to perform a task and Paul is subject to the control and direction of Peter.
C) Peter is paying Paul to perform a task but has no control over how Paul will complete the task.
D) Paul has authority to bind Peter to a contract with a third party.
Q3) Where a principal, by words or conduct, creates the appearance of an agency that is reality does not exist, this is an example of:
A) Implied actual authority.
B) Express actual authority.
C) Retrospective actual authority.
D) Apparent or ostensible authority.
Q4) Describe how an agency relationship can be terminated.
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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) Which type of company is the most appropriate for a husband and wife running a small business?
A) A company is not appropriate for a small family business.
B) Small proprietary company limited by shares.
C) Small public company limited by shares.
D) Public no liability company.
Q3) A company has a separate legal existence to its shareholders and employees.
A)True
B)False
Q4) An incorporated association will cease to exist if members do not renew their membership.
A)True
B)False
Q5) What is a prospectus?
Page 22
Q6) What are the duties of company directors?
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Page 23
Chapter 21: Partnerships
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Q1) A partnership may be dissolved by:
A) Illegality.
B) The parties.
C) Operation of law.
D) All of the above.
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) Which of the following situations is most likely to be a partnership?
A) Adam and Bruce have agreed to stage a play together and to share gross returns but not liability.
B) Adam and Bruce carry on a restaurant business together.
C) Adam and Bruce own land together; Adam owns two-thirds and Bruce owns one-third.
D) Adam and Bruce own land together as joint tenants.
Q4) What is a joint venture?
Q5) Is it necessary for a partnership to advise customers when a partner retires?
Page 24
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Chapter 22: Choosing a Business Entity
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Q1) In choosing a business entity which of the following is NOT a factor in making the decision?
A) Tax implications.
B) Limiting potential liability.
C) Government approval.
D) Opportunity to raise capital.
Q2) Which of the following statements about a trustee is NOT true?
A) The liability of a trustee is unlimited unless a company is appointed to operate the business of the trust.
B) Any person capable of holding the title to property is capable of being a trustee.
C) The trustee is responsible for all losses on trust investments.
D) The trustee is entitled to full indemnity out of the trust property for their expenses and costs.
Q3) 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.
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Chapter 23: Other Business-Related Torts
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Q1) Assault, Battery and false imprisonment are all examples of unintentional torts.
A)True
B)False
Q2) Explain the meaning of private nuisance and what the plaintiff must prove to succeed.
Q3) Which of the following statements about battery is NOT correct?
A) Battery must be the result of a positive act.
B) Damages, including exemplary damages, are the usual remedy for battery.
C) Any amount of contact can amount to battery provided it is without consent.
D) Battery must involve physical contact between the plaintiff and the defendant.
Q4) Which of the following is NOT an element of the tort of breach of statutory duty?
A) The damage suffered was caused by the breach and was personal injury or property damage.
B) The person in breach intended to harm the person affected and was at fault.
C) The legislation intended to confer a civil remedy upon a person affected by the breach of duty.
D) The plaintiff is a person for whom the benefit of the legislation was passed.
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Chapter 24: Insurance
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Q1) Which of the following statements about insurance is NOT correct?
A) The insurance premium is calculated on the basis of the risk insured.
B) Insurance is a means for people and businesses to protect themselves against the risk of loss.
C) It is possible to insure against both speculative and pure loss.
D) It is possible to insure against loss caused by natural disasters or legal action.
Q2) The aim of a contract of indemnity insurance is:
A) To assist the insured to rebuild his business or home.
B) To put the insured back to the position they occupied before the occurrence of the loss.
C) To assist the insured to make a profit out of their loss.
D) To assist the insured against unforseen business or economic losses.
Q3) An insured under a contract for general insurance must disclose to the insurer:
A) All facts that could influence the insurer as to whether or not to accept the risk.
B) All facts known to be material by the insured.
C) All facts known to be material by a reasonable person in the position of the insured.
D) All material facts.
