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Test your basic knowledge |
Business Law Fundamentals
Start Test
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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 the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.
summary jury trial (SJT)
prospectus
policy
accredited investors
2. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
implied warranty of fitness for a particular purpose
sole proprietorship
recording statutes
predominant-factor test
3. A set of policies or procedures affecting the way a corporation is directed or controlled.
tender of delivery
corporate governance
U.S. trustee
domain name
4. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
cease-and-desist order
universal defenses
employment contract
Regulation E
5. A trust that is created by will and therefore does not take effect until the death of the testator.
constructive eviction
testamentary trust
automatic stay
forum-selection clause
6. 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
writ of execution
unreasonably dangerous product
tender
restitution
7. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.
generally accepted accounting principles (GAAP)
investment contract
mirror image rule
tenancy at sufferance
8. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.
certificate of limited partnership
principle of rights
express warranty
draft
9. 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.
bequest
revocation
ratification
security
10. The image and overall appearance of a product
nonpossessory interest
confusion
dishonor
trade dress
11. 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.
standing to sue
mitigation of damages
third party beneficiary
treaty
12. Ownership rights in property - including the right to possess and control the property.
order for relief
principle of rights
dominion
eviction
13. A set of governing rules adopted by a corporation or other association.
bylaws
retained earnings
breach of contract
consumer-debtor
14. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.
usage of trade
firm offer
incidental damages
right of contribution
15. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
double jeopardy
deficiency judgment
e-money
alien corporation
16. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
fiduciary
corporation
counterclaim
secondary boycott
17. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
sale
foreign exchange market
forum-selection clause
independent contractor
18. 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.
fiduciary
mens rea
tangible property
debtor in possession (DIP)
19. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
service mark
closed shop
investment company
contract
20. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
condition subsequent
question of fact
bailor
promissory note
21. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
forum-selection clause
minimum wage
personal defenses
secured transaction
22. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.
dominion
policy
trademark
motion for judgment n.o.v.
23. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).
principle of rights
consumer-debtor
e-signature
petty offense
24. 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.
negotiable instrument
sexual harassment
unenforceable contract
default judgment
25. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t
commercial impracticability
question of fact
delegatee
exclusionary rule
26. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
codicil
justiciable controversy
articles of partnership
promise
27. 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.
limited liability company (LLC)
objective theory of contracts
act of state doctrine
acceptance
28. Barred - impeded - or precluded.
real property
estopped
reformation
motion for a directed verdict
29. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.
specific performance
sole proprietorship
voidable contract
delegator
30. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
incidental damages
estopped
constructive discharge
duress
31. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
default
categorical imperative
expropriation
profit
32. The purchase or sale of securities on the basis of information that has not been made available to the public.
tenancy in common
Statute of Frauds
insider trading
devise
33. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.
limited liability partnership (LLP)
tender of delivery
collective mark
discharge
34. A crime committed on the Internet.
cyber crime
motion for judgment on the pleadings
beyond a reasonable doubt
self-incrimination
35. 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.
bounty payment
requirements contract
restitution
delegator
36. 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.
probate court
bilateral mistake
rescission
certificate of deposit (CD)
37. 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.
bond
levy
offer
forum-selection clause
38. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.
covenant not to sue
restitution
preferred creditor
confiscation
39. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise
condemnation
money laundering
check
emancipation
40. 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.
concurrent conditions
insurance
stale check
tenancy at will
41. 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
franchisor
self-incrimination
corporation
executed contract
42. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
business judgment rule
sole proprietorship
preferred creditor
white-collar crime
43. A person on the board of directors who is also an officer of the corporation.
inside director
e-signature
universal defenses
unreasonably dangerous product
44. A check drawn by a bank on itself.
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45. A promise or commitment to perform or refrain from performing some specified act in the future.
offer
bailment
promisee
principle of rights
46. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.
parol evidence rule
motion for a directed verdict
underwriter
debtor in possession (DIP)
47. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
third party beneficiary
embezzlement
blue sky laws
insurance
48. An assertion that something either will or will not happen in the future.
trust
promise
unilateral mistake
international organization
49. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
forum-selection clause
garnishment
negotiation
confiscation
50. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.
tippee
fixture
interrogatories
tender
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