Introduction to Business Law Exam Preparation Guide
Course Introduction
Introduction to Business Law offers students a foundational understanding of the legal principles and frameworks that govern commercial activities. The course explores contract law, agency relationships, torts, property law, and the regulatory environment in which businesses operate. Emphasis is placed on how laws influence business decision-making, ethical considerations, and dispute resolution. Students will analyze real-world cases to develop critical thinking skills and learn how to identify legal issues and risks commonly faced by organizations, preparing them to navigate the complex legal landscape of the modern business world.
Recommended Textbook
Business Law 9th Edition by Andy Gibson
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Page 2
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) Roman law, Canon law and Merchant law are major sources of English law.
A)True
B)False
Answer: False
Q3) Common law emphasises rights, Civil law emphasises remedies.
A)True
B)False
Answer: False
Q4) If there is a conflict between common law and Equity:
A) Equity will prevail.
B) Either could prevail depending on the circumstances of the case.
C) Equity prevails but only if the court allows it to.
D) Common law will prevail.
Answer: A
Page 3
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Chapter 2: Origins of Australian Law
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Q1) Which of the following cases was the beginning of a watershed for Indigenous peoples in Australia in respect to native land holdings?
A) The Wik People v Queensland; The Thayorre People v Queensland (1996) 187 CLR 1.
B) Mabo v Queensland (No. 2) (1992) 175 CLR 1.
C) Millirrpum v Nabalco Pty Ltd (1971) 17 FLR 141.
D) Cooper v Stuart (1889) 14 App Cas 286.
Answer: B
Q2) The <i>Statute of Westminster</i> (1931) (Imp) made Australia a federation.
A)True
B)False
Answer: False
Q3) In the Australian context, the division of power refers to:
A) The division of power between the Commonwealth and the States.
B) The division of power between Britain and Australia.
C) The division of power between the legislature and the executive.
D) The division of power between the courts and the government.
Answer: A
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Chapter 3: Legal Systems
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Q1) The term jurisdiction refers to the types of cases a particular court can hear.
A)True
B)False
Answer: True
Q2) What is a class action?
A) An action taken by more than one litigant.
B) An action taken by multiple persons with similar claims against another party.
C) An action taken by one person against multiple persons.
D) An action taken against more than one litigant.
Answer: B
Q3) The role of the Jury is to decide matters of fact.
A)True
B)False
Answer: True
Q4) An eCourt is an example of alternative dispute resolution.
A)True
B)False
Answer: False
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Page 5
Chapter 4: How Law Is Made: Precedentstatute Law
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Q1) 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.'
Q2) Which of the following will NOT be used by a court to assist in the interpretation of Queensland legislation?
A) Common law rules of statutory interpretation.
B) Previous cases or precedent.
C) The Acts Interpretation Act 1901 (Cth).
D) Objects clauses and definitions sections in the legislation.
Q3) 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.
Q4) Obiter dictum can never be a binding precedent.
A)True
B)False
Page 6
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Chapter 5: Civil Liability: The Law of Torts and Negligence
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Q1) A tort is a civil wrong rather than a criminal wrong.
A)True
B)False
Q2) Which of the following is NOT a factor a court will take into account when assessing the relevant standard of duty?
A) The seriousness of the consequences if an injury occurs.
B) The probability of the risk of injury.
C) The level of remorse expressed by the defendant.
D) The opportunities for, and cost of, eliminating the risk.
Q3) In the case of <i>Donoghue v Stevenson</i> [1932] AC 562, why did Donoghue sue Stevenson in negligence and not contract?
A) The contract between Stevenson and Donoghue expressly excluded liability.
B) There was no contract between Donoghue and Stevenson.
C) The law of contract cannot be used to recover compensation for personal injury.
D) The contract was between Donoghue and the retailer.
Q4) Define a tort.
Q5) What is the name of the test that the courts use in determining the existence of a duty of care in any given circumstance?
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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) Following the decision in <i>Esanda Finance Corporation v Peat Marwick Hungerfords</i> (1997) 71 ALJR 448, to whom does an auditor owe a duty of care?
A) Anyone who reads the report.
B) Only to the company who commissioned the report.
