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Test your basic knowledge |
Business Law Fundamentals
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
venue
universal defenses
closed shop
merchant
2. All forms of personal property.
distributed network
chattel
traveler's check
franchise
3. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
red herring prospectus
attachment
cease-and-desist order
disparate-impact discrimination
4. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -
void contract
assignor
warranty deed
adverse possession
5. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.
intended beneficiary
undisclosed principal
voidable contract
alien corporation
6. A designation in the United States for a corporation formed in another country but doing business in the United States.
sole proprietorship
alien corporation
gift causa mortis
payor bank
7. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
target corporation
minimum wage
choice-of-language clause
assignee
8. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
codicil
limited liability limited partnership (LLLP)
incidental beneficiary
course of dealing
9. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
usage of trade
eminent domain
insider trading
act of state doctrine
10. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
venture capital
utilitarianism
cost-benefit analysis
motion to dismiss
11. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
embezzlement
probate
insurable interest
prospectus
12. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.
employment contract
quitclaim deed
promisor
outside director
13. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.
insurable interest
mortgagor
right of contribution
question of law
14. The bank on which a check is drawn (the drawee bank).
payor bank
transfer warranties
mirror image rule
digital cash
15. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
clearinghouse
employment contract
integrated contract
federal question
16. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t
profit
ratification
bounty payment
operating agreement
17. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d
binder
obligor
secondary boycott
anticipatory repudiation
18. 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.
express warranty
seasonably
larceny
offer
19. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
workers' compensation laws
nominal damages
cram-down provision
quasi contract
20. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan
unreasonably dangerous product
writ of certiorari
motion to dismiss
shrink-wrap agreement
21. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
dumping
assignment
distributed network
prima facie case
22. The number of members of a decision-making body that must be present before business may be transacted.
charitable trust
quorum
respondeat superior
undisclosed principal
23. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
pleadings
parent-subsidiary merger
suretyship
mitigation of damages
24. Property with which the owner has involuntarily parted and then cannot find or recover.
drawer
condition precedent
confusion
lost property
25. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim
covenant not to compete
third party beneficiary
fiduciary
normal trade relations (NTR) status
26. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
nuncupative will
leasehold estate
treaty
proxy
27. A gift of personal property under a will.
shrink-wrap agreement
burglary
leasehold estate
legacy
28. 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
executed contract
due diligence
discharge
objective theory of contracts
29. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi
crime
frustration of purpose
utilitarianism
hacker
30. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
discovery
record
voidable contract
quasi contract
31. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.
drawee
pleadings
dishonor
bankruptcy court
32. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
valid contract
close corporation
signature
articles of partnership
33. A promise or commitment to perform or refrain from performing some specified act in the future.
bailor
bailee
larceny
offer
34. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
distribution agreement
security interest
beyond a reasonable doubt
taking
35. 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
brief
mortgagor
browse-wrap terms
unreasonably dangerous product
36. Property with which the owner has voluntarily parted and then cannot find or recover.
generally accepted auditing standards (GAAS)
execution
articles of incorporation
mislaid property
37. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
quitclaim deed
exclusive jurisdiction
union shop
gift inter vivos
38. 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
forum-selection clause
operating agreement
joint and several liability
act of state doctrine
39. 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.
liquidation
service mark
charitable trust
constructive trust
40. A party to whom contractual obligations are transferred - or delegated.
probate court
delegatee
bond indenture
motion for a directed verdict
41. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
lessee
judicial review
security agreement
federal question
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.
sole proprietorship
independent contractor
electronic fund transfer (EFT)
discharge
43. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
objective theory of contracts
option contract
target corporation
acceptance
44. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
general partner
quasi contract
stored-value card
assignee
45. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
delegator
homestead exemption
tenancy in common
workout
46. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.
expropriation
implied warranty of fitness for a particular purpose
protected class
e-agent
47. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.
cybersquatting
fictitious payee
concurrent conditions
bailee
48. 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
implied warranty of merchantability
tariff
motion to dismiss
normal trade relations (NTR) status
49. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
hacker
investment contract
constructive eviction
depositary bank
50. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
merger
motion for summary judgment
condition precedent
duress
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