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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 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
limited liability partnership (LLP)
tender offer
constructive eviction
alien corporation
2. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
motion for a new trial
proxy
anticipatory repudiation
international organization
3. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.
duress
mortgagee
misdemeanor
writ of execution
4. The creation of an absolute or unconditional right or power.
security
vesting
garnishment
lease
5. 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.
testator
quota
liquidation
lessee
6. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim
franchise
small claims court
civil law system
covenant not to compete
7. 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.
ethical reasoning
investment contract
fee simple absolute
answer
8. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
hacker
disaffirmance
negotiable instrument
plea bargaining
9. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.
target corporation
sole proprietorship
security interest
affirmative action
10. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody
good faith purchaser
product liability
categorical imperative
fee simple absolute
11. The image and overall appearance of a product
trade dress
gift inter vivos
hot-cargo agreement
bailment
12. 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
quorum
concurrent jurisdiction
bearer instrument
13. 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.
taking
international organization
eminent domain
presentment
14. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
rule of four
power of attorney
recording statutes
click-on agreement
15. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
long arm statute
certificate of deposit (CD)
bilateral mistake
consent
16. 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.
insider trading
commercial impracticability
resulting trust
articles of incorporation
17. 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
negotiation
joint and several liability
inter vivos trust
fixture
18. A check drawn by a bank on itself.
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19. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
purchase-money security interest (PMSI)
sales contract
assignor
certification mark
20. An action to carry into effect the directions in a court decree or judgment.
suretyship
devisee
standing to sue
execution
21. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
secured party
inside director
insider trading
record
22. A contract that by law requires a specific form - such as being executed under seal - for its validity.
formal contract
draft
browse-wrap terms
forbearance
23. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
judicial review
motion for summary judgment
agency
employment contract
24. A worldwide system in which foreign currencies are bought and sold.
bilateral mistake
foreign exchange market
SEC Rule 10b-5
cashier's check
25. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
maker
pledge
moral minimum
parol evidence rule
26. A person who receives inside information.
tangible employment action
tippee
general partner
franchisor
27. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
digital cash
secured transaction
distribution agreement
distributed network
28. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.
disparate-impact discrimination
due diligence
backdating
firm offer
29. Procedurally - a plaintiff's response to a defendant's answer.
reply
charitable trust
stale check
pass-through entity
30. 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
personal defenses
common stock
information return
31. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
requirements contract
assignment
double jeopardy
cyber mark
32. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.
negotiable instrument
guarantor
bailee
nominal damages
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
bylaws
plea bargaining
course of performance
unreasonably dangerous product
34. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
fixed-term tenancy
assignment
securities
anticipatory repudiation
35. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.
duress
certification mark
judicial review
policy
36. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
fee simple
partnership
white-collar crime
limited liability limited partnership (LLLP)
37. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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38. Property resulting from intellectual - creative processes.
intellectual property
tangible property
mitigation of damages
certification mark
39. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con
payor bank
wrongful discharge
cover
breach of contract
40. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
will
bilateral mistake
duress
insider trading
41. A set of policies or procedures affecting the way a corporation is directed or controlled.
acceptance
corporate governance
tender offer
quasi contract
42. 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).
power of attorney
promisee
patent
securities
43. 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
intestacy laws
financing statement
parent-subsidiary merger
arson
44. A state statute under which certain types of contracts must be in writing to be enforceable.
financing statement
alternative dispute resolution (ADR)
Statute of Frauds
right of contribution
45. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
performance
tender
liquidation
profit
46. A will written entirely in the signer's handwriting and usually not witnessed.
holographic will
guarantor
holder in due course (HDC)
bailee
47. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of
eminent domain
imposter
offeror
tenancy by the entirety
48. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
condemnation
constructive discharge
check
draft
49. 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
acceleration clause
principle of rights
concurrent conditions
vicarious liability
50. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i
firm offer
parol evidence rule
check
devisee