C) Anyone who they know will rely on the report.
D) Anyone who buys shares in the audited company.
Q3) Which of the following is NOT a factor a court must take into account in deciding whether a public authority has breached its duty of care?
A) Evidence of compliance with general procedures.
B) The financial and other resources reasonably available to the authority.
C) The broad range of the authority's activities.
D) Whether they are in occupation or control of the premises.
Q4) Pure economic loss means there is no physical damage or injury.
A)True
B)False
Q5) What is a non-delegable duty of care?
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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) The decision in <i>Lee Road Pty Ltd v Catanzariti & Anor</i> [2005] SADC 64 was that an exchange of faxes was sufficient to satisfy the requirement for written evidence of a contract.
A)True B)False
Q3) Which of the following is NOT required to bring a simple contract into existence?
A) There must be genuine consent.
B) There must be an agreement.
C) There must be valuable consideration.
D) There must be a real intention to be bound.
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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Chapter 8: Agreement Between the Parties
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Q1) An offer may be made to the world at large.
A)True
B)False
Q2) In relation to contract law an invitation to treat is best described as:
A) An offer to accept an offer.
B) An offer.
C) An offer to offer an offer.
D) An offer to consider offers.
Q3) If an agreement is made between two parties of unequal bargaining power:
A) The court will not enforce the agreement.
B) The court will nevertheless enforce the agreement.
C) The court will not enforce the agreement if the pressure used by the stronger party was unconscionable.
D) The court will only enforce the agreement if the weaker party could have chosen to deal with another person, but did not do so.
Q4) If an offer and acceptance cannot be identified, there can never be a contract.
A)True
B)False
Q5) Explain the difference between an offer and an invitation to treat.
Q6) 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) Parties to a commercial agreement who do not wish the agreement to be legally binding:
A) Can expressly declare that they do not intend to create legal relations.
B) Are unable to prevent the agreement from being legally enforceable.
C) Need not do anything.
D) Can expressly exclude the jurisdiction of the courts.
Q2) The existence or an intention to create a legally binding agreement is a question of law.
A)True
B)False
Q3) In which of the following cases did the court decide that a volunteer worker injured while working was not entitled to worker's compensation?
A) Teen Ranch Pty Ltd v Brown (1995) 38 AILR 5-036.
B) Balfour v Balfour [1919] 2 KB 571.
C) Wakeling v Ripley (1951) SR(NSW) 183.
D) Simpkins v Pays [1955] 1 WLR 975.
Q4) Domestic agreements can never be binding.
A)True
B)False
Q5) What is a letter of comfort?
Page 11
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Chapter 10: Consideration
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Q1) 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.
Q2) Estoppel was rejected Easts Van Villages v Minister Administering the National Parks and Wildlife [2001] NSWSC 559 because:
A) The plaintiff had not suffered any detriment.
B) The defendant's statement was not unambiguous.
C) Estoppel was not rejected.
D) The parties had equal bargaining power.
Q3) 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?
Q4) Only a promise supported by consideration will be enforced by a court.
A)True
B)False
Q5) Explain what is meant by the expression 'valuable consideration.'
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Chapter 11: Capacity of the Parties
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Q1) The beneficiaries in O'Connor v Hart [1985] 1 NZLR 159 were unable to have the contract set aside because:
A) The beneficiaries were not mentally unsound.
B) The beneficiaries were not aware that the farmer was mentally unsound.
C) The beneficiaries could not establish that Hart was mentally unsound and that the other party was aware or should have been aware of this.
D) None of the above.
Q2) What is the court's rationale for being reluctant to enforce a contract against a person under the age of 18 years? Do you agree with this rationale? Why or why not?
Q3) A corporation has limited contractual capacity.
A)True
B)False
Q4) If a person becomes mentally ill after entering into a contract, that contract will be voidable.
A)True
B)False
Q5) How does the law prevent a minor taking advantage of the laws relating to the contractual capacity of minors?
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Chapter 12: Genuine Consent
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Q1) Which of the following statements is the best description of 'duress'?
A) The improper use of fraudulent information.
B) The improper use of a position of influence or power to induce a contract.
C) The improper use of a superior bargaining position to induce a contract.
