Commercial Code Of Ethiopia(1960) Assessment Answer

Assignment Task:

Choose the correct answer for the following questions

1. Why business person learn business law?

1. To  legalize his business activities

2. To know his obligations and to furnish his duties

3. To know third parties obligations

4. To know objectives of  law

5. All

2. One is false about person

1. To be person, recognized by legal system as capable to have right 

2. To be person, recognized by legal system as subject to duties

3. Both natural and juridical persons recognized by legal system to be capable

4. Business  activities are  run by natural person only

5. All of the above

3. Which business organization is secret and has no legal entity? 

1. Ordinary partnership

2. Joint venture

3. Sole proprietorship

4. Limited partnership

5.  None of the above

4. One is false about juridical or legal person

1. It perform its business by itself

2. It live more than natural person

3.  Capable to amend rights and duties

4. It may termed as factious and imaginary person

5. None of the above

5. Which one is mismatched?

1. Private limited company --- unlimited liability

2. Share company ----- unlimited liability

3. Sole proprietorship --- limited liability

4. Partnership---- limited liability

5. All of the above

6. Except one others are natures of business

1. Possible utilizations of resources

2. Generating employment opportunity

3. Limiting customer fulfillment 

4. Social responsibility

5. All are correct

7. Which one is true about capacity of natural person?

1. All human being are capable to perform business

2. Notorious insanity and apparent infirmity are  ground for incapability

3. Minority and judicial interdiction are not ground for capacity

4. Capacity of natural person cannot measured

5. All of the above

8. According to commercial code of Ethiopia(1960) one is not business organization

1. Joint venture & ordinary partnership

2. Sole proprietorship

3. Privet & public company

4. General & limited partnership

5. None of the above

9. One of the following is not sources of business law

1. Business persons(buyer& seller) agreement

2. International agreement Eg. WTO

3. Religious  and Customs

4.  Federal and regional constitutions

5. None of the above

10. Which one is the most common feature of partnership?

1. Limited liability

2.  Managed by board

3. Owners act as manager

4. More stable

5. All of the above

11. The ultimate goals of business 

1. Make profit even through unethical manner

2. Services & Wealthy

3. Innovations  & using resources

4. All are correct

5. All except  a

12. Which one is false about share company(S.C)

1. Share transferring is restricted 

2. It cannot invite public  to scale up its capital

3. Liability is unlimited

4. Members act as implied agent

5. All of the above

13. Which one is true about business law?

1. Business law is collection of rules

2. Business law has binding force

3. Business law should made by authorized body

4. Business law should accepted by parties

5. All of the above

14. Which one is false?

1. Business law  can create norm in business persons

2. Business law can control social behaviors

3. Business law can increase  illegality of business activities

4. Business law make business person purposive

5. None of the above

15. Which one is true?

1. Person can run business without having capacity

2. Capacity is requirement to legal personality

3. Any person has capacity to perform business

4. Legal personality not necessarily needed  to be capable

5. None of the above

16. One is true about business entities

1. It is business form

2. It have rights that an individual person have

3. It can conduct business activities

4. It can make own properties

5. All of the above

17. All are advantage of sole proprietorship except one

1. Liability is limited

2. Easy to mix asset & business

3. Easy to start

4. Needs little formality

5. All are advantages

18. All are features of share company (S.C.) except

1. Limited liability

2. Limited numbers of members

3. Most stable

4. Managed by  board of directors

5. None of the above

19. One is true about private company

1. Maximum number of members is  not limited

2. Liability is unlimited

3. Share can transferred without consent of members

4. It managed by board of directors 

5. None  of the above

20. One is true about business entities

1. Each has its own advantage and disadvantage

2. Each  considered  as having legal capacity

3. Sole proprietorship, partnership, private and public company  are business entities

4. All of them are established and regulated by law

5. All of the above

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