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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 nonpossessory right to use another's property in a manner established by either express or implied agreement.
easement
promissory estoppel
will
execution
2. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately
lost property
summary jury trial (SJT)
corporate governance
award
3. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.
rule of four
secured party
family limited liability partnership (FLLP)
small claims court
4. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
license
mediation
insider trading
adhesion contract
5. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.
target corporation
self-defense
certificate of deposit (CD)
acceptance
6. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
e-money
debtor in possession (DIP)
clearinghouse
commercial impracticability
7. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
sale
third party beneficiary
condition subsequent
underwriter
8. Joint ownership.
concurrent ownership
specific performance
document of title
consent
9. One designated in a will to receive a gift of real property.
cost-benefit analysis
holographic will
devisee
sublease
10. The legal avoidance - or setting aside - of a contractual obligation.
restitution
abandoned property
bailment
disaffirmance
11. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.
robbery
right of contribution
firm offer
target corporation
12. A thing that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.
fixture
tenancy at will
exculpatory clause
letter of credit
13. 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
attachment
alienation
seniority system
hot-cargo agreement
14. An implied promise by a landlord that rented residential premises are fit for human habitation
implied warranty of habitability
writ of execution
sale
search warrant
15. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.
cybernotary
motion for judgment n.o.v.
implied-in-fact contract
cram-down provision
16. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
e-agent
charitable trust
acceptance
dividend
17. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.
express warranty
burglary
fixed-term tenancy
insolvent
18. The idea that corporations can and should act ethically and be accountable to society for their actions.
corporate social responsibility
limited partnership
junior lienholder
market-share liability
19. 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.
franchisor
usage of trade
answer
special warranty deed
20. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
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21. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
integrated contract
drawee
certification mark
cure
22. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods
security
implied warranty of merchantability
mortgagor
trade name
23. A type of limited liability partnership owned by family members or fiduciaries of family members.
family limited liability partnership (FLLP)
periodic tenancy
arbitration clause
replevin
24. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.
promissory note
robbery
judicial review
breach of contract
25. 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.
gift causa mortis
leasehold estate
e-money
conforming goods
26. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
draft
outside director
distribution agreement
drawee
27. 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.
contract
acceptance
delegatee
acceleration clause
28. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
consequential damages
mislaid property
condition precedent
anticipatory repudiation
29. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
Totten trust
breach of contract
indorsement
void contract
30. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.
embezzlement
intangible property
whistleblowing
risk management
31. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
imposter
disparate-treatment discrimination
security
articles of partnership
32. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
undisclosed principal
express warranty
money laundering
U.S. trustee
33. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
community property
mirror image rule
automatic stay
collateral
34. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.
obligee
cost-benefit analysis
undisclosed principal
lessee
35. 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.
franchisor
standing to sue
comity
venue
36. State laws that regulate the offering and sale of securities.
draft
promisor
family limited liability partnership (FLLP)
blue sky laws
37. Property with which the owner has voluntarily parted - with no intention of recovering it.
abandoned property
bilateral mistake
nuncupative will
spendthrift trust
38. 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.
offer
acceptor
ultra vires
lease agreement
39. Any voluntary transfer of property made without consideration - past or present.
holographic will
express warranty
lessor
gift
40. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
mitigation of damages
signature
ratification
bailor
41. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.
dissolution
treaty
summons
contract
42. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
bylaws
vicarious liability
artisan's lien
inter vivos trust
43. 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.
peer-to-peer (P2P) networking
cover
reaffirmation agreement
general partner
44. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.
answer
mens rea
bailee
negotiable instrument
45. In a given state - a corporation that does business in the state without being incorporated therein.
misdemeanor
foreign corporation
executor
proxy
46. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
sublease
holding company
brief
incidental damages
47. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).
disclosed principal
reformation
alienation
bearer instrument
48. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
bona fide occupational qualification (BFOQ)
option contract
chattel
independent contractor
49. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
watered stock
disaffirmance
collective mark
cyberterrorist
50. 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
computer crime
firm offer
e-contract