D) The improper use of violence or of threats of violence to induce a contract.
Q2) Which of the following situations appears to involve 'Undue Influence'?
A) A woman gave all of her property to the religious order of which she was a member.
B) The directors of a company issued a prospectus which contained information that was incorrect.
C) A man induced another to sign a contract by telling him that if he did not, he would report his son to the police for committing a criminal offence.
D) An elderly Italian couple sign a mortgage in favour of a Bank guaranteeing their son's debts; the Bank manager knows the couple are unaware of the son's financial difficulties.
Q3) Under the Australian Consumer Law, unconscionability is the same as misleading and deceptive conduct.
A)True
B)False
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Page 14
Chapter 13: Is the Contract Legal
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Q1) Why was the plaintiff in the case of Re Mahmoud v Ispahani [1921] 2 KB 716 unsuccessful despite the fact that they were innocent of any illegality?
A) The contract was illegal as formed.
B) The statute prohibited the making of the contract.
C) The prohibition was in the public interest.
D) All of the above.
Q2) 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.
Q3) An employer can enforce a restraint of trade clause in a contract of employment with an employee, provided it is not an attempt to limit competition.
A)True
B)False
Q4) How can the court's willingness to declare a contract illegal or void at common law be reconciled with the courts' determination to respect the notion of 'freedom of contract'?
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Page 15
Chapter 14: Terms of the Contract
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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 incorrect?
A) The difference between a representation and a term depends on the intention of the parties.
B) The test to distinguish a representation from a term is an objective one.
C) A representation that induces a party to enter a contract will be a term.
D) A representation that is not a term is not actionable in contract law.
Q3) If a collateral contract is inconsistent with an exclusion clause in the main contract, the collateral contract will prevail.
A)True
B)False
Q4) Explain and distinguish between a condition and a warranty.
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Page 16
Chapter 15: Rights and Liabilities of the Parties, Discharge and Remedies
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Q1) The decision of the court in Fibrosa Spolka Akcyjna v Fairbairn Lawson Combe Barbour Ltd [1943] AC 32 was:
A) That the manufacturer of the machine which was being built to meet the order of the purchaser could not recover the cost of manufacturing the machine because the frustrating event had intervened to terminate the contract.
B) That the purchaser of the machine could recover the deposit which it had paid.
C) That the contract was terminated by frustration.
D) All of the above.
Q2) Using case law examples, demonstrate how the doctrine of frustration has evolved over the last 200 years.
Q3) Which of the following is NOT an exception to the doctrine of privity of contract?
A) Estoppel.
B) Negotiable instruments.
C) A lease.
D) A contract for the sale of land.
Q4) Explain the meaning of novation and what does it create.
Q5) Describe the quantum meruit rule and when it arises.
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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 is NOT one of the requirements which must be satisfied before the remedy of restitution will be granted by a court?
A) It would be unjust to allow the defendant to retain the benefit.
B) The defendant has received a benefit.
C) The benefit to the defendant was at the plaintiff's expense.
D) The plaintiff has suffered loss or damage as a consequence of a breach of the contract.
Q3) In most Australian jurisdictions, the right to sue for breach of a simple contract is limited to the period of 6 years from the date on which the right of action accrues.
A)True
B)False
Q4) Nominal damages are the usual remedy in contract law.
A)True
B)False
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Chapter 17: Statutory Consumer Guarantees and the Australian Consumer Law
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Q1) Under the Australian Consumer Law, who is a consumer?
Q2) The guarantee that spare parts and repair facilities must be reasonably available applies to the supplier as well as the manufacturer.
A)True
B)False
Q3) What are the implied guarantees that must be included in every agreement by a manufacturer to supply goods to a consumer?
Q4) 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.
Q5) Section 64 of the Australian Consumer Law prevents a consumer from agreeing to exclude, restrict or modify their consumer guarantee rights in any way.
A)True
B)False
Q6) What is the difference between a sale by sample and a sale by description?
Page 19
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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) Why was the conduct found to be misleading and deceptive in Pacific Dunlop v Hogan (1989) 23 FCR 553?
A) The use of the name might cause confusion in the minds of some consumers.
B) The conduct created the false impression that a commercial relationship existed between the parties.
