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Test your basic knowledge |
Business Law Fundamentals
Start Test
Study First
Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.
proxy
intended beneficiary
patent
offeror
2. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
acceptance
insurance
probate court
taking
3. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
adhesion contract
trade dress
reformation
alienation
4. The bank on which a check is drawn (the drawee bank).
payor bank
crime
Regulation E
white-collar crime
5. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the
I-9 verification
bilateral contract
levy
short-form merger
6. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).
free-writing prospectus
quasi contract
acceptance
impossibility of performance
7. A contract in which the terms of the agreement are stated in words - oral or written.
collateral promise
express contract
per stirpes
voir dire
8. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
cure
docket
domain name
trade secret
9. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.
cover
motion for a directed verdict
secured party
defalcation
10. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
mitigation of damages
international organization
course of dealing
motion for a directed verdict
11. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
counterclaim
consolidation
small claims court
prenuptial agreement
12. The portion of a corporation's profits that has not been paid out as dividends to shareholders.
disparate-treatment discrimination
watered stock
retained earnings
international law
13. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.
condemnation
lease
robbery
intermediary bank
14. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted
requirements contract
treaty
check
objective theory of contracts
15. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim
community property
limited liability limited partnership (LLLP)
covenant not to compete
notary public
16. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
question of law
devise
entrapment
intestacy laws
17. A contract having no legal force or binding effect.
lessee
joint and several liability
common stock
void contract
18. The document filed with a designated state official by which a limited liability company is formed.
distribution agreement
articles of organization
sales contract
reaffirmation agreement
19. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.
seniority system
utilitarianism
distributed network
preference
20. Barred - impeded - or precluded.
draft
judicial review
estopped
covenant not to compete
21. A legally recognized authority that can certify the validity of digital signatures.
common stock
cybernotary
payee
certified check
22. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
financing statement
acceptor
docket
informal contract
23. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
security agreement
condition subsequent
legatee
partially disclosed principal
24. A revocable right or privilege of a person to come onto another person's land.
purchase-money security interest (PMSI)
firm offer
debtor in possession (DIP)
license
25. A person to whom an offer is made.
gift
sale
offeree
corporate governance
26. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t
acceptance
browse-wrap terms
consequential damages
workout
27. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.
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28. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
alienation
attachment
eviction
free-writing prospectus
29. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.
dishonor
tombstone ad
promisor
mechanic's lien
30. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
mechanic's lien
recording statutes
crime
closed shop
31. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a
comity
commingle
express contract
proceeds
32. Any interest in personal property or fixtures that secures payment or performance of an obligation.
security interest
whistleblowing
joint and several liability
venture capital
33. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
whistleblowing
bylaws
force majeure clause
stock options
34. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
franchise
limited partnership
drawer
shrink-wrap agreement
35. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.
negotiable instrument
right of reimbursement
intestate
piercing the corporate veil
36. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.
employment discrimination
entrapment
domestic corporation
watered stock
37. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
I-551 Alien Registration Receipt
copyright
mechanic's lien
money laundering
38. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i
firm offer
felony
collective mark
after-acquired property
39. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.
generally accepted auditing standards (GAAS)
intermediary bank
order for relief
sole proprietorship
40. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
parol evidence rule
indorsement
arbitration
long arm statute
41. An agreement that creates or provides for a security interest between the debtor and a secured party.
security agreement
imposter
discovery
accession
42. Property with which the owner has voluntarily parted - with no intention of recovering it.
abandoned property
writ of attachment
forum-selection clause
certificate of limited partnership
43. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
surety
holographic will
insider trading
online dispute resolution (ODR)
44. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.
grand jury
probate court
cram-down provision
motion for judgment on the pleadings
45. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.
condition
double jeopardy
question of law
execution
46. Any bank handling an item for collection - except the payor bank.
assignee
rule of four
collecting bank
independent contractor
47. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.
offeree
wrongful discharge
promissory note
complaint
48. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).
letter of credit
profit
community property
necessaries
49. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.
bearer
release
right of contribution
collecting bank
50. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.
burglary
periodic tenancy
financing statement
express contract