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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 person to whom an offer is made.
business necessity
acceleration clause
writ of execution
offeree
2. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
inter vivos trust
intermediary bank
actus reus
eviction
3. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
question of law
adhesion contract
articles of partnership
investment company
4. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.
reformation
protected class
bond indenture
workout
5. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.
option contract
generally accepted accounting principles (GAAP)
output contract
bilateral mistake
6. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
general partner
utilitarianism
holder in due course (HDC)
whistleblowing
7. 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.
mortgagor
secondary boycott
contractual capacity
liquidated debt
8. 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.
secured party
financing statement
policy
sublease
9. A contract that results when an offer can be accepted only by the offeree's performance.
intestate
service mark
unilateral contract
collateral
10. A company whose business activity is holding shares in another company.
lease
usage of trade
holding company
impossibility of performance
11. The purchase or sale of securities on the basis of information that has not been made available to the public.
answer
employment discrimination
testate
insider trading
12. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
underwriter
deposition
check
prenuptial agreement
13. All forms of personal property.
identity theft
chattel
franchisee
reply
14. A check drawn by a bank on itself.
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15. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.
per capita
license
insurable interest
predominant-factor test
16. A person who makes a promise.
tippee
proxy
insider trading
promisor
17. The use of an asset that is not the subject of a loan to collateralize that loan.
whistleblowing
white-collar crime
summons
cross-collateralization
18. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
stock warrant
fee simple
browse-wrap terms
bankruptcy court
19. 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.
actus reus
cyberterrorist
lessee
nuncupative will
20. 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
alien corporation
self-incrimination
dissociation
blue sky laws
21. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
computer crime
bequest
legacy
takeover
22. 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.
comity
forum-selection clause
debtor in possession (DIP)
payee
23. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.
due diligence
right of subrogation
trademark
disparate-treatment discrimination
24. A crime committed on the Internet.
cyber crime
revocation
correspondent bank
intangible property
25. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
entrapment
tangible employment action
periodic tenancy
predominant-factor test
26. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
estopped
dissolution
counteroffer
abandoned property
27. 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
condition precedent
perfection
presentment
charitable trust
28. 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.
choice-of-language clause
product liability
copyright
investment company
29. A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.
sovereign immunity
tenancy at will
international law
prospectus
30. 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
comity
dumping
replevin
31. 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
civil law system
assignee
presentment warranties
cross-collateralization
32. 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.
seniority system
mortgagor
stock certificate
small claims court
33. 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.
constructive eviction
petition in bankruptcy
bylaws
union shop
34. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
universal defenses
defalcation
common stock
default
35. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.
overdraft
mortgage
collateral promise
bailee
36. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.
informal contract
homestead exemption
letter of credit
online dispute resolution (ODR)
37. Having left a will at death.
domain name
ethics
quota
testate
38. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
patent
covenant not to sue
liquidated debt
mortgage
39. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.
periodic tenancy
I-9 verification
usage of trade
family limited liability partnership (FLLP)
40. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.
insurable interest
bona fide occupational qualification (BFOQ)
Federal Reserve System
petition in bankruptcy
41. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.
Federal Reserve System
cover
privity of contract
promissory estoppel
42. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.
service mark
administrator
prenuptial agreement
contractual capacity
43. 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.
patent
tenancy in common
winding up
bilateral mistake
44. 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.
order for relief
foreign exchange market
hot-cargo agreement
embezzlement
45. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.
closed shop
homestead exemption
devise
transfer warranties
46. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.
motion for judgment n.o.v.
preferred creditor
perfection
tariff
47. A provision in a contract stipulating that certain unforeseen events
spendthrift trust
sales contract
force majeure clause
penalty
48. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the
short-form merger
promissory note
cyber crime
trade dress
49. A contract having no legal force or binding effect.
judicial review
electronic fund transfer (EFT)
retained earnings
void contract
50. The goods and services that domestic firms sell to buyers located in other countries.
information return
concurrent conditions
question of law
export