BUSINESS LAW AND ETHICS LATEST COMPLETE EXAM QUESTIONS WITH
DETAILED VERIFIED ANSWERS |100% CORRECT ANSWERS|/ALREADY
GRADED A
1.What is the definition of a contract? - ANSWER A promise that the law will enforce
2. Describe the various types of contracts? - ANSWER *Bilateral Contract
*Unilateral Contract
*Express Contract
*Implied Contract
*Executory Contract
*Executed Contract
*Valid Contract
3. Bilateral Contract - ANSWER Both parties make a promise
4. Unilateral Contract - ANSWER One party makes a promise that the other party can accept only by
doing something.
5. Express Contract - ANSWER The two parties explicitly state all important terms of their agreement
6. Implied Contract - ANSWER The words and conduct of the parties indicate that they intended on the
agreement.
7. Executory Contract - ANSWER When one or more parties has not fulfilled its obligations
8. Executed Contract - ANSWER When all parties has fulfilled their obligations
9. Valid Contract - ANSWER Is one that satisfies all of the laws requirements
,10. Identify and describe the theories of recovery in contract law. - ANSWER Express contract: The
parties intend to contract and agree on explicit terms.
Implied Contract: The parties do not formally agree, but their words and conduct indicate an intention to
create a contract.
Promissory Estoppel: Even when there is no contract, a plaintiff may us promissory estoppel to enforce
the defendants promise if he can show that.
-the defendant made a promise knowing that the plaintiff would likely rely on it.
-the plaintiff did rely on the promise, the the only way to avoid injustice is to enforce the promise.
Quasi Contract: There is no intention to contract, but the plaintiff gives some benefits to the defendant,
who knows that the plaintiff expects compensation; it would be unjust not to award the plaintiff
damages.
12.Corporate Governance. - ANSWER The system of governing an organization so the interests of
corporate owners are protected.
13. How would you define "business ethics"? - ANSWER Being ethical and being honest, being like how a
true person should be not a crook. The study of how people should act.
14. What is involved in developing an ethical culture in an organization? - ANSWER Managers setting the
example and training.
15. What are three benefits to business of a clear ethical framework? - ANSWER *Investor Loyalty
*Customer Satisfaction
*Profits
16. List the steps involved in implementing a stakeholder perspective in business ethics. - ANSWER
Which stakeholders are primary? Implement the appropriate corporate governance mechanisms.
17. What are the components of a comprehensive framework for ethical decision making in business? -
ANSWER Ethical issue intensity, individual factors, organizational factors, opportunity business ethics
evaluations and intentions, ethical or unethical behavior.
, 18. How can knowledge about ethical decision making be used to improve ethical leadership? - ANSWER
Sometimes in the heat of the moment your view about something might be skewed because of others
peoples influence. But if you already have the knowledge about ethics then you shouldn't even have to
think twice about making a decision. You already know right from wrong.
19. What are leadership styles and habit that promote an ethical culture? - ANSWER Coercive leader,
authoritative leader, affiliative leader, democratic leader, pacesetting leader, coaching leader.
20. How do moral philosophies and values influence group ethical decision making in business? -
ANSWER If you get caught in a situation where you are following all rules and codes, but you know of
some kind of odd that could be catastrophic, what do you do, do you tell?
21. What are the stages of cognitive moral development, and how do those relate to ethical
development? - ANSWER 1) Punishment and obedience
2) Individual purpose and exchange
3) Mutual interpersonal expectation relationships
4) Prior rights, social contract, or utility
5) Poor rights, social contract, or utility
6) Universal ethical principal
22.What conditions would constitute a discharge of contract. - ANSWER Full performance & Agreement
*A party is discharged when she has no more duties under a contract.
*Most contracts are discharged by full performance.
*Sometimes the parties discharge a contract by agreement.
*At times a court may discharge a party who has not performed.
23. Describe the conditions for a discharge of a contractual obligation. - ANSWER Full Performance: The
parties do what they promise.
Agreement: Termination by mutual agreement.
24. Describe types of acceptable performance of a contract. - ANSWER Strict Performance: Requires one
party to perform its duties perfectly.
