Business Law: TOEIC Practice Test Questions & Answers

The TOEIC (Test of English for International Communication) is an English language proficiency test designed to assess the English language skills of non-native speakers in a business or professional context. The test is widely used by organizations around the world to evaluate the English language skills of job candidates, employees, and students.

The TOEIC test consists of two parts: the TOEIC Listening and Reading Test and the TOEIC Speaking and Writing Test. The TOEIC Listening and Reading Test is a paper-and-pencil test that consists of multiple-choice questions, while the TOEIC Speaking and Writing Test is a computer-based test that consists of spoken and written responses to prompts.

The test is designed to measure a wide range of English language skills, including listening comprehension, reading comprehension, speaking ability, and writing ability. Overall, the TOEIC is a widely recognized and respected English language proficiency test that is used by organizations around the world to evaluate the English language skills of non-native speakers.

Q&A Topic: Business Law

Business law refers to the body of laws that regulate the formation, operation, and dissolution of businesses. It encompasses a wide range of legal topics, including contracts, torts, employment law, securities regulation, and bankruptcy.

Business law is an important area of study for aspiring business professionals, as a thorough understanding of these laws can help ensure compliance and protect the interests of both the business and its stakeholders. Some common areas of study in business law include business formation, business contracts, employment law, and intellectual property.

Here are some questions that can help you to clear the TOEIC exam:

Q1 The Commission on European Contract Law recognizes that throughout Europe there is great interest in developing a common European ___________ and commercial law.

(a) civil
(b) corporate
(c) individual
(d) personal

Answer: (a) civil

Q2 The efforts and money which it will cost to unify the private law will be ___________ repaid when it is there.

(a) amply
(b) annually
(c) entirely
(d) mainly

Answer: (a) amply

Q3 In 1997, the Third Commission began to prepare rules on subjects which are common to contracts, torts and unjust enrichment, such as plurality of creditors and debtors, and ___________ of debts and claims.

(a) advisement
(b) alignment
(c) arrangement
(d) assignment

Answer: (d) assignment

Q4 With a few exceptions the members of the Commission of European Contract Law have been academics, but many of the academics are also ___________ lawyers.

(a) practical
(b) practiced
(c) practicing
(d) practicum

Answer: (c) practicing

Q5 The Members have not been representatives of specific political or governmental ___________, and they have all pursued the same objective, to draft the most appropriate contract rules for Europe.

(a) interests
(b) liaisons
(c) Ppatforms
(d) wings

Answer: (a) interests

Q6 The Principles may be compared with the American Restatement of the Law of Contract, which consists of non-binding rules, or “___________ “.

(a) by law
(b) false law
(c) near law
(d) soft law

Answer: (d) soft law

Q7 Some of the Principles of European Contract Law reflect ideas which have not yet ___________ in the law of any state.

(a) adopted
(b) approached
(c) materialised
(d) realised

Answer: (c) materialised

Q8 The Commission has made an effort to deal with those issues in contract which face business life of today and which may ___________ the trade.

(a) adhere
(b) advance
(c) advertise
(d) advice

Answer: (b) advance

Q9 The Council and the Commission of the EU have been invited to prepare new procedural legislation in ___________ border cases, in particular on those elements which are instrumental to a smooth judicial co-operation.

(a) beyond
(b) both
(c) cross
(d) over

Answer: (c) cross

Q10 It is envisaged that the general principles of the law of contracts provided in the PECL will be ___________ in what may eventually become a European Civil Code.

(a) imagined
(b) instigated
(c) integrated
(d) investigated

Answer: (c) integrated

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