SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
employment at will
implied warranty of fitness for a particular purpose
attachment
concurrent ownership
2. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are
stale check
transfer warranties
parent-subsidiary merger
alternative dispute resolution (ADR)
3. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
pledge
common stock
disclosed principal
undisclosed principal
4. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.
hacker
nominal damages
condition subsequent
proxy
5. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
deposition
principle of rights
security
novation
6. The legal avoidance - or setting aside - of a contractual obligation.
disaffirmance
federal question
market-share liability
mortgagor
7. 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.
equal dignity rule
legatee
cram-down provision
inter vivos trust
8. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
drawer
covenant not to sue
bailor
consent
9. A person who makes a promise.
cure
intangible property
promisor
cease-and-desist order
10. In a sale of goods - the express designation of the goods provided for in the contract.
novation
identification
motion for a new trial
minimum wage
11. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t
cyberterrorist
constructive trust
commercial impracticability
click-on agreement
12. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.
revocation
stock warrant
indorsement
complaint
13. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.
counterclaim
employment discrimination
executor
special warranty deed
14. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
cyberterrorist
recording statutes
concurrent conditions
principle of rights
15. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
winding up
reformation
negotiation
mislaid property
16. A charge by a grand jury that a named person has committed a crime.
motion for judgment on the pleadings
mislaid property
indictment
inter vivos trust
17. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
periodic tenancy
plea bargaining
scienter
prima facie case
18. The purchase or sale of securities on the basis of information that has not been made available to the public.
obligor
unconscionable contract or clause
administrator
insider trading
19. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
condition
seniority system
indorsement
taking
20. Barred - impeded - or precluded.
firm offer
blue sky laws
floating lien
estopped
21. 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
insider trading
discharge
per capita
misdemeanor
22. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
fictitious payee
hot-cargo agreement
whistleblowing
correspondent bank
23. A trust that is created by will and therefore does not take effect until the death of the testator.
proxy
conforming goods
consumer-debtor
testamentary trust
24. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
stock options
output contract
implied-in-fact contract
obligee
25. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.
docket
utilitarianism
e-signature
accession
26. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
franchisee
property
disclosed principal
probate
27. Voluntary agreement to a proposition or an act of another; a concurrence of wills.
plea bargaining
consent
misdemeanor
shareholder's derivative suit
28. An action to carry into effect the directions in a court decree or judgment.
execution
tender of delivery
premium
usury
29. One designated in a will to receive a gift of personal property.
writ of certiorari
legatee
check
real property
30. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the
motion for a directed verdict
trademark
course of performance
consignment
31. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
motion for judgment n.o.v.
equal dignity rule
vicarious liability
trust
32. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea
preferred stock
undisclosed principal
will substitutes
consequential damages
33. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
bilateral mistake
expropriation
reformation
motion for summary judgment
34. An employer's termination of an employee's employment in violation of the law.
diversity of citizenship
shelter principle
wrongful discharge
unreasonably dangerous product
35. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.
stock warrant
mortgagor
certificate of limited partnership
lien
36. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
limited partnership
tenancy at will
browse-wrap terms
delegator
37. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
collateral promise
bona fide occupational qualification (BFOQ)
anticipatory repudiation
docket
38. 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
respondeat superior
license
liquidated debt
operating agreement
39. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
incidental damages
concurrent ownership
quota
sublease
40. Procedurally - a defendant's response to the plaintiff's complaint.
prima facie case
holographic will
answer
community property
41. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'
winding up
bearer instrument
deposition
larceny
42. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
debtor
liquidation
promisee
condition subsequent
43. 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).
profit
default judgment
articles of organization
community property
44. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.
conveyance
writ of execution
devisee
interrogatories
45. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
counterclaim
contract
delegator
stock certificate
46. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
crime
devisee
duress
treaty
47. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.
browse-wrap terms
forbearance
preemptive rights
intended beneficiary
48. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
unconscionable contract or clause
fiduciary
partnering agreement
general partner
49. A contract having no legal force or binding effect.
stock options
lien
consumer-debtor
void contract
50. The act of transferring to another all or part of one's duties arising under a contract.
blue laws
delegation of duties
minimum wage
extension clause