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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. 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
defalcation
codicil
securities
2. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
property
interrogatories
usury
anticipatory repudiation
3. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
cybernotary
seasonably
intermediary bank
informal contract
4. 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
attachment
question of law
consequential damages
pledge
5. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
mortgagor
nuncupative will
preemptive rights
delegatee
6. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
hacker
bond indenture
abandoned property
certificate of deposit (CD)
7. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.
motion for summary judgment
disaffirmance
executory contract
summons
8. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
diversity of citizenship
levy
shelter principle
union shop
9. In the context of bankruptcy - a creditor who has received a preferential transfer from a debtor.
partnership
preferred creditor
business judgment rule
money laundering
10. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
indictment
franchisee
holographic will
agency
11. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
promisor
arbitration clause
attachment
distribution agreement
12. An action to carry into effect the directions in a court decree or judgment.
execution
right of contribution
extension clause
bounty payment
13. 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.
short-form merger
quitclaim deed
articles of organization
tender of delivery
14. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.
fee simple
confusion
venue
grand jury
15. Land and everything attached to it - such as trees and buildings.
real property
promissory note
per stirpes
property
16. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio
parent-subsidiary merger
gift inter vivos
fixed-term tenancy
member
17. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
proceeds
devise
dissociation
question of fact
18. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
extension clause
litigation
dissolution
necessaries
19. The image and overall appearance of a product
trade dress
fiduciary
purchase-money security interest (PMSI)
information
20. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.
exclusionary rule
service mark
preferred creditor
reply
21. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
standing to sue
premium
entrustment rule
order for relief
22. 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.
docket
integrated contract
sale or return
duress
23. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
answer
incidental beneficiary
embezzlement
default
24. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
tender of delivery
corporation
eminent domain
duress
25. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
security
draft
working papers
cease-and-desist order
26. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
intestate
question of fact
mirror image rule
venture capital
27. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.
e-contract
articles of incorporation
fee simple absolute
I-9 verification
28. 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
motion to dismiss
Statute of Frauds
tender
force majeure clause
29. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
outside director
agency
cross-collateralization
probate court
30. State laws that regulate the offering and sale of securities.
identification
summary jury trial (SJT)
blue sky laws
testamentary trust
31. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
foreign corporation
lessee
covenant not to compete
gift causa mortis
32. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
malpractice
collateral promise
forbearance
peer-to-peer (P2P) networking
33. 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
cyberterrorist
quorum
intestate
unreasonably dangerous product
34. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.
undisclosed principal
quorum
disclosed principal
rule of four
35. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
choice-of-language clause
undisclosed principal
business necessity
digital cash
36. One to whom goods are entrusted by a bailor.
condition
property
estate in property
bailee
37. A party to whom contractual obligations are transferred - or delegated.
mirror image rule
I-9 verification
delegatee
dissolution
38. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).
lessee
disaffirmance
profit
employment contract
39. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
articles of incorporation
stock
collective mark
lessor
40. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
quitclaim deed
stock options
resulting trust
mechanic's lien
41. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
identity theft
copyright
undisclosed principal
choice-of-language clause
42. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.
collective mark
summary jury trial (SJT)
equal dignity rule
cybernotary
43. 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
docket
double jeopardy
trade name
legacy
44. A document by which title to property (usually real property) is passed.
penalty
Federal Reserve System
commercial impracticability
deed
45. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
cure
imposter
confiscation
search warrant
46. An assertion that something either will or will not happen in the future.
promise
standing to sue
imposter
felony
47. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
digital cash
Federal Reserve System
contractual capacity
profit
48. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
docket
collateral promise
integrated contract
duress
49. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.
periodic tenancy
franchise
order instrument
gift inter vivos
50. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
alternative dispute resolution (ADR)
franchise
venue
general partner
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