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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 lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
white-collar crime
personal property
limited liability limited partnership (LLLP)
sublease
2. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.
choice-of-language clause
e-money
cyber mark
document of title
3. One who entrusts goods to a bailee.
bailor
usage of trade
fixture
dominion
4. 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.
cyberterrorist
robbery
delegator
electronic fund transfer (EFT)
5. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.
anticipatory repudiation
shipment contract
small claims court
gift inter vivos
6. All forms of personal property.
stock warrant
malpractice
domestic corporation
chattel
7. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
default judgment
burglary
consignment
entrustment rule
8. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.
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9. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p
red herring prospectus
market-share liability
takeover
preemptive rights
10. 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.
sales contract
tangible employment action
frustration of purpose
act of state doctrine
11. 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.
bailment
member
SEC Rule 10b-5
award
12. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
gift causa mortis
easement
sovereign immunity
requirements contract
13. 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.
cyber crime
conforming goods
due diligence
arbitration
14. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab
voir dire
deficiency judgment
obligee
usury
15. 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
holding company
piercing the corporate veil
joint tenancy
spendthrift trust
16. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
judicial review
fiduciary
target corporation
extension clause
17. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
motion for judgment n.o.v.
implied warranty of habitability
jurisdiction
consolidation
18. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.
will
intestate
prima facie case
piercing the corporate veil
19. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
piercing the corporate veil
nuncupative will
revocation
community property
20. 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
proceeds
check
consideration
implied warranty of merchantability
21. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.
pleadings
generally accepted auditing standards (GAAS)
life estate
express warranty
22. One designated in a will to receive a gift of real property.
distributed network
co-surety
devisee
forum-selection clause
23. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
incidental damages
insolvent
junior lienholder
operating agreement
24. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
agreement
award
resulting trust
sale
25. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
chattel
guarantor
record
preference
26. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
acceptance
cyberterrorist
promisor
consignment
27. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
writ of execution
sale on approval
securities
eminent domain
28. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
franchisee
predominant-factor test
closed shop
bearer
29. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).
testator
frustration of purpose
sale
dominion
30. Property that is acquired by the debtor after the execution of a security agreement.
motion for a directed verdict
articles of incorporation
after-acquired property
exclusive distributorship
31. 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.
apparent authority
devisee
insurable interest
justiciable controversy
32. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina
petty offense
novation
quota
acceptor
33. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.
accredited investors
prima facie case
equal dignity rule
assignment
34. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
workers' compensation laws
special warranty deed
franchisor
act of state doctrine
35. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
small claims court
digital cash
copyright
normal trade relations (NTR) status
36. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.
homestead exemption
automatic stay
closed shop
delegatee
37. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.
lease
dissolution
transfer warranties
lost property
38. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
generally accepted auditing standards (GAAS)
e-signature
accord and satisfaction
cybersquatting
39. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.
franchisee
independent contractor
eminent domain
Totten trust
40. 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.
private equity capital
Federal Reserve System
secondary boycott
void contract
41. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.
draft
misdemeanor
appraisal right
alienation
42. The process of taking private property for public use through the government's power of eminent domain.
shelter principle
condemnation
acceptance
workers' compensation laws
43. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio
floating lien
merger
limited partner
fee simple absolute
44. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
discovery
cybernotary
investment company
policy
45. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.
bilateral contract
liquidated debt
suretyship
penalty
46. The idea that corporations can and should act ethically and be accountable to society for their actions.
corporate social responsibility
presentment warranties
covenant not to compete
delegation of duties
47. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.
eviction
quitclaim deed
co-surety
preferred creditor
48. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
dissociation
performance
prima facie case
bailor
49. A document by which title to property (usually real property) is passed.
insurable interest
deed
double jeopardy
motion to dismiss
50. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
lease agreement
certification mark
merchant
forum-selection clause