Business Law INTERACTIVE QUESTIONS.docx - INTERACTIVE QUESTIONS 1 2 3 4 The decision of courts taken together is referred to as COMMON LAW When

Business Law INTERACTIVE QUESTIONS.docx - INTERACTIVE...

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INTERACTIVE QUESTIONS 1. The decision of courts, taken together, is referred to as COMMON LAW 2. When interpreting the law, courts look for PRECEDENT 3. NEGOTIATION involves a large degree of compromise, a spirit of give and take 4. Which one of the following does not generally render a contract voidable? a. UNILATERAL MISTAKE OF FACT 5. Contracts that are contrary to established law of public policy are VOID 6. Contracts where one party insists on its conditioners are called ADHESION CONTRACTS 7. What we want to achieve in life can be called TERMINAL VALUES 8. The principal cause of unethical behavior is GREED 9. Those who make ethical decisions purely on the basis of whether the decision benefits them personally can be called
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Unformatted text preview: EGOISTS 10. A CLOSE corporation is owned by a limited number of shareholders 11. Corporations are subject to DUAL taxation 12. A CLOSE corporation typically has no more than thirty shareholders 13. The most important characteristic of a closely held corporation is that IT’S SHARES ARE NOT TRADED ON THE STOCK MARKET 14. When a corporation deliberately lacks adequate capital to meet its obligations, a court may treat this as FRAUD 15. The phenomenon of organizations that think globally but act locally can be called GLOCAL 16. Manufacturing in the home country and marketing in other countries is called EXPORTING 17. The SUBSTANCE of a treaty describes what the parties have agreed upon....
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