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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 advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.
dumping
seasonably
lessee
tombstone ad
2. An equity (ownership) interest in a corporation - measured in units of shares.
insider trading
international organization
accredited investors
stock
3. A rule under which a court will not receive into evidence the parties' prior negotiations - prior agreements - or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties' written contract.
security agreement
parol evidence rule
suretyship
choice-of-language clause
4. A type of limited liability partnership owned by family members or fiduciaries of family members.
choice-of-language clause
mirror image rule
computer crime
family limited liability partnership (FLLP)
5. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o
spendthrift trust
malpractice
tenancy in common
disparate-impact discrimination
6. Any instrument drawn on a drawee that orders the drawee to pay a certain sum of money - usually to a third party (the payee) - on demand or at a definite future time.
foreign exchange market
shrink-wrap agreement
litigation
draft
7. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.
specific performance
due diligence
junior lienholder
past consideration
8. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.
certificate of limited partnership
resulting trust
lease agreement
usage of trade
9. State laws that regulate the offering and sale of securities.
copyright
community property
offer
blue sky laws
10. The portion of a corporation's profits that has not been paid out as dividends to shareholders.
liquidation
retained earnings
discharge
motion for judgment n.o.v.
11. A trademark in cyberspace.
lost property
delegation of duties
transfer warranties
cyber mark
12. 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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13. Any bank handling an item for collection - except the payor bank.
nominal damages
mutual fund
necessaries
collecting bank
14. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
purchase-money security interest (PMSI)
foreign exchange market
per stirpes
stock options
15. A document by which title to property (usually real property) is passed.
expropriation
deed
corporation
resulting trust
16. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.
installment contract
cybernotary
quorum
robbery
17. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f
option contract
objective theory of contracts
mortgagor
holder
18. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
unconscionable contract or clause
SEC Rule 10b-5
devise
e-money
19. Procedurally - a defendant's response to the plaintiff's complaint.
parol evidence rule
necessaries
certified check
answer
20. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.
check
continuation statement
independent contractor
reply
21. 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.
red herring prospectus
document of title
motion for a directed verdict
emancipation
22. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
discovery
tenancy at will
complaint
acceptor
23. 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
offeree
performance
SEC Rule 10b-5
24. A crime committed on the Internet.
principle of rights
cyber crime
contractual capacity
vicarious liability
25. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
mortgage
force majeure clause
tender
digital cash
26. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
limited partner
consideration
pledge
crime
27. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.
fictitious payee
identification
insurable interest
blue laws
28. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
indorsement
discharge
pass-through entity
ratification
29. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).
commingle
frustration of purpose
member
easement
30. A check drawn by a bank on itself.
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31. A promise or commitment to perform or refrain from performing some specified act in the future.
beyond a reasonable doubt
information
independent contractor
offer
32. All forms of personal property.
business necessity
binder
chattel
larceny
33. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.
security
drawee
arbitration
consignment
34. Property with which the owner has voluntarily parted and then cannot find or recover.
obligee
general partner
guarantor
mislaid property
35. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.
commingle
policy
sale on approval
concurrent jurisdiction
36. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.
litigation
union shop
complaint
international organization
37. A designation in the United States for a corporation formed in another country but doing business in the United States.
alien corporation
usury
bankruptcy court
tangible property
38. 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.
emancipation
embezzlement
domain name
generally accepted auditing standards (GAAS)
39. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr
business ethics
prima facie case
formal contract
consequential damages
40. 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.
felony
preference
motion for judgment on the pleadings
appraisal right
41. A contract between an employer and an employee in which the terms and conditions of employment are stated.
breach of contract
employment contract
interrogatories
tender
42. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
information return
online dispute resolution (ODR)
small claims court
estopped
43. 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
per capita
delegator
ratification
market-share liability
44. 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.
international law
mortgagor
parent-subsidiary merger
guarantor
45. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil
union shop
cybersquatting
proxy
implied warranty of fitness for a particular purpose
46. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued
petty offense
legatee
continuation statement
testamentary trust
47. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.
exclusive distributorship
underwriter
accredited investors
blue laws
48. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p
motion to dismiss
red herring prospectus
I-551 Alien Registration Receipt
release
49. 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.
recording statutes
offeror
cyberterrorist
artisan's lien
50. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th
tender offer
employment contract
commingle
discharge