C) The conduct was not found to be misleading and deceptive.
D) The misconception was caused by use of an existing name which already had a well established reputation.
Q3) Which of the following is NOT covered by the Australian Consumer Law?
A) Unfair practices in relation to the provision of goods and services to small businesses.
B) Unfair practices in relation to the provision of financial services to consumers.
C) Unfair practices in relation to land transactions.
D) Unfair practices in relation to the provision of goods and services to consumers.
Q4) To what extent have the laws relating to unconscionability undermined the certainty of commercial and consumer contracts?
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Page 20
Chapter 19: Agency
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Q1) 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.
Q2) Which of the following is an example of an agency that is created by express appointment?
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.
Q3) What constitutes a 'secret commission' received by an agent? Outline any remedies available to the principal as a consequence of receiving a secret commission.
Q4) Describe how an agency relationship can be terminated.
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Page 21
Chapter 20: Introduction to Companies and Incorporated
Associations
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Q1) An important result of incorporation is limited liability.
A)True
B)False
Q2) 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.
Q3) What is a prospectus?
Q4) In what circumstances will a court ignore the separate legal entity principle and lift the corporate veil?
A) If a company has been used to avoid a contractual obligation.
B) If a company has been used by a director to breach a fiduciary duty.
C) If a company has been used to commit a fraud.
D) All of the above.
Q5) A non-executive director is a manager of a company who does not receive any remuneration.
A)True
B)False
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Chapter 21: Partnerships
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Q1) In the absence of an agreement to the contrary, a person joining a partnership is liable for:
A) None of the debts of the partnership.
B) Only the debts of the partnership incurred after they joined.
C) Only the debts of the partnership incurred before they joined.
D) All of the debts of the partnership.
Q2) The duties of a partner include:
A) To refrain from competition.
B) To account for private profits.
C) To render true accounts.
D) All of the above.
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) Is it necessary for a partnership to advise customers when a partner retires?
Q5) What are the three factors that determine whether a partnership exists?
Q6) What is a joint venture?
Page 23
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Chapter 22: Choosing a Business Entity
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Q1) A trustee is a person who benefits under the trust.
A)True
B)False
Q2) Which of the following statements about a sole trader is true?
A) A sole trader with employees must change to a different business structure.
B) Every sole trader must register their business name.
C) There are no special requirements to start operating a business if the sole trader uses their own name.
D) The sole trader must generally consult with customers, creditors and employees in deciding what the business will and will not do.
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.
Q4) Franchises are regulated by the Competition and Consumer Act 2010 (Cth).
A)True
B)False
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Page 24
Chapter 23: Other Business-Related Torts
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Q1) An apology by the defendant will have no effect on an action for defamation.
A)True
B)False
Q2) The tort of invasion of privacy was established in Australia by the case of ABC v Lenah Game Meats Pty Ltd 2001 HCA 63.
A)True
B)False
Q3) Which of the following statements about private nuisance is NOT correct?
A) The remedies are injunction and/or damages.
B) Only the person in occupation of land can sue for nuisance.
C) The nuisance must be substantial and unreasonable.
D) The nuisance must cause physical damage to the plaintiff's property.
Q4) Assault, Battery and false imprisonment are all examples of unintentional torts.
A)True
B)False
Q5) False imprisonment involves a total restraint of the plaintiff by the defendant to move about.
A)True
B)False
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Chapter 24: Insurance
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Q1) The object of insurance is to spread the risk amongst all the insured.
A)True
B)False
Q2) Life insurance policies are treated as ongoing contracts and therefore not subject to renewal.
A)True
B)False
Q3) An insurer is responsible for the actions of their agents provided they are acting within the scope of their authority.
A)True
B)False
Q4) Which of the following statements about fire insurance is correct?
A) A fire policy is a contract of assurance.
B) A fire policy is a contract of contingency.
C) A fire policy is a contract of indemnity.
D) A fire policy is a contract of property insurance.
Q5) The consideration in a contract of insurance is called the premium.
A)True
B)False
Q6) List the duties of an insurance agent or insurance broker.
Page 26
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Chapter 25: Sale of Goods
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Q1) Define the term 'goods.'
