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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. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
summons
junior lienholder
record
underwriter
2. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
copyright
reformation
embezzlement
per capita
3. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
choice-of-language clause
malpractice
lost property
bankruptcy court
4. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only
course of dealing
spendthrift trust
tender
tenancy at sufferance
5. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
question of law
security agreement
bounty payment
forum-selection clause
6. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
docket
ultra vires
course of dealing
click-on agreement
7. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).
preference
employment at will
power of attorney
objective theory of contracts
8. One who owes an obligation to another.
suretyship
premium
adhesion contract
obligor
9. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.
risk management
negotiable instrument
S corporation
acceleration clause
10. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
order for relief
seniority system
investment company
dishonor
11. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.
mailbox rule
trade dress
diversity of citizenship
justiciable controversy
12. One to whom goods are entrusted by a bailor.
dissociation
limited liability limited partnership (LLLP)
bailee
Federal Reserve System
13. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.
good faith purchaser
obligor
ratification
check
14. 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.
obligee
mortgage
risk management
record
15. A document by which title to property (usually real property) is passed.
agency
counterclaim
deposition
deed
16. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o
dissolution
fungible goods
document of title
money laundering
17. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
winding up
question of law
right of subrogation
prospectus
18. A person on the board of directors who is also an officer of the corporation.
inside director
investment company
felony
bailee
19. A party to whom contractual obligations are transferred - or delegated.
adhesion contract
prospectus
venture capital
delegatee
20. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.
condition subsequent
sale on approval
warranty deed
bailor
21. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
identification
community property
burglary
depositary bank
22. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
act of state doctrine
fiduciary
informal contract
obligor
23. 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.
corporation
constructive eviction
constructive delivery
express warranty
24. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
complaint
negotiation
inside director
impossibility of performance
25. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
default
backdating
attachment
holding company
26. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.
investment contract
self-defense
alternative dispute resolution (ADR)
accession
27. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.
cybernotary
proxy
franchise
emancipation
28. The legal avoidance - or setting aside - of a contractual obligation.
disaffirmance
treaty
S corporation
homestead exemption
29. 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
lease agreement
scienter
choice-of-law clause
firm offer
30. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would
member
per stirpes
force majeure clause
whistleblowing
31. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
winding up
shrink-wrap agreement
consent
service mark
32. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
lien
generally accepted auditing standards (GAAS)
third party beneficiary
installment contract
33. 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
release
operating agreement
plea bargaining
service mark
34. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit
normal trade relations (NTR) status
gift causa mortis
property
junior lienholder
35. The idea that corporations can and should act ethically and be accountable to society for their actions.
corporate social responsibility
usage of trade
cashier's check
ratification
36. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.
imposter
collecting bank
accredited investors
concurrent conditions
37. 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
protected class
federal question
bearer instrument
38. A contract between an employer and an employee in which the terms and conditions of employment are stated.
robbery
answer
holder in due course (HDC)
employment contract
39. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.
liquidation
mortgage
felony
choice-of-law clause
40. The process of taking private property for public use through the government's power of eminent domain.
inside director
condemnation
merger
proceeds
41. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
executed contract
objective theory of contracts
reformation
consolidation
42. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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43. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.
void contract
limited partnership
arbitration clause
bailee
44. The image and overall appearance of a product
predominant-factor test
covenant not to compete
small claims court
trade dress
45. The goods and services that domestic firms sell to buyers located in other countries.
double jeopardy
foreign exchange market
export
holographic will
46. An agreement by two or more persons to carry on - as co-owners - a business for profit.
partnership
deficiency judgment
promissory note
computer crime
47. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
secondary boycott
chattel
blue laws
exclusive jurisdiction
48. 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).
employment at will
conforming goods
leasehold estate
joint tenancy
49. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
mitigation of damages
discovery
delegator
larceny
50. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio
watered stock
nonpossessory interest
incidental damages
parent-subsidiary merger