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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. A person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein
merchant
constructive eviction
tenancy at sufferance
overdraft
2. The act of accepting and giving legal force to an obligation that previously was not enforceable.
ratification
lost property
purchase-money security interest (PMSI)
franchise
3. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.
liquidated damages
usage of trade
clearinghouse
deed
4. A designation in the United States for a corporation formed in another country but doing business in the United States.
consequential damages
attachment
lessor
alien corporation
5. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
proceeds
negotiation
quorum
insurance
6. 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
policy
short-form merger
prima facie case
digital cash
7. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p
underwriter
preference
license
liquidation
8. 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
browse-wrap terms
disparate-treatment discrimination
depositary bank
deficiency judgment
9. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
promissory estoppel
warranty deed
prima facie case
articles of organization
10. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.
fee simple absolute
motion for summary judgment
quota
I-9 verification
11. A state law providing that employees may not be required to join a union as a condition of retaining employment.
mutual fund
right-to-work law
bylaws
SEC Rule 10b-5
12. A gift of personal property by will (from the verb to bequeath).
concurrent jurisdiction
binder
warranty deed
bequest
13. 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.
intangible property
cybersquatting
fee simple
order for relief
14. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.
eminent domain
limited liability company (LLC)
forum-selection clause
lien
15. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
eminent domain
prospectus
quasi contract
concurrent conditions
16. A contract that has not as yet been fully performed.
cyberterrorist
fungible goods
lease
executory contract
17. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.
transfer warranties
acceleration clause
takeover
brief
18. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
articles of partnership
corporate social responsibility
burglary
automatic stay
19. The act of refraining from an action that one has a legal right to undertake.
devisee
forbearance
seniority system
limited liability company (LLC)
20. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
consolidation
cyber crime
executor
bailee
21. 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.
insurable interest
pleadings
executor
unilateral mistake
22. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
double jeopardy
disclosed principal
implied-in-fact contract
general partner
23. 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
browse-wrap terms
motion for a new trial
common stock
free-writing prospectus
24. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical
check
constructive delivery
principle of rights
nominal damages
25. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
per stirpes
duress
good faith purchaser
stock certificate
26. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
payor bank
U.S. trustee
reply
probable cause
27. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.
revocation
secured party
sexual harassment
cover
28. A party to whom contractual obligations are transferred - or delegated.
copyright
delegatee
fixture
brief
29. Law that pertains to a particular nation (as opposed to international law).
national law
adhesion contract
browse-wrap terms
firm offer
30. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
bailment
white-collar crime
quota
limited liability limited partnership (LLLP)
31. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.
judicial review
generally accepted accounting principles (GAAP)
order for relief
property
32. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t
normal trade relations (NTR) status
preferred stock
commercial impracticability
grand jury
33. State laws that regulate the offering and sale of securities.
categorical imperative
blue sky laws
holder
right-to-work law
34. 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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35. A person who receives inside information.
jurisdiction
tippee
intermediary bank
malpractice
36. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
corporation
abandoned property
bounty payment
duress
37. A worldwide system in which foreign currencies are bought and sold.
online dispute resolution (ODR)
right of reimbursement
intestacy laws
foreign exchange market
38. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.
community property
award
independent contractor
accord and satisfaction
39. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
forum-selection clause
acceleration clause
corporate social responsibility
minimum wage
40. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
executor
proceeds
docket
expropriation
41. The power of a government to take land from private citizens for public use on the payment of just compensation.
sovereign immunity
eminent domain
output contract
Totten trust
42. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
usage of trade
course of performance
prenuptial agreement
reformation
43. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a
trademark
crime
fungible goods
commingle
44. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.
bona fide occupational qualification (BFOQ)
grand jury
insider trading
wrongful discharge
45. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
garnishment
gift
beyond a reasonable doubt
lessor
46. A person who makes an offer.
tombstone ad
drawee
cyberterrorist
offeror
47. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
breach of contract
nominal damages
collecting bank
deed
48. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
policy
taking
mortgage
member
49. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.
sexual harassment
promissory estoppel
collateral promise
acceptor
50. The legal avoidance - or setting aside - of a contractual obligation.
mutual fund
motion to dismiss
disaffirmance
motion for judgment n.o.v.