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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. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.
operating agreement
limited partnership
quitclaim deed
free-writing prospectus
2. 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.
execution
winding up
novation
litigation
3. A contract between an employer and an employee in which the terms and conditions of employment are stated.
lessor
information return
smart card
employment contract
4. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.
long arm statute
seasonably
replevin
counterclaim
5. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
administrator
cyberterrorist
small claims court
browse-wrap terms
6. A contract that does not require a specified form or formality to be valid.
insurance
agency
informal contract
cram-down provision
7. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
concurrent conditions
deficiency judgment
collateral promise
course of dealing
8. A person to whom a promise is made.
right of reimbursement
piercing the corporate veil
promisee
eminent domain
9. One to whom an obligation is owed.
condition subsequent
obligee
condition
sales contract
10. A set limit on the amount of goods that can be imported.
quota
docket
presentment
usury
11. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
deficiency judgment
I-9 verification
probable cause
bona fide occupational qualification (BFOQ)
12. The image and overall appearance of a product
fee simple
correspondent bank
trade dress
lease
13. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
personal property
self-incrimination
bilateral mistake
creditors' composition agreement
14. 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
output contract
hot-cargo agreement
condition subsequent
e-agent
15. A set of policies or procedures affecting the way a corporation is directed or controlled.
corporate governance
dividend
litigation
U.S. trustee
16. A contract that by law requires a specific form - such as being executed under seal - for its validity.
I-9 verification
formal contract
business ethics
stock warrant
17. The authority of a court to hear and decide a specific case.
jurisdiction
self-defense
homestead exemption
generally accepted accounting principles (GAAP)
18. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.
trademark
executor
quasi contract
revocation
19. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would
online dispute resolution (ODR)
equal dignity rule
per stirpes
exclusive distributorship
20. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'
constructive delivery
tender offer
sales contract
bearer instrument
21. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours
vicarious liability
payee
entrustment rule
petty offense
22. 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.
workers' compensation laws
pledge
operating agreement
dishonor
23. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
rule of four
forum-selection clause
usury
guarantor
24. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.
duress
reaffirmation agreement
objective theory of contracts
comity
25. 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
constructive eviction
right of subrogation
commercial impracticability
fee simple
26. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
robbery
pleadings
money laundering
right of subrogation
27. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.
shrink-wrap agreement
international law
dissolution
bailee
28. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).
policy
maker
national law
generally accepted auditing standards (GAAS)
29. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.
negotiation
sublease
homestead exemption
life estate
30. Property with which the owner has involuntarily parted and then cannot find or recover.
testator
lost property
installment contract
dividend
31. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.
nonpossessory interest
depositary bank
lessee
performance
32. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s
Statute of Frauds
exclusive distributorship
exculpatory clause
joint and several liability
33. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
per stirpes
indictment
I-551 Alien Registration Receipt
probate court
34. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
delegator
revocation
codicil
constructive eviction
35. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.
apparent authority
entrustment rule
information
pledge
36. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.
scienter
express warranty
unilateral mistake
market-share liability
37. 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.
award
summary jury trial (SJT)
default judgment
replevin
38. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
mediation
record
motion for judgment n.o.v.
tenancy at sufferance
39. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
stop-payment order
agreement
express contract
probate
40. A person on the board of directors who does not hold a management position at the corporation.
outside director
complaint
discharge
bearer instrument
41. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.
agreement
limited liability partnership (LLP)
apparent authority
implied-in-fact contract
42. 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.
holder in due course (HDC)
insurance
corporate social responsibility
revocation
43. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
workers' compensation laws
minimum wage
counterclaim
actus reus
44. A contract between the issuer of a bond and the bondholder.
securities
warranty deed
proxy
bond indenture
45. A party to whom contractual obligations are transferred - or delegated.
collective mark
cashier's check
property
delegatee
46. 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.
accession
proxy
emancipation
blue sky laws
47. All forms of personal property.
necessaries
national law
contract
chattel
48. 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.
acceleration clause
proceeds
felony
negotiation
49. 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.
national law
order for relief
payee
offer
50. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
robbery
sales contract
order instrument
creditors' composition agreement
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