← Back to all quizzes Business and Company Law Questions 1 / 5 120:00 Finish Calculator 0 C ⌫ ÷ × 7 8 9 − 4 5 6 + 1 2 3 = 0 . 1. Which of the following is considered an essential component for a contract to be legally binding under English law? A. The contract must be written down, signed, and witnessed. B. An offer must be firm, and its terms must be certain. C. The consideration provided must be perfectly equal in value for both parties. D. The offer must be accepted via a formal written document. 2. If a business wishes to limit its potential liabilities by inserting 'exemption clauses' into a contract, when must these clauses be brought to the attention of the other party to be legally enforceable? A. Before the contract is formed B. Within 28 days of contract formation C. Immediately upon the occurrence of a breach of contract D. When the contract is being registered with the Registrar of Companies 3. A sole trader who wishes to sell his business and retire A. Is free to do so with no legal restrictions B. Must have the consent of the Registrar of Companies C. Must have obtained agreement from the shareholders D. Must produce, for any perspective buyer, an accountants certificate confirming that his accounts are in order. 4. Under the 'postal rule' of contract law, when is an acceptance deemed complete between the parties? A. When the letter of acceptance is successfully delivered to the offerer's address B. When the letter of acceptance is posted by the offeree C. When the offeror opens and reads the letter of acceptance D. When the post office issues a receipt of delivery to the sender 5. When setting up a limited company, which of the following details or documents must be submitted to the Registrar of Companies? A statement of compliance confirming that the requirements of the Companies Act have been met Statement of capital and initial shareholdings The name and address of the company's accountants Memorandum of association Articles of association Corporation Tax registration document from HM Revenue and Customs A. 2, 3 and 5 only B. 1, 4 and 6 only C. 3, 4, 5 and 6 only D. 1, 2, 4 and 5 only
