Retake Midterm Examinations Online (Take-home exam) (27 May 2021)

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Retake Midterm Examinations Online (Take-home exam) (27 May 2021) Question list TBM107

You must upload your work (Word document format) by 16:30.

Section A: (weights 60%) Multiple choice questions: Please choose one of the correct answers.

1. 
   Define rule of law in legal theory?
   

1. 
   Absence of rule of law where one person ruling arbitrarily.
   
2. 
   Supremacy of divine power.
   
3. 
   Principle that all people and institutions are subject to and accountable to law that is fairly applied and enforced.
   
4. 
   Affects the rights and obligations of private individuals and assist them in disputes that involve private matters.
   

2. 
   What is municipal law?
   

1. 
   Ordinances, regulations and by-laws that govern a city or town.
   
2. 
   Laws that oversee relations between nations.
   
3. 
   Law governing the functions of the government, and the role it plays for its citizens.
   
4. 
   Law that protects citizens' rights as afforded in the Constitution.
   

3. 
   A contract between two parties for illegal activities is not valid.
   

1. 
   True B) False
   

4. 
   What are express terms in hospitality contracts?
   

1. 
   Terms that are not written into the contract paper.
   
2. 
   Terms that are not written but the parties clearly know about this term.
   
3. 
   Terms that are clearly spelt out in the contract as agreed between parties.
   
4. 
   Terms that parties agreed on but forgot to add into contract paper.
   

5. 
   What does 'Limited Liability by Shares' principle mean?
   

1. 
   Liability of shareholder's are unlimited.
   
2. 
   Liability of shareholder's are limited to the extent of the nominal value of shares in the company.
   
3. 
   Shareholders have no liability for company's losses.
   
4. 
   Liability of shareholder's are limited to the resale value of shares they have in the company.
   

6. 
   The principle that states a company is an artificial person separate from its members is known as?
   

1. 
   Sole proprietor. C) Limited liability.
   
2. 
   Separate legal personality. D) Unincorporated business.
   

7. 
   What are the main factors of production?
   

1. 
   Labour, Capital and Resources. C) Land, Labour and Enterprise.
   
2. 
   Employment, Ethics and Customer. D) Capital
   

8. 
   A partnership in which all partners assume full personal liability for debts of the firm?
   

1. 
   General partnership. C) Limited partnership.
   
2. 
   Non-trading partnership. D) Trading partnership.
   

9. 
   Select the required element(s) of contract? (select all if applies)
   

1. 
   Offer B) Acceptance C) Consideration D) Capacity E) Intent
   

10. 
    Which of the following is a contract?
    

1. 
   Betty offers to give a book to Jim. Jim accepts.
   
2. 
   Betty offers Jim the book in exchange for Jim’s promise to pay twenty-five dollars. Jim accepts.
   
3. 
   Betty offers to give Jim the book if Jim promises to pick it up at Betty’s house. Jim agrees.
   
4. 
   None of the above.
   

Section B: (weights 40%) Choose any of the 1 (one) question out of 2 (two) and provide your answer only to that question.

1. 
   Read the case scenario below and define the type of business entity based on the facts given and explain what are the advantages and disadvantages of having this type of business?
   

“I am a math teacher. I used to work in a big school, but decided that I wanted to do private tutoring, specializing in helping children who find it difficult to understand math. The business is very successful and I have a waiting list of parents who are interested in their children having lessons with me. I don’t want a big business, I am happy just doing the hours I want. I can be as flexible as I want. If you need more money, just accept extra pupils. The business is easy to run and I am not restricted by rules and regulations.”

2. 
   Explain the stakeholders in tourism and hospitality industry and provide the rights and obligations given to them in regard with Global Code of Ethics?
   

The EITO Global Code of Ethics for Tourism brings people and communities together through the driving force of solidarity and development. These are the private sectors that benefit from tourism.