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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. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib
vicarious liability
minimum wage
trade secret
limited partner
2. 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.'
destination contract
beyond a reasonable doubt
draft
nonpossessory interest
3. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
liquidation
larceny
limited liability limited partnership (LLLP)
forum-selection clause
4. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.
levy
check
traveler's check
petty offense
5. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
apparent authority
partnering agreement
extension clause
right of subrogation
6. A valid contract rendered unenforceable by some statute or law.
accredited investors
unenforceable contract
unconscionable contract or clause
testator
7. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
implied-in-fact contract
eminent domain
small claims court
certification mark
8. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.
cost-benefit analysis
larceny
drawee
hot-cargo agreement
9. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.
bounty payment
normal trade relations (NTR) status
seasonably
promisee
10. 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.
sublease
robbery
act of state doctrine
continuation statement
11. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
mortgagor
disclosed principal
surety
ratification
12. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
double jeopardy
pleadings
search warrant
guarantor
13. One who makes and executes a will.
risk management
disclosed principal
dishonor
testator
14. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.
bilateral mistake
homestead exemption
cross-collateralization
tangible employment action
15. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
Totten trust
service mark
mechanic's lien
sale
16. A prediction concerning potential loss based on known and unknown factors.
I-9 verification
international organization
premium
risk
17. Necessities required for life - such as food - shelter - clothing - and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status.
necessaries
clearinghouse
cybernotary
certificate of deposit (CD)
18. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are
quasi contract
transfer warranties
closed shop
lien
19. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
counterclaim
fictitious payee
maker
SEC Rule 10b-5
20. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ
long arm statute
sale
after-acquired property
market-share liability
21. Having left a will at death.
tariff
backdating
testate
apparent authority
22. In a given state - a corporation that does business in the state without being incorporated therein.
risk
stop-payment order
formal contract
foreign corporation
23. One designated in a will to receive a gift of real property.
tippee
predominant-factor test
devisee
traveler's check
24. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
bond indenture
insurance
business ethics
employment contract
25. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.
confusion
acceleration clause
brief
cover
26. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.
civil law system
recording statutes
parent-subsidiary merger
necessaries
27. Moral principles and values applied to social behavior.
service mark
firm offer
ethics
tender offer
28. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
diversity of citizenship
sale on approval
breach of contract
burglary
29. A set limit on the amount of goods that can be imported.
bankruptcy court
docket
sale on approval
quota
30. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.
executory contract
generally accepted auditing standards (GAAS)
grand jury
motion to dismiss
31. 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.
past consideration
gift
tenancy at will
sale or return
32. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.
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33. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
franchisor
right-to-work law
assignee
cost-benefit analysis
34. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
course of performance
executor
e-agent
agency
35. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.
award
stock warrant
corporate social responsibility
tenancy at will
36. An agreement by two or more persons to carry on - as co-owners - a business for profit.
partnership
acceleration clause
tenancy at will
hacker
37. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.
implied warranty of fitness for a particular purpose
order for relief
employment at will
tenancy at will
38. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.
debtor in possession (DIP)
franchisee
personal property
impossibility of performance
39. A trust that is created by will and therefore does not take effect until the death of the testator.
national law
ratification
testamentary trust
nominal damages
40. 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
entrustment rule
executor
proceeds
tangible employment action
41. A set of policies or procedures affecting the way a corporation is directed or controlled.
sales contract
corporate governance
risk
prenuptial agreement
42. One to whom goods are entrusted by a bailor.
bailee
national law
burglary
preferred creditor
43. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their
merger
question of fact
conforming goods
assignment
44. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
spendthrift trust
privity of contract
force majeure clause
concurrent conditions
45. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.
arson
tangible property
sale on approval
probate
46. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).
trust
distribution agreement
drawer
contract
47. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).
profit
performance
levy
commingle
48. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
reply
minimum wage
I-551 Alien Registration Receipt
mortgage
49. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
third party beneficiary
business ethics
employment at will
pass-through entity
50. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t
electronic fund transfer (EFT)
disaffirmance
third party beneficiary
browse-wrap terms