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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 process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a
condemnation
plea bargaining
transfer warranties
usage of trade
2. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
peer-to-peer (P2P) networking
bona fide occupational qualification (BFOQ)
private equity capital
condition precedent
3. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
purchase-money security interest (PMSI)
inter vivos trust
security
condition subsequent
4. In a given state - a corporation that does business in - and is organized under the law of - that state.
red herring prospectus
limited liability limited partnership (LLLP)
domestic corporation
forum-selection clause
5. A contract that results when an offer can be accepted only by the offeree's performance.
browse-wrap terms
bailment
unilateral contract
alternative dispute resolution (ADR)
6. 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.
accession
answer
undisclosed principal
administrator
7. Property that is movable; any property that is not real property.
intermediary bank
cost-benefit analysis
draft
personal property
8. 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.
bearer
sales contract
proxy
seasonably
9. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
devise
holographic will
right-to-work law
long arm statute
10. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
liquidated debt
resulting trust
assignor
easement
11. A promise or commitment to perform or refrain from performing some specified act in the future.
e-agent
constructive trust
offer
articles of organization
12. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).
unconscionable contract or clause
duress
click-on agreement
document of title
13. A provision in a contract stipulating that certain unforeseen events
void contract
burglary
force majeure clause
identity theft
14. The purchase or sale of securities on the basis of information that has not been made available to the public.
tangible property
constructive eviction
insider trading
good faith purchaser
15. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.
holding company
business judgment rule
parol evidence rule
self-incrimination
16. A state law providing that employees may not be required to join a union as a condition of retaining employment.
floating lien
debtor
respondeat superior
right-to-work law
17. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
e-evidence
accord and satisfaction
mitigation of damages
browse-wrap terms
18. Generally - the value given in return for a promise; involves two elements
attachment
consideration
check
employment at will
19. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
motion for judgment on the pleadings
felony
takeover
trade secret
20. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
cashier's check
collateral
clearinghouse
e-evidence
21. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in
conforming goods
malpractice
Statute of Frauds
trust
22. 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
perfection
actus reus
utilitarianism
tangible employment action
23. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.
writ of attachment
third party beneficiary
resulting trust
binder
24. A party to whom contractual obligations are transferred - or delegated.
delegatee
forum-selection clause
outside director
quasi contract
25. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
bankruptcy court
consignment
expropriation
security agreement
26. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
bond
diversity of citizenship
insider trading
automatic stay
27. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
fixed-term tenancy
liquidated debt
reformation
force majeure clause
28. 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
tippee
destination contract
dividend
penalty
29. One who entrusts goods to a bailee.
trade dress
bailor
foreign exchange market
confiscation
30. 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
employment discrimination
clearinghouse
equal dignity rule
consequential damages
31. The image and overall appearance of a product
consolidation
trade dress
assignment
treaty
32. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.
certified check
quota
anticipatory repudiation
rescission
33. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
employment contract
letter of credit
franchisor
money laundering
34. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.
SEC Rule 10b-5
codicil
financing statement
quitclaim deed
35. An action to carry into effect the directions in a court decree or judgment.
attachment
execution
signature
operating agreement
36. A writ from a higher court asking the lower court for the record of a case.
bearer
judicial review
writ of certiorari
vicarious liability
37. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
motion for a new trial
franchisee
disparate-impact discrimination
deficiency judgment
38. A designation in the United States for a corporation formed in another country but doing business in the United States.
course of dealing
alien corporation
parol evidence rule
requirements contract
39. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
entrapment
voidable contract
complaint
corporate governance
40. A person on the board of directors who is also an officer of the corporation.
charitable trust
inside director
right of reimbursement
outside director
41. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.
promissory estoppel
summary jury trial (SJT)
exculpatory clause
bankruptcy court
42. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a
floating lien
counteroffer
common stock
hot-cargo agreement
43. 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.
workout
attachment
consequential damages
assignment
44. A person appointed by a testator in a will to see that her or his will is administered appropriately.
e-signature
executor
obligor
lessor
45. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
extension clause
affirmative action
reformation
tender
46. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
adhesion contract
apparent authority
petition in bankruptcy
duress
47. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.
target corporation
replevin
quitclaim deed
integrated contract
48. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
employment discrimination
anticipatory repudiation
double jeopardy
complaint
49. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
sale
actus reus
bond indenture
S corporation
50. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.
promise
disparate-treatment discrimination
cover
lessee