Q2) Which of the following is NOT a rule about delivery of goods?
A) Delivery must be to a place specified by the buyer.
B) Delivery must be within a reasonable time.
C) The seller must deliver the exact quantity of the goods ordered.
D) The seller bears the cost of putting the goods into a deliverable state.
Q3) What is the nemo dat rule?
Q4) Which of the following is the best definition of the nemo dat quod non habet rule?
A) A buyer can only take the same rights to goods as the person from whom they acquired them.
B) A buyer can only acquire rights if they purchase in good faith and for value.
C) A seller can only transfer rights to a buyer in good faith and for value.
D) Only the person in possession can transfer possession to a buyer.
Q5) Unascertained goods are goods that are defined by description only.
A)True
B)False
Q6) A buyer who rejects goods is obliged to return them to the seller.
A)True
B)False
Page 27
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Chapter 26: Electronic commerce
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Q1) Which of the following is the best definition of a 'Denial of Service' attack?
A) Hacking into a bank computer and accessing credit card details.
B) Unauthorised impairment of data held on a computer disk.
C) Hacking into a computer system and deliberately impairing the data.
D) Causing a website to be inundated with a large volume of unwanted messages resulting in an overloading and crashing of the computer system.
Q2) A person is not bound by an electronic communication unless the communication was sent by, or with their authority.
A)True
B)False
Q3) There is no entitlement to statements or paper receipts if the transaction is made electronically.
A)True
B)False
Q4) Outline some of the difficulties in applying the law to the World Wide Web (Internet).
Q5) What is 'Cybersquatting'?
Q6) 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 regulated by the residential tenancies legislation?
A) Lodging or boarding agreements.
B) Holiday homes.
C) Farm letting.
D) All of the above.
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) The Torrens system of title has a number of advantages over the old common law system of title. What are they?
Q4) Which of the following statements about Torrent Title is NOT correct?
A) Mortgages are created by registration rather than by transfer of ownership.
B) Title to land is established by tracing ownership through a series of deeds.
C) The registered owner generally owns the land free from all unregistered interests.
D) The State guarantees that the person named on the register as the owner is in fact the owner.
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Chapter 28: Intellectual propert
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Q1) Once a design is registered, protection lasts for 70 years from the date of filing the application.
A)True
B)False
Q2) Copyright can exist in both published and unpublished works.
A)True
B)False
Q3) 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.
Q4) In Australian law, the only way to protect an idea is to put it into material form.
A)True
B)False
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Chapter 29: Ethics and business practice
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Q1) Why is tax evasion considered to be unethical?
A) The taxpayer is trying to avoid paying their share towards community services.
B) Tax money is often used for purposes with which the taxpayer does not agree.
C) It is illegal.
D) Everyone pays tax in some form.
Q2) Why is insider trading unethical?
A) Because the buyer of shares who is acting on inside information has effectively stolen the increase in share price from the seller.
B) Because it is unconscionable for the person with inside information to keep that information to themselves.
C) Because the person who sells their shares to a buyer acting on inside information has not done so willingly.
D) Because it is illegal.
Q3) A business can invest in both a socially responsible as well as socially irresponsible manner. Describe and provide examples of both types of investing.
Q4) What are some of the benefits to business in acting ethically?
Q5) 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) Which of the following statements about civil penalties is NOT correct?
A) Civil penalties include disqualification from managing a company and/or a penalty of up to $200,000.
B) Terms of imprisonment are limited to a maximum of 5 years.
C) The penalty is a civil debt payable to ASIC.
D) Proof of breach of a civil penalty provision is on the balance of probabilities.
Q2) What is the main source of the criminal law in Australia?
A) The Criminal Code Act 1995 (Cth).
B) The common law.
C) A combination of state and territory legislation plus some common law.
D) A combination of common law and civil law.
Q3) 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.
Q4) What is the difference between an indictable offence and a summary offence?
Q5) What is the difference between embezzlement and theft/robbery?
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Chapter 31: Restrictive trade practices
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Q1) What is the main reason for the practice of resale price maintenance?
A) Resale price maintenance is likely to increase demand for the product.
B) Resale price maintenance is an advertising ploy.
C) Discounting is perceived as anti-competitive.
