SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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 distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.
commercial impracticability
breach of contract
burglary
exclusive distributorship
2. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
act of state doctrine
tariff
proxy
collecting bank
3. Law that pertains to a particular nation (as opposed to international law).
national law
inter vivos trust
bilateral contract
stored-value card
4. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
corporate governance
garnishment
homestead exemption
cyber mark
5. The bank on which a check is drawn (the drawee bank).
exculpatory clause
operating agreement
payor bank
security
6. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
backdating
entrapment
course of dealing
accord and satisfaction
7. 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.
implied warranty
garnishment
shrink-wrap agreement
nuncupative will
8. 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.
collective mark
incidental damages
e-money
check
9. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.
venture capital
periodic tenancy
negotiation
writ of certiorari
10. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi
incidental damages
retained earnings
utilitarianism
tombstone ad
11. 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
crime
installment contract
browse-wrap terms
12. 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
cross-collateralization
constructive delivery
tippee
13. The use of an asset that is not the subject of a loan to collateralize that loan.
unenforceable contract
default
money laundering
cross-collateralization
14. A type of limited liability partnership owned by family members or fiduciaries of family members.
family limited liability partnership (FLLP)
commercial impracticability
undisclosed principal
reaffirmation agreement
15. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).
delegatee
maker
order instrument
writ of attachment
16. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
product liability
intangible property
standing to sue
implied-in-fact contract
17. 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.
bilateral mistake
tender of delivery
disparate-impact discrimination
comity
18. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with
fungible goods
self-incrimination
commingle
national law
19. The act of transferring to another all or part of one's rights arising under a contract.
ethical reasoning
perfection
assignment
expropriation
20. A party to whom contractual obligations are transferred - or delegated.
burglary
delegatee
unreasonably dangerous product
administrator
21. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o
inside director
artisan's lien
intermediary bank
spendthrift trust
22. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
adhesion contract
counterclaim
probable cause
common stock
23. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
implied-in-fact contract
risk management
breach of contract
moral minimum
24. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
motion for summary judgment
condition
indorsement
tariff
25. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
cyberterrorist
right of reimbursement
acceleration clause
bailment
26. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.
employment at will
common stock
deed
certified check
27. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.
misdemeanor
member
devise
business judgment rule
28. Within a specified time period or - if no period is specified - within a reasonable time.
seasonably
ratification
binder
limited liability limited partnership (LLLP)
29. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
employment discrimination
embezzlement
signature
e-signature
30. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
information return
docket
third party beneficiary
drawer
31. Reasonable grounds for believing that a person should be arrested or searched.
certificate of deposit (CD)
probable cause
nonpossessory interest
ethical reasoning
32. 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.
warranty deed
holder
shelter principle
franchise
33. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
respondeat superior
option contract
devise
formal contract
34. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.
promissory note
computer crime
mitigation of damages
devisee
35. 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
constructive discharge
diversity of citizenship
exclusive jurisdiction
imposter
36. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
lessor
securities
tender offer
franchisor
37. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
guarantor
executor
purchase-money security interest (PMSI)
holographic will
38. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
probable cause
search warrant
offer
winding up
39. An agreement that creates or provides for a security interest between the debtor and a secured party.
valid contract
security agreement
sexual harassment
peer-to-peer (P2P) networking
40. 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.
summons
sale on approval
categorical imperative
default judgment
41. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
long arm statute
prenuptial agreement
trade secret
expropriation
42. Land and everything attached to it - such as trees and buildings.
ethics
Statute of Frauds
I-551 Alien Registration Receipt
real property
43. A corporation whose shareholders are limited to a small group of persons - often including only family members.
parent-subsidiary merger
concurrent conditions
close corporation
information return
44. The term used to designate a person who has an ownership interest in a limited liability company.
negotiation
member
continuation statement
vicarious liability
45. A worldwide system in which foreign currencies are bought and sold.
foreign exchange market
predominant-factor test
disclosed principal
tariff
46. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
47. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
embezzlement
estopped
agreement
bequest
48. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.
fiduciary
unilateral mistake
intended beneficiary
tenancy in common
49. A tax on imported goods.
appraisal right
click-on agreement
cyber crime
tariff
50. 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.
check
adverse possession
sale on approval
venture capital