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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. 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.
contract
promissory note
revocation
premium
2. One designated in a will to receive a gift of real property.
order for relief
devisee
standing to sue
alienation
3. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of
insurable interest
intestate
partnership
imposter
4. A person on the board of directors who is also an officer of the corporation.
conveyance
identity theft
browse-wrap terms
inside director
5. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
e-agent
information return
forum-selection clause
draft
6. 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.
petty offense
e-money
necessaries
check
7. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
trust
information return
installment contract
docket
8. The act of transferring to another all or part of one's rights arising under a contract.
respondeat superior
sales contract
smart card
assignment
9. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ
usage of trade
forgery
summary jury trial (SJT)
motion to dismiss
10. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
indorsement
option contract
seasonably
target corporation
11. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
small claims court
lien
predominant-factor test
promissory estoppel
12. 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.
implied warranty of fitness for a particular purpose
quota
covenant not to sue
charitable trust
13. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.
secured transaction
petty offense
negotiable instrument
bearer instrument
14. A thing that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.
fixture
intermediary bank
undisclosed principal
petty offense
15. Any person in possession of an instrument drawn - issued - or indorsed to him or her - to his or her order - to bearer - or in blank.
holder
sexual harassment
cybersquatting
revocation
16. 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
unenforceable contract
brief
incidental damages
market-share liability
17. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
nuncupative will
covenant not to sue
burglary
codicil
18. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.
quasi contract
writ of execution
limited liability limited partnership (LLLP)
disparate-treatment discrimination
19. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
implied-in-fact contract
delegator
U.S. trustee
partnering agreement
20. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.
cybersquatting
consideration
cybernotary
bylaws
21. The practice of marking a document with a date that precedes the actual date. Persons who backdate stock options are picking a date when the stock was trading at a lower price than the date of the options grant.
valid contract
seniority system
backdating
unilateral contract
22. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
misdemeanor
exculpatory clause
acceptor
covenant not to compete
23. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
digital cash
S corporation
reaffirmation agreement
complaint
24. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.
negotiable instrument
mechanic's lien
promisee
browse-wrap terms
25. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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26. 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.
automatic stay
malpractice
penalty
arson
27. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
arbitration clause
license
letter of credit
specific performance
28. 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
joint and several liability
employment contract
performance
intellectual property
29. 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.
sale on approval
quitclaim deed
sale or return
workers' compensation laws
30. A worldwide system in which foreign currencies are bought and sold.
employment at will
petition in bankruptcy
dividend
foreign exchange market
31. 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
specific performance
I-551 Alien Registration Receipt
testamentary trust
firm offer
32. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
firm offer
cybernotary
hot-cargo agreement
stock certificate
33. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
holographic will
identity theft
underwriter
right-to-work law
34. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.
probable cause
employment discrimination
letter of credit
lessee
35. Any bank handling an item for collection - except the payor bank.
sovereign immunity
plea bargaining
collecting bank
I-9 verification
36. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
closed shop
securities
mailbox rule
preferred stock
37. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part
mirror image rule
domain name
shipment contract
devise
38. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.
nonpossessory interest
breach of contract
writ of attachment
forbearance
39. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
mortgagor
private equity capital
stock warrant
implied-in-fact contract
40. A charge by a grand jury that a named person has committed a crime.
indictment
community property
ethical reasoning
piercing the corporate veil
41. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.
grand jury
constructive trust
legatee
promissory note
42. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
dumping
stock warrant
liquidated debt
respondeat superior
43. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
certification mark
incidental beneficiary
legatee
forum-selection clause
44. A tax on imported goods.
piercing the corporate veil
record
tariff
license
45. A party to whom the rights under a contract are transferred - or assigned.
assignee
long arm statute
void contract
offer
46. The act of accepting and giving legal force to an obligation that previously was not enforceable.
delegatee
sublease
money laundering
ratification
47. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
drawer
novation
dissolution
executory contract
48. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
deposition
ethical reasoning
duress
preferred stock
49. A state law providing that employees may not be required to join a union as a condition of retaining employment.
discharge
risk
right-to-work law
levy
50. 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.
check
necessaries
bequest
conveyance