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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. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
privity of contract
e-evidence
alternative dispute resolution (ADR)
cashier's check
2. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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3. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.
product liability
certification mark
limited liability company (LLC)
partnership
4. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
e-evidence
disclosed principal
bearer instrument
limited partner
5. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
corporation
rule of four
embezzlement
community property
6. A legally recognized authority that can certify the validity of digital signatures.
creditors' composition agreement
exclusive jurisdiction
securities
cybernotary
7. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
dominion
confusion
double jeopardy
judicial review
8. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201
leasehold estate
workout
insolvent
corporate social responsibility
9. 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
transfer warranties
record
browse-wrap terms
contract
10. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.
warranty deed
bond
artisan's lien
fixed-term tenancy
11. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
unilateral mistake
backdating
personal defenses
liquidated debt
12. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.
proxy
confusion
acceptance
stock
13. The process of taking private property for public use through the government's power of eminent domain.
exclusionary rule
condemnation
negotiable instrument
nominal damages
14. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
lessor
takeover
will substitutes
petty offense
15. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
counteroffer
offeror
confusion
forgery
16. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.
beyond a reasonable doubt
conveyance
specific performance
arbitration clause
17. A type of limited liability partnership owned by family members or fiduciaries of family members.
debtor in possession (DIP)
cure
intangible property
family limited liability partnership (FLLP)
18. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
guarantor
minimum wage
order instrument
easement
19. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.
quitclaim deed
implied warranty of merchantability
intestacy laws
summary jury trial (SJT)
20. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.
secondary boycott
patent
long arm statute
quasi contract
21. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.
legacy
bylaws
collateral
eminent domain
22. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f
insolvent
information return
limited liability limited partnership (LLLP)
option contract
23. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
alien corporation
sovereign immunity
private equity capital
clearinghouse
24. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
patent
corporation
unenforceable contract
concurrent conditions
25. 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
preference
rescission
executed contract
articles of partnership
26. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.
entrustment rule
bounty payment
counteroffer
contract
27. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
indorsement
accredited investors
fungible goods
general partner
28. 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
shareholder's derivative suit
diversity of citizenship
warranty deed
close corporation
29. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.
utilitarianism
computer crime
acceptance
personal defenses
30. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
letter of credit
covenant not to sue
hacker
notary public
31. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
merchant
per stirpes
requirements contract
hot-cargo agreement
32. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
right of reimbursement
Regulation E
surety
constructive eviction
33. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p
robbery
presentment warranties
fixture
maker
34. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.
outside director
pleadings
exclusive distributorship
performance
35. 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
stop-payment order
novation
normal trade relations (NTR) status
destination contract
36. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
requirements contract
scienter
usury
reformation
37. 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.'
e-signature
formal contract
force majeure clause
stock options
38. 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
secondary boycott
executory contract
information return
malpractice
39. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
sole proprietorship
constructive discharge
franchise
security
40. 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.
reformation
bequest
quitclaim deed
traveler's check
41. One designated in a will to receive a gift of personal property.
tender of delivery
order for relief
legatee
release
42. An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. A court may require the owner to hold the property in trust for the person or persons who should rightfully own the pro
franchisor
arbitration
vesting
constructive trust
43. 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.
principle of rights
business necessity
adverse possession
copyright
44. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.
tenancy by the entirety
taking
force majeure clause
implied warranty of merchantability
45. A prediction concerning potential loss based on known and unknown factors.
I-551 Alien Registration Receipt
risk
signature
ethics
46. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
incidental damages
private equity capital
deed
drawer
47. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.
prospectus
eviction
discharge
good faith purchaser
48. 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.
scienter
notary public
requirements contract
exculpatory clause
49. 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.
motion for summary judgment
limited liability company (LLC)
check
watered stock
50. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib
I-9 verification
limited partner
negotiation
exclusive distributorship