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Chapter 25: Sale of Goods
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Q1) It is important to know when ownership of goods passes from the seller to the buyer for three out of the following four reasons. Which answer option is NOT one of those reasons?
A) Risk of loss or damage to the goods passes with ownership.
B) Once ownership has passed to the buyer, the buyer generally cannot reject the goods for breach of a condition.
C) Possession of the goods passes with ownership.
D) Until ownership passes to the buyer, the buyer cannot pass on title to third parties.
Q2) Define the term 'goods.'
Q3) The terms 'property' and 'possession' mean one and the same thing in law.
A)True
B)False
Q4) It is important to know when property passes because risk of loss of damage is with the owner.
A)True
B)False
Q5) A seller with a voidable title is unable to give good title to a buyer.
A)True
B)False
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Chapter 26: Electronic commerce
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Q1) In the case of: CSR Ltd v Resource Capital Australia Pty Ltd (2003) 128 FCR 408, registration of the plaintiff's name as a domain name was held to be:
A) A misrepresentation at common law.
B) Contrary to the Domain Names Registration legislation.
C) Misleading and deceptive conduct under the Australian Consumer Law.
D) All of the above.
Q2) There is no entitlement to statements or paper receipts if the transaction is made electronically.
A)True
B)False
Q3) What is an electronic communication?
Q4) Electronic banking is regulated by:
A) The Code of Banking Practice.
B) The Electronic Funds Transfer Code of Practice.
C) The Building Society Code of Practice.
D) All of the above.
Q5) What is 'Cybersquatting'?
Q6) Outline some of the difficulties in applying the law to the World Wide Web (Internet).
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Chapter 27: Property and mortgages
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Q1) What is the meaning of the term 'survivorship' in respect to interests in land?
Q2) When exercising the power of sale, a mortgagee has a duty to take reasonable steps to obtain a fair price.
A)True
B)False
Q3) Co-owners who hold an equal and undivided interest in property that is characterised by the four unities and survivorship are called joint tenants.
A)True
B)False
Q4) To what extent has the High Court's decision in the Mabo Case been modified by subsequent legislation?
Q5) 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.
Q6) Describe the three main types of property.
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Chapter 28: Intellectual propert
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Q1) An infringement under the Designs Act will occur if a person, without authority:
A) Destroys a design.
B) Includes the article in a television program.
C) Applies the design to any article in respect of which the design applies.
D) All of the above.
Q2) Which of the following is the best definition of a 'patent'?
A) The overall appearance, resulting from the visual features of an object of manufacture.
B) A sign used to distinguish goods or services provided in the course of a trade from those of another.
C) A manner of manufacture that is useful, novel and involves an inventive step that hasn't been used before in Australia.
D) Artistic works given an industrial application.
Q3) 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.
Q4) What constitutes fair dealing?
Q5) Where does copyright exist?
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Chapter 29: Ethics and business practice
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Q1) What was the ethical issue raised by the McCabe case?
A) Smokers make an informed decision to smoke so are responsible for their own decision.
B) The plaintiff died before the defendant could appeal.
C) The destruction of the documents was legal at the time but made a fair trial impossible.
D) A trial needs to be fair to both parties.
Q2) Morals are concerned with the distinction between right and wrong.
A)True
B)False
Q3) An ethical investor invests in companies:
A) Whose directors have studied ethics.
B) Who operate ethically.
C) Whose shareholders behave ethically.
D) Who are regulated by ethical laws.
Q4) Ethical investment involves investing in companies in order to make them behave ethically.
A)True
B)False
Q5) List some examples of legal rules with ethical considerations.
Page 32
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Chapter 30: Criminal law in a business context
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Q1) Which of the following is prohibited under the Cybercrime Act 2001 (Cth)?
A) Unauthorised modification of data.
B) Unauthorised access, modification or impairment with intent to commit a serious offence.
C) Unauthorised impairment of electronic communication.
D) All of the above.
Q2) Which of the following is NOT a common remedy in a civil case?
A) Damages.
B) An injunction.
C) Specific performance.
D) A fine.
