Question 1

Surtaxes are charged on luxury items in some provinces.

Accepted Answer

Some provinces in certain countries such as Canada may charge surtaxes on luxury items.

Question 2

A tort may be intentional or it may be caused by carelessness.

Accepted Answer

This statement is true. A tort can be intentional (such as assault or trespass) or it can be caused by negligence or carelessness (such as a slip and fall accident due to a property owner's failure to maintain safe premises).

Question 3

____law is written law including treaties of the federal government.&#10;A) Statutory&#10;B) Common&#10;C) International&#10;D) Business

Accepted Answer

Statutory law is written law created by legislative bodies such as Congress, including treaties made by the federal government. Common law, on the other hand, is law created by judicial decisions, while international law is the body of law that governs relations between countries. Business law may encompass a variety of legal areas that pertain to commerce, but it is not a specific type of law like statutory law.

Question 4

___ is a legal ability of a party to enter into agreements.&#10;A) Agency&#10;B) Capacity&#10;C) Consideration&#10;D) Purpose

Accepted Answer

Capacity refers to a person's legal ability to enter into agreements. In order for a contract to be valid, all parties must have the capacity to enter into the agreement. This means that they must be of legal age, of sound mind, and not under duress or undue influence.

Question 5

Telecommunications fall under the _____ jurisdiction.&#10;A) federal government's&#10;B) provincial government's&#10;C) international law&#10;D) municipal government's

Accepted Answer

Telecommunications fall under the jurisdiction of the federal government in most countries as it involves communication between different provinces or territories, and can have national security implications.

Question 6

____law governs the sales of goods or services for money.&#10;A) Contract&#10;B) Consumer&#10;C) Sales&#10;D) Provincial

Accepted Answer

The law that governs the sales of goods or services for money is called the Sales law. This law covers various aspects such as contracts, warranties, delivery, payment, and other terms and conditions related to the sale of goods or services. The Consumer law focuses on protecting the rights and interests of consumers, while the Provincial law pertains to the laws and regulations specific to a particular province or territory.

Question 7

Property is something for which a person or firm has the restricted right of possession or use .

Accepted Answer

The answer of Property is something for which a person...

Question 8

The signature on the back of an instrument to transfer commercial paper is known as an endorsement.

Accepted Answer

This is a true statement. A signature on the back of an instrument, such as a check, is necessary to properly transfer ownership of the paper and is known as an endorsement.

Question 9

Legal issues affect every part of business.

Accepted Answer

Legal issues can impact various aspects of a business, including contracts, employment, intellectual property, taxes, and regulatory compliance. As such, it is important for businesses to be aware of and compliant with applicable laws and regulations.

Question 10

International law affects all parts of business.

Accepted Answer

The answer of International law affects all parts of business....

Deck 19: Insurance and Risk Management