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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 of proving and validating a will and settling all matters pertaining to an estate.
attachment
categorical imperative
probate
payee
2. The legal avoidance - or setting aside - of a contractual obligation.
certification mark
commingle
disaffirmance
usage of trade
3. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
check
attachment
security
diversity of citizenship
4. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
recording statutes
lessee
union shop
defalcation
5. The authority of a court to hear and decide a specific case.
acceptance
mitigation of damages
jurisdiction
sole proprietorship
6. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.
tenancy at sufferance
gift inter vivos
consideration
lease
7. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
drawer
insider trading
legacy
sales contract
8. State laws that regulate the offering and sale of securities.
takeover
gift inter vivos
deficiency judgment
blue sky laws
9. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract
incidental damages
sexual harassment
negotiation
promisee
10. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.
executed contract
alternative dispute resolution (ADR)
winding up
international law
11. The geographic district in which a legal action is tried and from which the jury is selected.
electronic fund transfer (EFT)
union shop
venue
dividend
12. 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.
homestead exemption
burglary
unilateral contract
traveler's check
13. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
testamentary trust
incidental damages
collective mark
letter of credit
14. 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).
third party beneficiary
equal dignity rule
power of attorney
sale
15. 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
necessaries
franchise
disparate-impact discrimination
16. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).
franchise
question of fact
taking
holding company
17. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.
discharge
generally accepted auditing standards (GAAS)
mutual fund
incidental beneficiary
18. An order by a bank customer to his or her bank not to pay or certify a certain check.
market-share liability
standing to sue
maker
stop-payment order
19. 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
blue laws
act of state doctrine
commingle
insider trading
20. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
national law
S corporation
blue sky laws
incidental damages
21. 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.
dividend
express contract
sexual harassment
deficiency judgment
22. 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
service mark
deficiency judgment
implied warranty of merchantability
continuation statement
23. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
agreement
actus reus
impossibility of performance
trust
24. An implied promise by a landlord that rented residential premises are fit for human habitation
conforming goods
implied warranty of habitability
dissociation
eminent domain
25. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
force majeure clause
presentment warranties
writ of attachment
limited liability company (LLC)
26. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
cease-and-desist order
litigation
unconscionable contract or clause
inter vivos trust
27. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
constructive trust
anticipatory repudiation
merchant
stock certificate
28. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
agency
force majeure clause
extension clause
check
29. A person who receives inside information.
tippee
appraisal right
e-evidence
delegation of duties
30. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
independent contractor
common stock
check
right of reimbursement
31. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.
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32. The purchase or sale of securities on the basis of information that has not been made available to the public.
exculpatory clause
preferred creditor
insider trading
bond indenture
33. A deed in which the grantor warrants only that the grantor or seller held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.
special warranty deed
identity theft
delegation of duties
holder in due course (HDC)
34. A person who makes a promise.
workout
promisor
accredited investors
due diligence
35. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.
indictment
trade name
venture capital
constructive delivery
36. A person on the board of directors who is also an officer of the corporation.
transfer warranties
inside director
will
policy
37. A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.
firm offer
penalty
sovereign immunity
generally accepted accounting principles (GAAP)
38. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
small claims court
insolvent
purchase-money security interest (PMSI)
burglary
39. A designation in the United States for a corporation formed in another country but doing business in the United States.
alien corporation
e-evidence
automatic stay
answer
40. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.
policy
presentment warranties
replevin
equal dignity rule
41. 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.
emancipation
lost property
eminent domain
sale
42. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
negotiable instrument
e-evidence
civil law system
acceptance
43. In a given state - a corporation that does business in the state without being incorporated therein.
foreign corporation
S corporation
seasonably
voir dire
44. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
shrink-wrap agreement
bankruptcy court
breach of contract
moral minimum
45. 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.
limited partnership
attachment
sale on approval
employment at will
46. A landlord's act of depriving a tenant of possession of the leased premises.
eviction
proceeds
venue
SEC Rule 10b-5
47. 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.
undisclosed principal
mutual fund
generally accepted accounting principles (GAAP)
international law
48. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
blue sky laws
rescission
trade name
expropriation
49. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
requirements contract
lien
pledge
automatic stay
50. Goods that conform to contract specifications.
independent contractor
will substitutes
export
conforming goods