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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 portion of a corporation's profits that has not been paid out as dividends to shareholders.
restitution
Totten trust
certificate of deposit (CD)
retained earnings
2. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).
motion for a new trial
objective theory of contracts
express warranty
power of attorney
3. The goods and services that domestic firms sell to buyers located in other countries.
export
rule of four
gift inter vivos
grand jury
4. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.
predominant-factor test
lost property
seniority system
closed shop
5. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
agency
dumping
consequential damages
easement
6. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
vesting
workers' compensation laws
e-signature
offeror
7. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
drawer
property
brief
U.S. trustee
8. 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.
eviction
insurance
holder
conveyance
9. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
indorsement
condition precedent
void contract
unreasonably dangerous product
10. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.
short-form merger
leasehold estate
closed shop
cost-benefit analysis
11. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
cybernotary
disparate-impact discrimination
executory contract
abandoned property
12. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
license
federal question
limited partnership
fiduciary
13. One designated in a will to receive a gift of personal property.
concurrent conditions
intestate
legatee
surety
14. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
private equity capital
peer-to-peer (P2P) networking
insurable interest
sale or return
15. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or
constructive eviction
security
nominal damages
online dispute resolution (ODR)
16. 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
junior lienholder
negotiable instrument
risk
17. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
pledge
default
business ethics
condition
18. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
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19. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
winding up
binder
guarantor
cost-benefit analysis
20. 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.
probate
lessee
standing to sue
check
21. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
limited partnership
fee simple absolute
reformation
dissolution
22. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.
emancipation
cross-collateralization
concurrent ownership
mailbox rule
23. 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.
tangible employment action
holder
will substitutes
cyber mark
24. The sale of all of the nonexempt assets of a debtor and the distribution of the proceeds to the debtor's creditors. Chapter 7 of the Bankruptcy Code provides for liquidation bankruptcy proceedings.
liquidation
after-acquired property
good faith purchaser
vesting
25. Joint ownership.
franchisee
concurrent ownership
e-agent
employment contract
26. The act of transferring to another all or part of one's rights arising under a contract.
foreign exchange market
assignment
intermediary bank
perfection
27. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
restitution
agency
pass-through entity
secured transaction
28. The process of proving and validating a will and settling all matters pertaining to an estate.
drawer
summons
probate
penalty
29. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
limited partnership
insurable interest
quasi contract
deficiency judgment
30. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
forgery
petition in bankruptcy
answer
tenancy at will
31. A contract between the issuer of a bond and the bondholder.
counteroffer
private equity capital
bond indenture
ratification
32. Procedurally - a plaintiff's response to a defendant's answer.
implied warranty of habitability
exculpatory clause
destination contract
reply
33. The use of an asset that is not the subject of a loan to collateralize that loan.
dissociation
corporate governance
cross-collateralization
installment contract
34. A revocable right or privilege of a person to come onto another person's land.
tenancy in common
offeree
license
voidable contract
35. A party to whom contractual obligations are transferred - or delegated.
attachment
good faith purchaser
delegatee
implied warranty of habitability
36. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.
power of attorney
venture capital
performance
business judgment rule
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.
underwriter
homestead exemption
commercial impracticability
Statute of Frauds
38. A trademark in cyberspace.
generally accepted auditing standards (GAAS)
e-contract
diversity of citizenship
cyber mark
39. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.
commercial impracticability
domain name
mortgage
will
40. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.
vesting
franchisee
rescission
offer
41. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
adhesion contract
easement
property
drawee
42. The act of accepting and giving legal force to an obligation that previously was not enforceable.
motion for a new trial
motion to dismiss
surety
ratification
43. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
consignment
mitigation of damages
contract
fee simple
44. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.
international organization
stock options
general partner
small claims court
45. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
duress
financing statement
takeover
partnering agreement
46. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.
mortgagee
cashier's check
unilateral contract
smart card
47. A company whose business activity is holding shares in another company.
jurisdiction
holding company
holder
implied warranty of merchantability
48. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
federal question
self-defense
I-551 Alien Registration Receipt
target corporation
49. A contract having no legal force or binding effect.
intended beneficiary
void contract
bilateral mistake
exclusive distributorship
50. A crime committed on the Internet.
cyber crime
accord and satisfaction
click-on agreement
jurisdiction