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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. 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.
breach of contract
arbitration
product liability
grand jury
2. Voluntary agreement to a proposition or an act of another; a concurrence of wills.
sale on approval
bounty payment
order instrument
consent
3. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
pleadings
limited partnership
business necessity
bankruptcy court
4. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
probate court
eviction
appraisal right
motion for a directed verdict
5. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.
promissory estoppel
predominant-factor test
breach of contract
distribution agreement
6. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.
lease agreement
continuation statement
reformation
concurrent conditions
7. Procedurally - a plaintiff's response to a defendant's answer.
reply
question of fact
license
stop-payment order
8. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
limited partner
dumping
cover
backdating
9. 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.
trademark
extension clause
check
stop-payment order
10. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.
record
concurrent conditions
force majeure clause
comity
11. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
motion to dismiss
delegatee
probable cause
search warrant
12. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
seasonably
information
acceptor
chattel
13. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
implied warranty of merchantability
homestead exemption
stock warrant
probable cause
14. A contract between the issuer of a bond and the bondholder.
will
bond indenture
undisclosed principal
self-defense
15. The legal avoidance - or setting aside - of a contractual obligation.
security
condemnation
liquidated debt
disaffirmance
16. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
articles of organization
cyber mark
white-collar crime
after-acquired property
17. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
condition precedent
security agreement
drawer
corporation
18. 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
counterclaim
workout
accord and satisfaction
19. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.
stale check
debtor
interrogatories
mens rea
20. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
parol evidence rule
forgery
perfection
joint and several liability
21. The creation of an absolute or unconditional right or power.
vesting
diversity of citizenship
probate court
accredited investors
22. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.
bearer instrument
shipment contract
arbitration
insolvent
23. A crime committed on the Internet.
fixed-term tenancy
cyber crime
summons
I-9 verification
24. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.
deposition
suretyship
sale on approval
requirements contract
25. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
bearer
business ethics
fictitious payee
online dispute resolution (ODR)
26. The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC) - but who derives his or her title through an HDC - acquires the rights of an HDC.
business necessity
eviction
shelter principle
privity of contract
27. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -
insurable interest
taking
duress
exclusionary rule
28. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
fictitious payee
motion for summary judgment
burglary
cease-and-desist order
29. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
product liability
resulting trust
international law
course of dealing
30. A gift of personal property by will (from the verb to bequeath).
executor
bequest
family limited liability partnership (FLLP)
sole proprietorship
31. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
secured party
venture capital
docket
intestate
32. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.
unilateral mistake
voir dire
takeover
general partner
33. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
identification
gift
blue laws
patent
34. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
license
alternative dispute resolution (ADR)
securities
exclusive distributorship
35. A person who makes an offer.
indictment
offeror
money laundering
larceny
36. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.
counteroffer
working papers
delegator
per stirpes
37. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
revocation
output contract
respondeat superior
adhesion contract
38. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.
beyond a reasonable doubt
drawee
alien corporation
certification mark
39. A trademark in cyberspace.
cyber mark
litigation
certification mark
assignment
40. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
valid contract
intestate
delegator
ethical reasoning
41. The bank on which a check is drawn (the drawee bank).
payor bank
grand jury
click-on agreement
mirror image rule
42. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.
concurrent jurisdiction
acceptor
distributed network
consequential damages
43. 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
negotiation
motion to dismiss
gift causa mortis
jurisdiction
44. A check - other than a certified check - that is presented for payment more than six months after its date.
stale check
property
federal question
tenancy in common
45. 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.
limited liability partnership (LLP)
cyber crime
duress
whistleblowing
46. 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.
liquidation
mechanic's lien
anticipatory repudiation
forum-selection clause
47. 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
forbearance
executor
right of reimbursement
48. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
right of contribution
cost-benefit analysis
reformation
third party beneficiary
49. 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
choice-of-law clause
force majeure clause
firm offer
testamentary trust
50. 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.
insurable interest
collective mark
deed
sovereign immunity
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