Business Legislation Has Been Created for Three Basic Reasons: to Protect

question 75

Multiple Choice

Business legislation has been created for three basic reasons: to protect companies from each other,to protect the interests of society,and to ________.

• A) protect consumers
• B) regulate prices
• C) increase world trade
• D) regulate monopolies
• E) promote social responsibility

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Definitions:

Mutual Mistake

A situation in a contract where all parties involved have a common but erroneous belief regarding a vital fact about the contract terms.

Valid Contract

An agreement that meets all legal requirements, including offer, acceptance, consideration, and the intention to create a legal relationship, thereby enforceable by law.

Courts

Institutions that administer justice through the interpretation and application of laws.

Fraudulent Misrepresentation

The act of deliberately providing false information or deceiving another party, leading to harm or loss.