1. Which type of company is the most appropriate for a husband and wife running a small business?

Select one:

a.A small proprietary company limited by shares.

b.A public no liability company.

c.A company is not appropriate for a small family business.

d.A small public company limited by shares.

2.Which of the following is NOT one of the purposes of having a hierarchical court structure?

Select one:

a.A hierarchy of courts ensures that the decision of any court is final and cannot later be reviewed or overturned.

b.A hierarchy of courts is instrumental in establishing precedent.

c.A hierarchy of courts allows for more serious cases to be commenced in a higher court.

d.A hierarchy of courts provides a system of appeals through which dissatisfied litigants may appeal from a decision of a lower court to a higher court to have the matter reconsidered.

3. Which of the following is NOT a consumer guarantee applying to goods under the Australian Consumer Law?

Select one:

a.The supplier has the right to dispose of the goods.

b.The consumer shall have undisturbed possession of the goods.

c.The consumer will obtain the same title that the supplier has.

d.The goods are free of any charge or encumbrance.

4. Which of the following conditions is NOT an essential requirement for all contracts?

Select one:

a.The parties must consent to the contract.

b.The purpose of the contract must be legal.

c.The contract must be in written form.

d.The parties must have capacity to contract.

5. In what circumstances will a court ignore the separate legal entity principle and lift the corporate veil?

Select one:

a.If a company has been used to commit a fraud.

b.If a company has been used to avoid a contractual obligation.

c.If a company has been used by a director to breach a fiduciary duty.

d.All of the above.