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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. 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.
question of law
special warranty deed
disclosed principal
cyber crime
2. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
incidental damages
insider trading
default
choice-of-language clause
3. An agreement that creates or provides for a security interest between the debtor and a secured party.
stock options
peer-to-peer (P2P) networking
security agreement
real property
4. 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).
tenancy at will
mislaid property
power of attorney
expropriation
5. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.
probable cause
forbearance
pass-through entity
document of title
6. A contract that has been completely performed by both parties.
risk management
executed contract
patent
appraisal right
7. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.
objective theory of contracts
mediation
merchant
predominant-factor test
8. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.
liquidated debt
certification mark
working papers
license
9. A contract that results when an offer can be accepted only by the offeree's performance.
negotiation
license
unilateral contract
discharge
10. 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.
small claims court
execution
debtor in possession (DIP)
purchase-money security interest (PMSI)
11. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
normal trade relations (NTR) status
bankruptcy court
holographic will
electronic fund transfer (EFT)
12. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.
mediation
conveyance
outside director
workout
13. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
generally accepted auditing standards (GAAS)
quitclaim deed
entrapment
dividend
14. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
co-surety
copyright
digital cash
bona fide occupational qualification (BFOQ)
15. One to whom goods are entrusted by a bailor.
judicial review
express warranty
will
bailee
16. Reasonable grounds for believing that a person should be arrested or searched.
probable cause
blue sky laws
junior lienholder
due diligence
17. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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18. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.
corporate governance
collective mark
charitable trust
quota
19. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.
proxy
per capita
certificate of deposit (CD)
usage of trade
20. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.
certified check
integrated contract
normal trade relations (NTR) status
secured party
21. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
bilateral mistake
summons
target corporation
certification mark
22. State laws that regulate the offering and sale of securities.
intended beneficiary
generally accepted auditing standards (GAAS)
blue sky laws
periodic tenancy
23. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
rule of four
devise
overdraft
express warranty
24. The act of transferring to another all or part of one's duties arising under a contract.
franchisor
complaint
constructive trust
delegation of duties
25. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
I-9 verification
Regulation E
justiciable controversy
presentment warranties
26. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
whistleblowing
community property
cross-collateralization
devisee
27. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio
franchisor
floating lien
rescission
right of subrogation
28. 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
bankruptcy court
license
pass-through entity
29. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.
express contract
constructive discharge
standing to sue
security
30. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s
bilateral contract
blue sky laws
joint and several liability
condition precedent
31. One designated in a will to receive a gift of personal property.
tender
entrustment rule
constructive discharge
legatee
32. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.
question of law
counteroffer
litigation
distributed network
33. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
inter vivos trust
bailee
scienter
question of law
34. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
motion for judgment on the pleadings
revocation
secondary boycott
stale check
35. 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
codicil
short-form merger
dissolution
power of attorney
36. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.
default judgment
identification
attachment
novation
37. In the context of real property - an interest in land that does not include any right to possess the property.
performance
tenancy in common
lessee
nonpossessory interest
38. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
exclusive jurisdiction
motion for judgment on the pleadings
duress
Statute of Frauds
39. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
venue
takeover
concurrent ownership
stored-value card
40. All forms of personal property.
chattel
exclusive distributorship
sexual harassment
diversity of citizenship
41. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
cram-down provision
diversity of citizenship
petty offense
insurance
42. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th
ultra vires
arson
penalty
codicil
43. A written - temporary insurance policy.
limited liability partnership (LLP)
binder
liquidation
sublease
44. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar
destination contract
fixed-term tenancy
motion for summary judgment
condition precedent
45. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.
secured transaction
anticipatory repudiation
discovery
arbitration
46. A trust that is created by will and therefore does not take effect until the death of the testator.
mislaid property
valid contract
arson
testamentary trust
47. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
devisee
per capita
e-evidence
digital cash
48. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
garnishment
motion for a new trial
penalty
warranty deed
49. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.
award
dissociation
disparate-treatment discrimination
right of subrogation
50. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
limited partnership
online dispute resolution (ODR)
limited liability limited partnership (LLLP)
award