DETAILED VERIFIED ANSWERS |100% CORRECT ANSWERS|/ALREADY
GRADED A
1.What is the definition of a contract? - ANSWER A promise that the law will enforce
2. Describe the various types of contracts? - ANSWER *Bilateral Contract
*Unilateral Contract
*Express Contract
*Implied Contract
*Executory Contract
*Executed Contract
*Valid Contract
3. Bilateral Contract - ANSWER Both parties make a promise
4. Unilateral Contract - ANSWER One party makes a promise that the other party can accept only by
doing something.
5. Express Contract - ANSWER The two parties explicitly state all important terms of their agreement
6. Implied Contract - ANSWER The words and conduct of the parties indicate that they intended on the
agreement.
7. Executory Contract - ANSWER When one or more parties has not fulfilled its obligations
8. Executed Contract - ANSWER When all parties has fulfilled their obligations
9. Valid Contract - ANSWER Is one that satisfies all of the laws requirements
,10. Identify and describe the theories of recovery in contract law. - ANSWER Express contract: The
parties intend to contract and agree on explicit terms.
Implied Contract: The parties do not formally agree, but their words and conduct indicate an intention to
create a contract.
Promissory Estoppel: Even when there is no contract, a plaintiff may us promissory estoppel to enforce
the defendants promise if he can show that.
-the defendant made a promise knowing that the plaintiff would likely rely on it.
-the plaintiff did rely on the promise, the the only way to avoid injustice is to enforce the promise.
Quasi Contract: There is no intention to contract, but the plaintiff gives some benefits to the defendant,
who knows that the plaintiff expects compensation; it would be unjust not to award the plaintiff
damages.
12.Corporate Governance. - ANSWER The system of governing an organization so the interests of
corporate owners are protected.
13. How would you define "business ethics"? - ANSWER Being ethical and being honest, being like how a
true person should be not a crook. The study of how people should act.
14. What is involved in developing an ethical culture in an organization? - ANSWER Managers setting the
example and training.
15. What are three benefits to business of a clear ethical framework? - ANSWER *Investor Loyalty
*Customer Satisfaction
*Profits
16. List the steps involved in implementing a stakeholder perspective in business ethics. - ANSWER
Which stakeholders are primary? Implement the appropriate corporate governance mechanisms.
17. What are the components of a comprehensive framework for ethical decision making in business? -
ANSWER Ethical issue intensity, individual factors, organizational factors, opportunity business ethics
evaluations and intentions, ethical or unethical behavior.
, 18. How can knowledge about ethical decision making be used to improve ethical leadership? - ANSWER
Sometimes in the heat of the moment your view about something might be skewed because of others
peoples influence. But if you already have the knowledge about ethics then you shouldn't even have to
think twice about making a decision. You already know right from wrong.
19. What are leadership styles and habit that promote an ethical culture? - ANSWER Coercive leader,
authoritative leader, affiliative leader, democratic leader, pacesetting leader, coaching leader.
20. How do moral philosophies and values influence group ethical decision making in business? -
ANSWER If you get caught in a situation where you are following all rules and codes, but you know of
some kind of odd that could be catastrophic, what do you do, do you tell?
21. What are the stages of cognitive moral development, and how do those relate to ethical
development? - ANSWER 1) Punishment and obedience
2) Individual purpose and exchange
3) Mutual interpersonal expectation relationships
4) Prior rights, social contract, or utility
5) Poor rights, social contract, or utility
6) Universal ethical principal
22.What conditions would constitute a discharge of contract. - ANSWER Full performance & Agreement
*A party is discharged when she has no more duties under a contract.
*Most contracts are discharged by full performance.
*Sometimes the parties discharge a contract by agreement.
*At times a court may discharge a party who has not performed.
23. Describe the conditions for a discharge of a contractual obligation. - ANSWER Full Performance: The
parties do what they promise.
Agreement: Termination by mutual agreement.
24. Describe types of acceptable performance of a contract. - ANSWER Strict Performance: Requires one
party to perform its duties perfectly.
