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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. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
consolidation
comity
minimum wage
constructive delivery
2. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
contractual capacity
extension clause
acceptor
formal contract
3. 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.
constructive discharge
complaint
independent contractor
condition
4. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
good faith purchaser
collective mark
franchisor
delegator
5. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.
fungible goods
bailment
gift causa mortis
ethics
6. 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
cyber crime
forum-selection clause
destination contract
ratification
7. 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
duress
implied warranty of fitness for a particular purpose
discovery
installment contract
8. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.
quitclaim deed
estate in property
mortgagee
constructive delivery
9. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.
specific performance
mortgage
beyond a reasonable doubt
e-money
10. A person to whom a promise is made.
bearer instrument
promisee
certified check
vicarious liability
11. A type of contract that arises when a promise is given in exchange for a return promise.
bilateral contract
deposition
double jeopardy
common stock
12. One who entrusts goods to a bailee.
special warranty deed
forum-selection clause
dissociation
bailor
13. 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
tangible property
holographic will
insolvent
dissolution
14. An implied promise by a landlord that rented residential premises are fit for human habitation
implied warranty of habitability
corporation
due diligence
lease
15. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t
trade name
due diligence
tombstone ad
misdemeanor
16. Property with which the owner has involuntarily parted and then cannot find or recover.
standing to sue
preemptive rights
imposter
lost property
17. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a
acceptance
implied warranty
condition subsequent
common stock
18. A set of governing rules adopted by a corporation or other association.
employment at will
promise
dividend
bylaws
19. In a given state - a corporation that does business in the state without being incorporated therein.
anticipatory repudiation
profit
promissory note
foreign corporation
20. A prediction concerning potential loss based on known and unknown factors.
risk
peer-to-peer (P2P) networking
S corporation
interrogatories
21. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
actus reus
insurable interest
deed
voidable contract
22. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
workout
interrogatories
reformation
partnering agreement
23. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
easement
embezzlement
award
corporate social responsibility
24. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
installment contract
cost-benefit analysis
tender offer
financing statement
25. 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 or return
nominal damages
dissociation
foreign corporation
26. Authority that is only apparent - not real. In agency law - a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed w
holder
apparent authority
void contract
tangible employment action
27. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
intangible property
signature
profit
certificate of limited partnership
28. 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.
generally accepted accounting principles (GAAP)
conveyance
unilateral contract
quota
29. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract
incidental damages
cover
market-share liability
contractual capacity
30. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo
integrated contract
tangible employment action
apparent authority
tariff
31. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).
license
assignor
question of fact
levy
32. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.
assignee
sublease
business necessity
private equity capital
33. The term used to designate a person who has an ownership interest in a limited liability company.
articles of incorporation
cost-benefit analysis
member
tenancy at will
34. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
good faith purchaser
copyright
liquidated damages
summary jury trial (SJT)
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.
requirements contract
principle of rights
cyber crime
I-551 Alien Registration Receipt
36. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
holding company
security
protected class
federal question
37. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.
homestead exemption
act of state doctrine
general partner
operating agreement
38. 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.
proxy
unreasonably dangerous product
integrated contract
prenuptial agreement
39. The idea that corporations can and should act ethically and be accountable to society for their actions.
mechanic's lien
notary public
rule of four
corporate social responsibility
40. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea
award
due diligence
common stock
consequential damages
41. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.
civil law system
sexual harassment
levy
warranty deed
42. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).
consumer-debtor
inter vivos trust
wrongful discharge
nuncupative will
43. 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
bylaws
embezzlement
general partner
44. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
limited partnership
automatic stay
cure
trade dress
45. All forms of personal property.
mislaid property
chattel
implied warranty
artisan's lien
46. 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
default
prima facie case
exclusive jurisdiction
sale on approval
47. 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.
correspondent bank
workout
malpractice
holder
48. An action to carry into effect the directions in a court decree or judgment.
execution
mailbox rule
ethical reasoning
incidental beneficiary
49. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
offeror
actus reus
shareholder's derivative suit
sovereign immunity
50. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
acceleration clause
petty offense
certification mark
draft