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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. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
liquidation
scienter
preemptive rights
wrongful discharge
2. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
intended beneficiary
summons
diversity of citizenship
gift causa mortis
3. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
S corporation
sublease
ethical reasoning
assignee
4. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued
unreasonably dangerous product
real property
international law
continuation statement
5. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
protected class
nominal damages
premium
liquidated debt
6. The purchase or sale of securities on the basis of information that has not been made available to the public.
insider trading
mailbox rule
legatee
sexual harassment
7. Ownership rights in property - including the right to possess and control the property.
dominion
embezzlement
dissolution
counterclaim
8. 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.
bailee
justiciable controversy
wrongful discharge
after-acquired property
9. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.
franchise
holding company
impossibility of performance
business necessity
10. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
insider trading
security interest
bond
insurance
11. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.
legatee
alternative dispute resolution (ADR)
inter vivos trust
automatic stay
12. 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.
force majeure clause
vicarious liability
close corporation
treaty
13. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
tenancy by the entirety
venture capital
distribution agreement
franchisee
14. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.
apparent authority
stored-value card
summons
cashier's check
15. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
quitclaim deed
signature
sale on approval
easement
16. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.
disparate-impact discrimination
prenuptial agreement
partnership
bailee
17. 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.
writ of certiorari
promisee
workout
tenancy by the entirety
18. An agreement that creates or provides for a security interest between the debtor and a secured party.
easement
security agreement
implied warranty of fitness for a particular purpose
debtor
19. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
tenancy by the entirety
conforming goods
cease-and-desist order
prima facie case
20. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.
deposition
tombstone ad
trust
respondeat superior
21. A legally recognized authority that can certify the validity of digital signatures.
third party beneficiary
cybernotary
continuation statement
question of fact
22. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
pass-through entity
sale or return
eminent domain
reformation
23. Any interest in personal property or fixtures that secures payment or performance of an obligation.
shrink-wrap agreement
motion for a new trial
preference
security interest
24. Barred - impeded - or precluded.
seniority system
estopped
property
security interest
25. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
award
disclosed principal
guarantor
electronic fund transfer (EFT)
26. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha
business necessity
independent contractor
I-551 Alien Registration Receipt
deposition
27. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
execution
malpractice
anticipatory repudiation
cybersquatting
28. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
constructive eviction
dissociation
self-incrimination
will substitutes
29. A revocable right or privilege of a person to come onto another person's land.
license
rescission
scienter
clearinghouse
30. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).
usury
deed
proxy
maker
31. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.
trademark
mens rea
contract
intermediary bank
32. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
grand jury
profit
property
e-contract
33. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'
cease-and-desist order
insider trading
after-acquired property
beyond a reasonable doubt
34. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.
protected class
taking
shelter principle
sale or return
35. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.
installment contract
treaty
mailbox rule
I-9 verification
36. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
bounty payment
constructive delivery
breach of contract
constructive trust
37. A party to whom contractual obligations are transferred - or delegated.
private equity capital
delegatee
cease-and-desist order
notary public
38. 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.
security
franchisee
right of reimbursement
international organization
39. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.
negotiable instrument
acceptance
smart card
lessor
40. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.
lease agreement
insurance
tangible employment action
homestead exemption
41. A contract that has been completely performed by both parties.
dissociation
restitution
executed contract
security interest
42. A type of contract that arises when a promise is given in exchange for a return promise.
red herring prospectus
bilateral contract
misdemeanor
acceptor
43. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
cybersquatting
payor bank
will substitutes
gift inter vivos
44. 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
small claims court
writ of execution
trade name
community property
45. A written - temporary insurance policy.
reply
cyber crime
binder
service mark
46. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
contractual capacity
bond
right of reimbursement
award
47. A gift of personal property by will (from the verb to bequeath).
bequest
requirements contract
bailment
robbery
48. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
personal property
working papers
dishonor
check
49. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
plea bargaining
tariff
wrongful discharge
ultra vires
50. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.
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