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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. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th
stored-value card
lessor
international organization
discharge
2. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
browse-wrap terms
warranty deed
working papers
debtor
3. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.
mirror image rule
red herring prospectus
disparate-impact discrimination
complaint
4. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
predominant-factor test
mortgagee
motion for judgment on the pleadings
void contract
5. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
accredited investors
administrator
privity of contract
peer-to-peer (P2P) networking
6. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.
overdraft
justiciable controversy
Statute of Frauds
taking
7. Procedurally - a plaintiff's response to a defendant's answer.
fee simple absolute
whistleblowing
reply
arson
8. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.
utilitarianism
bond indenture
express warranty
restitution
9. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
assignor
summons
trust
respondeat superior
10. One designated in a will to receive a gift of real property.
burglary
devisee
eminent domain
conveyance
11. A promise or commitment to perform or refrain from performing some specified act in the future.
acceleration clause
offer
money laundering
common stock
12. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha
insurable interest
depositary bank
joint tenancy
common stock
13. A prediction concerning potential loss based on known and unknown factors.
choice-of-language clause
risk
breach of contract
negotiation
14. Property that is acquired by the debtor after the execution of a security agreement.
good faith purchaser
after-acquired property
merger
frustration of purpose
15. Charging an illegal rate of interest.
mirror image rule
tenancy in common
usury
easement
16. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
federal question
investment contract
performance
tenancy in common
17. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
due diligence
integrated contract
novation
petty offense
18. Within a specified time period or - if no period is specified - within a reasonable time.
seasonably
covenant not to sue
negotiation
utilitarianism
19. Any bank handling an item for collection - except the payor bank.
choice-of-language clause
community property
collecting bank
malpractice
20. Property that is movable; any property that is not real property.
lost property
electronic fund transfer (EFT)
larceny
personal property
21. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
negotiation
anticipatory repudiation
electronic fund transfer (EFT)
presentment warranties
22. A contract that by law requires a specific form - such as being executed under seal - for its validity.
general partner
formal contract
independent contractor
electronic fund transfer (EFT)
23. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
lost property
bylaws
cure
garnishment
24. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop
scienter
ratification
estate in property
constructive eviction
25. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
agreement
acceptance
smart card
devisee
26. An equity (ownership) interest in a corporation - measured in units of shares.
imposter
executor
stock
universal defenses
27. 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.
workout
patent
debtor
watered stock
28. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t
self-incrimination
nuncupative will
testamentary trust
operating agreement
29. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.
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30. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.
arbitration
usage of trade
lessee
browse-wrap terms
31. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
contractual capacity
secured party
self-incrimination
frustration of purpose
32. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.
gift inter vivos
document of title
international law
garnishment
33. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.
sale or return
taking
mortgage
resulting trust
34. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
general partner
intestate
signature
installment contract
35. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be
diversity of citizenship
reply
SEC Rule 10b-5
alien corporation
36. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.
informal contract
nominal damages
disparate-treatment discrimination
entrapment
37. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
promisee
minimum wage
intermediary bank
devise
38. Planning that is undertaken to protect one's interest should some event threaten to undermine its security. In the context of insurance - risk management involves transferring certain risks from the insured to the insurance company.
check
perfection
risk management
dividend
39. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
interrogatories
consequential damages
holder
purchase-money security interest (PMSI)
40. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.
peer-to-peer (P2P) networking
rescission
e-evidence
normal trade relations (NTR) status
41. A state law providing that employees may not be required to join a union as a condition of retaining employment.
tenancy at will
outside director
right-to-work law
retained earnings
42. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.
secured transaction
prenuptial agreement
debtor in possession (DIP)
shelter principle
43. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
bilateral mistake
corporate social responsibility
investment company
presentment warranties
44. Moral principles and values applied to social behavior.
petition in bankruptcy
recording statutes
ethics
restitution
45. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th
penalty
trade name
white-collar crime
rule of four
46. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil
implied warranty of fitness for a particular purpose
utilitarianism
embezzlement
pledge
47. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.
forgery
summons
default judgment
automatic stay
48. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.
red herring prospectus
burglary
workout
federal question
49. In a given state - a corporation that does business in - and is organized under the law of - that state.
dividend
premium
condition precedent
domestic corporation
50. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
drawer
implied warranty of fitness for a particular purpose
sale on approval
deficiency judgment