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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 significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo
limited partner
outside director
tangible employment action
security interest
2. 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.
robbery
domestic corporation
prospectus
copyright
3. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.
alien corporation
business ethics
shipment contract
foreign exchange market
4. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
discovery
lost property
tender
rule of four
5. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
workers' compensation laws
license
watered stock
counterclaim
6. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
promise
answer
sole proprietorship
beyond a reasonable doubt
7. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
information return
integrated contract
stock certificate
extension clause
8. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
stale check
cure
white-collar crime
reformation
9. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).
bilateral contract
joint tenancy
intangible property
quasi contract
10. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.
fungible goods
condition
adverse possession
license
11. A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.
seasonably
adverse possession
docket
sovereign immunity
12. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.
scienter
alternative dispute resolution (ADR)
sexual harassment
reformation
13. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued
writ of execution
disclosed principal
pledge
suretyship
14. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
robbery
risk
moral minimum
lease agreement
15. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
output contract
minimum wage
assignment
Regulation E
16. Any voluntary transfer of property made without consideration - past or present.
acceleration clause
categorical imperative
imposter
gift
17. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
electronic fund transfer (EFT)
dissolution
replevin
federal question
18. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.
national law
general partner
tenancy by the entirety
market-share liability
19. Generally - the value given in return for a promise; involves two elements
gift causa mortis
prospectus
consideration
installment contract
20. One to whom an obligation is owed.
consumer-debtor
emancipation
creditors' composition agreement
obligee
21. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.
right of subrogation
liquidated damages
mortgagor
drawee
22. The act of transferring to another all or part of one's duties arising under a contract.
fictitious payee
check
unilateral contract
delegation of duties
23. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
misdemeanor
confiscation
tangible employment action
lease
24. 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.
click-on agreement
international organization
traveler's check
revocation
25. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
gift inter vivos
probate court
Totten trust
ratification
26. A trust that is created by will and therefore does not take effect until the death of the testator.
testamentary trust
plea bargaining
fixed-term tenancy
nominal damages
27. A contract between the issuer of a bond and the bondholder.
corporate social responsibility
bond indenture
assignee
federal question
28. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
search warrant
incidental damages
principle of rights
tariff
29. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.
defalcation
exculpatory clause
brief
mediation
30. 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
consequential damages
license
implied warranty of merchantability
commingle
31. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
devise
computer crime
brief
cybersquatting
32. A person to whom an offer is made.
cyber mark
negotiation
offeree
right of contribution
33. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.
levy
certificate of deposit (CD)
ratification
mailbox rule
34. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
limited liability partnership (LLP)
fungible goods
presentment
forum-selection clause
35. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
insurable interest
incidental damages
workers' compensation laws
offer
36. A set of policies or procedures affecting the way a corporation is directed or controlled.
intermediary bank
corporate governance
tender offer
hot-cargo agreement
37. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
release
jurisdiction
liquidated damages
taking
38. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods
condition subsequent
negotiable instrument
member
implied warranty of merchantability
39. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
franchise
testator
taking
employment discrimination
40. The act of refraining from an action that one has a legal right to undertake.
order instrument
administrator
forbearance
standing to sue
41. 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.
proxy
leasehold estate
collective mark
comity
42. An action to carry into effect the directions in a court decree or judgment.
execution
insolvent
probate court
transfer warranties
43. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
embezzlement
counterclaim
mortgagee
choice-of-law clause
44. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
unreasonably dangerous product
distributed network
dumping
depositary bank
45. A writ from a higher court asking the lower court for the record of a case.
embezzlement
writ of certiorari
insolvent
right of reimbursement
46. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
duress
purchase-money security interest (PMSI)
disparate-treatment discrimination
garnishment
47. A contract in which the terms of the agreement are stated in words - oral or written.
express contract
letter of credit
force majeure clause
draft
48. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
white-collar crime
ethical reasoning
delegator
cybernotary
49. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
risk management
community property
maker
blue sky laws
50. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
I-551 Alien Registration Receipt
felony
common stock
entrapment