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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
operating agreement
discharge
certified check
mortgage
2. Procedurally - a plaintiff's response to a defendant's answer.
winding up
implied warranty
reply
confusion
3. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
signature
secured party
international organization
generally accepted auditing standards (GAAS)
4. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv
right of subrogation
tender of delivery
estate in property
personal defenses
5. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t
trade name
target corporation
private equity capital
nuncupative will
6. An implied promise by a landlord that rented residential premises are fit for human habitation
mitigation of damages
constructive discharge
brief
implied warranty of habitability
7. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
tender offer
accord and satisfaction
emancipation
floating lien
8. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
concurrent conditions
depositary bank
merchant
Statute of Frauds
9. In a given state - a corporation that does business in the state without being incorporated therein.
foreign corporation
payee
covenant not to compete
debtor in possession (DIP)
10. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.
shelter principle
periodic tenancy
cashier's check
force majeure clause
11. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.
workers' compensation laws
confusion
dissociation
generally accepted accounting principles (GAAP)
12. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -
conforming goods
holographic will
adverse possession
executory contract
13. A state law providing that employees may not be required to join a union as a condition of retaining employment.
suretyship
creditors' composition agreement
counteroffer
right-to-work law
14. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
policy
secured transaction
certified check
probate court
15. 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.
exclusive distributorship
right of subrogation
estopped
secured party
16. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif
revocation
disclosed principal
mens rea
delegator
17. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
forum-selection clause
hacker
continuation statement
lost property
18. A writ from a higher court asking the lower court for the record of a case.
bond
writ of certiorari
domestic corporation
categorical imperative
19. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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20. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.
lessor
motion for judgment n.o.v.
employment at will
right of subrogation
21. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means
arson
malpractice
dissolution
quasi contract
22. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the
arbitration
contractual capacity
incidental damages
short-form merger
23. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.
family limited liability partnership (FLLP)
investment contract
closed shop
exclusionary rule
24. 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).
online dispute resolution (ODR)
protected class
grand jury
joint tenancy
25. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
consideration
vesting
default
forgery
26. A contract having no legal force or binding effect.
discharge
bilateral contract
usury
void contract
27. Property with which the owner has voluntarily parted - with no intention of recovering it.
vicarious liability
general partner
insurable interest
abandoned property
28. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.
writ of attachment
order for relief
lease
articles of incorporation
29. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
litigation
fee simple absolute
tender of delivery
formal contract
30. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
investment company
service mark
contractual capacity
privity of contract
31. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t
prospectus
commercial impracticability
option contract
formal contract
32. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
nonpossessory interest
entrapment
preemptive rights
penalty
33. A written - temporary insurance policy.
binder
spendthrift trust
award
quasi contract
34. Barred - impeded - or precluded.
periodic tenancy
right of contribution
estopped
output contract
35. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
workers' compensation laws
incidental damages
sole proprietorship
consumer-debtor
36. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
burglary
discharge
penalty
stock options
37. The process of resolving a dispute through the court system.
litigation
abandoned property
valid contract
question of fact
38. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
conforming goods
disparate-impact discrimination
generally accepted accounting principles (GAAP)
obligor
39. A contract in which the terms of the agreement are stated in words - oral or written.
e-evidence
express contract
conforming goods
financing statement
40. A party to whom the rights under a contract are transferred - or assigned.
motion for summary judgment
assignee
act of state doctrine
backdating
41. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.
legacy
penalty
free-writing prospectus
lessee
42. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
retained earnings
premium
red herring prospectus
SEC Rule 10b-5
43. A revocable right or privilege of a person to come onto another person's land.
civil law system
prima facie case
agency
license
44. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
investment company
long arm statute
dominion
rule of four
45. A charge by a grand jury that a named person has committed a crime.
deficiency judgment
promisor
indictment
executory contract
46. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
rescission
confusion
retained earnings
universal defenses
47. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.
delegator
insurable interest
comity
obligor
48. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
surety
executor
principle of rights
life estate
49. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
agreement
notary public
money laundering
co-surety
50. A company whose business activity is holding shares in another company.
unconscionable contract or clause
holding company
SEC Rule 10b-5
federal question