D216 Business Law for Accountants - Set 2 - Part 1

Test your knowledge of technical writing concepts with these practice questions. Each question includes detailed explanations to help you understand the correct answers.

Question 1: What is an action at law?

A lawsuit initiated to compel the specific performance of a contract

A request for an injunction or specific performance

A lawsuit for monetary damages or property

A legal request to dissolve a business entity

Question 2: What is an action in equity?

A request for a jury trial

A petition for a decree such as an injunction

A process of selling property

A formal complaint to an appellate court

Question 3: Who is the appellant in a court case?

The person who wins the trial

The party who opposes the appeal

The party who appeals a court decision

The person who files the initial lawsuit

Question 4: What is binding authority?

Any source of law a court may follow

Any source of law that a court must follow

The decision of a jury in a civil case

A source of law used for guidance but not mandatory

Question 5: What are damages in legal terms?

A violation of constitutional rights

Monetary compensation sought for a breach of contract or tort

A legal obligation imposed by statute

The punishment for criminal acts

Question 6: What does the Fourteenth Amendment guarantee?

Freedom of religion

Protection against unreasonable searches

No deprivation of life, liberty, or property without due process of law

The right to bear arms

Question 7: What is case law?

The regulations enacted by administrative agencies

The laws created by a president or executive

The rules of law announced in court decisions

The specific sections of the Constitution

Question 8: What does Corporate Social Responsibility (CSR) mean?

Corporations are only responsible for maximizing profits

Corporations can and should act ethically and be accountable to society

Corporations must follow only the legal standards set by the government

CSR refers to increasing the shareholder value

Question 9: What does the doctrine of preemption mean?

Federal laws override conflicting state laws

State laws override conflicting federal laws

Local laws have authority over state laws

The Constitution can be amended by state legislatures

Question 10: What is the supremacy clause?

It gives power to state laws over federal laws

It states that the Constitution is the supreme law of the land

It establishes the Bill of Rights

It mandates that treaties are approved by state courts

Question 11: What does the term ‘compelling government interest’ refer to?

A government’s need to ensure national security

The government's justification for restricting certain fundamental rights

The protection of citizens from crime

The legal basis for creating new taxes

Question 12: What is the Fifth Amendment best known for?

Protecting freedom of speech

Guaranteeing the right to vote

Protecting against self-incrimination and double jeopardy

Allowing states to enact their own laws independently

Question 13: What is an appellant's role in a legal case?

They are the party who initiates a lawsuit

They are the party against whom the lawsuit is filed

They are the party who appeals the court’s decision

They are the judge presiding over the case

Question 14: What is a dissenting opinion in a court case?

A brief, unsigned court opinion

An opinion where all judges agree

A statement by judges who disagree with the majority decision

A majority opinion written by one judge

Question 15: What is an implied contract?

A contract that must be in writing

A contract formed through the actions of the parties

A verbal agreement made in court

A contract that does not have any legal standing

Question 16: What does the term “mirror image rule” mean in contract law?

The terms of the acceptance must match the offer exactly

The terms of the offer and acceptance can differ

The offer must be made in written form

The offeror cannot revoke an offer once accepted

Question 17: What is a unilateral contract?

A contract where both parties promise to perform

A contract that involves only one party

A contract where an offer can only be accepted by the offeree's performance

A contract that is invalid if not signed by both parties

Question 18: What is the mailbox rule?

The offer must be hand-delivered to be accepted

The acceptance is effective when dispatched

The offer can only be accepted via email

The offer is void if it is not physically mailed

Question 19: What is rescission in contract law?

The termination of a contract by a court

The enforcement of a contract to compel performance

The cancellation of a contract to return parties to their pre-contract positions

The transfer of a contract to another party

Question 20: What is a fiduciary duty?

A duty that all employees owe their employer

A duty to act in the best interest of another party

A legal requirement for contracts to be signed

A rule that applies to all partnerships

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