80 Business Law Trivia Questions with Answers
80 public questions with answers, drawn from the well. How many can you answer?
What Delaware case established the enhanced scrutiny standard for defensive measures in takeovers?
Answer
Unocal Corp. v. Mesa Petroleum Co.
What is the legal term for a company formed in one state but doing business in another?
Answer
Foreign corporation
What federal law prohibits price-fixing among competitors?
Answer
Sherman Antitrust Act
What element of a contract is defined as a bargained-for exchange of value?
Answer
Consideration
What is the legal term for a court disregarding a corporation's separate legal entity?
Answer
Piercing the corporate veil
What legal doctrine allows a promise to be enforced even without consideration?
Answer
Promissory estoppel
What legal doctrine protects corporate directors from personal liability for business decisions made in good faith?
Answer
Business judgment rule
What US federal law requires public companies to maintain internal controls over financial reporting?
Answer
Sarbanes-Oxley Act
What is the legal term for a contract that can be voided by one party due to a defect?
Answer
Voidable contract
What is the name of the 1914 US antitrust law that prohibited price discrimination and exclusive dealing?
Answer
Clayton Antitrust Act
What is the legal theory that holds a product manufacturer liable without proof of negligence?
Answer
Strict liability
What federal law prohibits employment discrimination based on race, color, religion, sex, or national origin?
Answer
Title VII of the Civil Rights Act of 1964
What landmark US Supreme Court case granted corporations First Amendment free speech rights?
Answer
Citizens United v. FEC
What is the standard of proof in a civil lawsuit?
Answer
Preponderance of the evidence
What is the name of the law that governs the sale of goods in the United States?
Answer
Uniform Commercial Code
What type of intellectual property protects inventions?
Answer
Patent