D) Discounting is perceived as detrimental to the market status of the product.
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) Increasing the price of petrol during school holidays is often described as predatory pricing.
A)True
B)False
Q4) What is the role and function of Australian Competition and Consumer Commission?
Q5) A voluntary industry code only applies to those who agree to opt in.
A)True
B)False
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Chapter 32: Negotiable instruments
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Q1) What is the relationship between cheques and bills of exchange?
A) Cheques and bills of exchange are both types of payment order.
B) A cheque and a bill of exchange are the same thing.
C) A bill of exchange is a type of cheque.
D) A cheque is a type of bill of exchange.
Q2) 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
Q3) In what circumstances is a bank NOT entitled to refuse to pay a cheque?
A) The customer has become insane.
B) The cheque is six months old.
C) The customer has died.
D) The cheque is post-dated and that date has not yet arrived.
Q4) Which of the following is NOT a difference between a bill of exchange and a cheque?
A) A cheque may be payable at a determinable future time.
B) A cheque must be drawn on a financial institution.
C) A cheque can be crossed 'not negotiable.'
D) A cheque must be payable on demand.
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Chapter 33: Insolvency and Debt Recovery
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Q1) The entry of a Part IX debt agreement in the National Personal Insolvency Index:
A) Prevents secured creditors from dealing with their security.
B) Releases the debtor from all provable debts as if they had been discharged from bankruptcy.
C) Releases all guarantors of the debtor's debts from liability.
D) Releases persons who owe debts jointly with the debtor from liability.
Q2) If a bankrupt leaves Australia and fails to return, their bankruptcy may be extended for eight years from the date of their departure.
A)True
B)False
Q3) What is the date of automatic discharge of a bankrupt?
A) Five years from the date of commencement.
B) Three years from the date of lodgment of the statement of affairs.
C) Three years from the date of the sequestration order.
D) Five years from the date of examination of the bankrupt.
Q4) Which of the following is NOT a method of liquidation of an insolvent company?
A) Administrator's voluntary winding up.
B) Creditors voluntary winding up.
C) Compulsory winding up due to insolvency.
D) Members voluntary winding up.
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Chapter 34: The Work Environment and the Employment Relationship
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Q1) The Workplace Health and Safety Act 2011 imposes a duty to secure the health and safety of workers and workplaces on:
A) The person conducting the business or undertaking.
B) Customers and visitors to a workplace.
C) Workers at a workplace.
D) All of the above.
Q2) The unfair dismissal provisions of the Fair Work Act 2009 (Cth) do not apply to small business employers.
A)True
B)False
Q3) Where legislation is silent on an industrial or employment issue, the common law will apply.
A)True
B)False
Q4) When a business is sold, all existing contracts of employment carry forward to the new employer.
A)True
B)False
Page 36
Q5) Outline the duties of the employer and employee.
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Chapter 35: Consumer Credit and Privacy
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Q1) Which of the following is the best definition of a 'continuing credit contract'?
A) A credit contract entered into to pay for goods or services provided by a supplier who referred the borrower to the credit provider.
B) A credit contract in which multiple advances of credit are contemplated and the amount of available credit increases as the debt is reduced.
C) A credit contract whereby the borrower gives the credit provider rights to assets owned by the borrower to secure repayment under a credit contract.
D) A credit contract in which the credit provider is the borrower's employer and the loan is tied to the borrower's continued employment.
Q2) 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.
Q3) The Australian Privacy Principles prohibit the use of pseudonyms by individuals.
A)True
B)False
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Page 37
Chapter 36: Ethics and Regulations in Marketing and Advertising
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Q1) Power in the market place is a recurring factor in the discussion of ethical marketing practices.
A)True
B)False
Q2) Which of the following is NOT likely to be an issue for consideration by a marketer of a new product?
A) Ensuring customers are not mislead by promotional material.
B) Product safety standards.
C) Protection of the intellectual property rights in the product.
D) Effectiveness of the product.
Q3) Defamation involves a false and harmful suggestion disparaging the quality of another person's goods or services.
A)True
B)False
Q4) The rise of ambush marketing reflects the increasing value of sponsorship of major events.
A)True
B)False
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