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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 holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau
parol evidence rule
certificate of limited partnership
holder in due course (HDC)
discharge
2. A contract that has not as yet been fully performed.
commercial impracticability
executory contract
scienter
corporate governance
3. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.
international law
larceny
legacy
franchisor
4. 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.
good faith purchaser
pleadings
free-writing prospectus
e-agent
5. A contract that is formed electronically.
collateral promise
disclosed principal
e-contract
order instrument
6. 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.
due diligence
arbitration
insurable interest
vicarious liability
7. A contract that does not require a specified form or formality to be valid.
guarantor
electronic fund transfer (EFT)
informal contract
principle of rights
8. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
covenant not to sue
beyond a reasonable doubt
categorical imperative
federal question
9. The goods and services that domestic firms sell to buyers located in other countries.
complaint
tender offer
export
confusion
10. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
cover
breach of contract
family limited liability partnership (FLLP)
discharge
11. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
sales contract
alternative dispute resolution (ADR)
privity of contract
assignor
12. 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.
sale on approval
implied warranty of fitness for a particular purpose
securities
appraisal right
13. A public official authorized to attest to the authenticity of signatures.
notary public
tenancy by the entirety
treaty
prima facie case
14. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
ratification
insolvent
Totten trust
personal property
15. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
charitable trust
ultra vires
justiciable controversy
quitclaim deed
16. A contract that has been completely performed by both parties.
fee simple absolute
distributed network
executed contract
express contract
17. 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.
fee simple absolute
execution
identity theft
recording statutes
18. Procedurally - a plaintiff's response to a defendant's answer.
right of contribution
entrustment rule
sole proprietorship
reply
19. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.
insurable interest
gift inter vivos
exclusive distributorship
testator
20. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.
negotiation
mailbox rule
act of state doctrine
intestate
21. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.
collateral
integrated contract
appraisal right
bilateral mistake
22. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
trust
distributed network
tenancy at will
covenant not to compete
23. A provision in a contract stipulating that certain unforeseen events
discharge
warranty deed
force majeure clause
accession
24. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.
universal defenses
question of fact
contract
default
25. A revocable right or privilege of a person to come onto another person's land.
disparate-impact discrimination
working papers
license
identification
26. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
acceptor
stored-value card
course of dealing
writ of certiorari
27. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
liquidated damages
debtor
premium
sexual harassment
28. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
docket
license
promise
sales contract
29. 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.
international organization
shelter principle
counterclaim
right of contribution
30. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
option contract
beyond a reasonable doubt
hacker
lost property
31. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.
member
dishonor
summons
secured party
32. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.
correspondent bank
leasehold estate
common stock
identification
33. The use of an asset that is not the subject of a loan to collateralize that loan.
certificate of limited partnership
defalcation
civil law system
cross-collateralization
34. 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.
revocation
charitable trust
arbitration clause
self-defense
35. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.
bearer instrument
dissociation
condemnation
employment contract
36. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
duress
tender
member
wrongful discharge
37. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm
prospectus
promissory note
perfection
due diligence
38. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
double jeopardy
universal defenses
consignment
felony
39. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
disparate-impact discrimination
probate
void contract
proceeds
40. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
mortgagee
union shop
security
stored-value card
41. A gift of personal property by will (from the verb to bequeath).
distribution agreement
bequest
money laundering
hacker
42. A person who makes a promise.
promisor
utilitarianism
respondeat superior
junior lienholder
43. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.
tangible property
general partner
installment contract
investment company
44. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv
tender of delivery
bona fide occupational qualification (BFOQ)
fixed-term tenancy
secondary boycott
45. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar
limited liability company (LLC)
articles of incorporation
destination contract
exculpatory clause
46. A writ from a higher court asking the lower court for the record of a case.
writ of certiorari
tangible employment action
acceptance
right of contribution
47. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
perfection
ethics
extension clause
accredited investors
48. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
inter vivos trust
abandoned property
closed shop
collective mark
49. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.
codicil
presentment
bond
resulting trust
50. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in
eminent domain
ratification
reformation
malpractice
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