Q3) What is the penalty for breach of the restrictive trade practices provisions of the Competition and Consumer Act 2010 (Cth)?
A) A fine of $10 million.
B) A fine of 10 per cent of the turnover of the preceding 12 months.
C) A fine of three times the illegal benefit obtained.
D) Any of the above.
Q4) What is the difference between an indictable offence and a summary offence?
Q5) In respect of a criminal prosecution, who has the burden of proof and what is the standard of proof?
Page 33
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Chapter 31: Restrictive trade practices
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Q1) Only corporations can be liable for breaches of the Competition and Consumer Act 2010 (Cth).
A)True
B)False
Q2) Corporations that have become merged in contravention of the Act can be separated by forcing the disposal of shares.
A)True
B)False
Q3) To establish a 'contract, arrangement or understanding' in breach of the Competition and Consumer Act 2010 (Cth), a plaintiff has to show evidence of:
A) Adoption of a particular course of action.
B) The meeting of two or more minds.
C) A plan of action.
D) All of the above.
Q4) The Competition and Consumer Act 2010 (Cth) prohibits the existence of monopolies.
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) 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
Q2) A stale cheque is one that has been in circulation for more than six months.
A)True
B)False
Q3) 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.
Q4) What is the difference between a cheque crossed as 'Not Negotiable' and a cheque with a general crossing?
Q5) What is a cheque?
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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) The case of: Morley v Statewide Tobacco Service Ltd (1992) 10 ACLC 1233 is authority for the principle that:
A) Ignorance of the company's position is no excuse.
B) The test for director's liability under s 588G is objective rather than subjective.
C) Liability for a company's debts is determined by what the director ought to have known rather than what they actually knew.
D) All of the above.
Q3) Which of the following is NOT an option for a company in financial difficulty?
A) Liquidation.
B) Bankruptcy.
C) The appointment of a receiver.
D) The appointment of a liquidator.
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Chapter 34: The Work Environment and the Employment Relationship
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Q1) In the context of an employment contract, an independent contractor:
A) Works under a contract of services.
B) Performs an agreed task for an agreed price.
C) Personally performs a task or tasks allocated to them by the employer.
D) Is subject to the control and direction of the employer.
Q2) Which of the following is NOT a source of regulation of employment law in Australia?
A) The common law.
B) International treaties.
C) State legislation.
D) Federal legislation.
Q3) Which of the following is NOT one of the ten National Employment Standards under the Fair Work Act 2009 (Cth)?
A) Minimum wages.
B) Compassionate leave.
C) Maximum weekly hours of work.
D) Public holidays.
Q4) The worker's compensations schemes are based on the laws of negligence.
A)True
B)False
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Chapter 35: Consumer Credit and Privacy
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Q1) A linked credit provider may be liable for any loss or damage cause by defective goods or services provided by the supplier.
A)True
B)False
Q2) Which of the following security can NOT be registered under the Personal Property Security Act 2009 (Cth)?
A) A home loan mortgage.
B) A floating charge.
C) A hire purchase agreement.
D) A chattel mortgage.
Q3) The Credit Reporting Code permits a credit provider to collect both positive and negative information about a borrower's consumer credit history.
A)True
B)False
Q4) The National Credit Code applies to all consumer credit contracts regardless of the amount or rate of interest.
A)True
B)False
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Page 38
Chapter 36: Ethics and Regulations in Marketing and Advertising
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Q1) Which of the following is a reason a business might choose to act ethically?
A) To avoid government regulation.
B) To avoid adverse market reaction.
C) To increase public confidence in the business.
D) All of the above
Q2) Packaging is an important issue for consideration by a marketer because:
A) It must be designed so as not to cause injury.
B) It must not mislead consumers.
C) It must be different from that of competitors so that consumers are not confused.
D) All of the above.
Q3) The case of Carlill v Carbolic Smoke Ball Co [1893] 1 QB 256 is authority for the principle that there is no contract between an advertiser and a consumer.
A)True
B)False
Q4) The role of the marketer is to make potential customers aware of a product.
A)True
B)False
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