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Test your basic knowledge |
Business Law Fundamentals
Start Test
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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. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
moral minimum
online dispute resolution (ODR)
dividend
license
2. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
tender offer
beyond a reasonable doubt
accession
business judgment rule
3. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain
preemptive rights
quasi contract
long arm statute
protected class
4. 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
probate
inside director
implied warranty
5. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.
express warranty
appraisal right
mislaid property
tariff
6. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.
estate in property
question of fact
consolidation
mortgage
7. In a given state - a corporation that does business in - and is organized under the law of - that state.
domestic corporation
junior lienholder
disclosed principal
legacy
8. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic
petty offense
click-on agreement
trademark
testator
9. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
taking
negotiation
domestic corporation
commingle
10. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
universal defenses
distributed network
blue sky laws
liquidated debt
11. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.
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12. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.
search warrant
employment at will
codicil
I-9 verification
13. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.
mortgagor
SEC Rule 10b-5
promisee
tenancy in common
14. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.
breach of contract
S corporation
restitution
integrated contract
15. 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.
record
franchisee
implied warranty of fitness for a particular purpose
motion for judgment on the pleadings
16. A person who makes a promise.
jurisdiction
underwriter
promisor
cyberterrorist
17. Property with which the owner has voluntarily parted - with no intention of recovering it.
abandoned property
testate
quasi contract
clearinghouse
18. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.
right of reimbursement
accession
complaint
integrated contract
19. 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.
insurance
implied-in-fact contract
secured party
negotiable instrument
20. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.
good faith purchaser
preferred stock
destination contract
answer
21. 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.
insurable interest
Federal Reserve System
impossibility of performance
mortgage
22. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
duress
motion for judgment on the pleadings
franchisee
tenancy by the entirety
23. 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.
deposition
takeover
national law
sale on approval
24. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
surety
security interest
franchisee
express warranty
25. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
entrustment rule
articles of partnership
disparate-treatment discrimination
promissory note
26. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
commingle
accession
stock options
recording statutes
27. A party to whom the rights under a contract are transferred - or assigned.
past consideration
motion for a new trial
assignee
writ of attachment
28. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
bounty payment
target corporation
sole proprietorship
default judgment
29. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or
constructive eviction
ethics
novation
right-to-work law
30. A revocable right or privilege of a person to come onto another person's land.
license
estopped
incidental damages
inside director
31. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
forum-selection clause
sale on approval
negotiation
offeree
32. Any instrument drawn on a drawee that orders the drawee to pay a certain sum of money - usually to a third party (the payee) - on demand or at a definite future time.
accession
draft
firm offer
assignee
33. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201
embezzlement
insolvent
fixed-term tenancy
collective mark
34. An employer's termination of an employee's employment in violation of the law.
lost property
wrongful discharge
dividend
corporate governance
35. 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
proxy
fungible goods
constructive trust
close corporation
36. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.
articles of organization
personal defenses
U.S. trustee
discharge
37. A crime committed on the Internet.
profit
browse-wrap terms
arson
cyber crime
38. 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.
employment at will
independent contractor
maker
export
39. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr
computer crime
cybernotary
question of fact
prima facie case
40. 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.
family limited liability partnership (FLLP)
dissolution
act of state doctrine
deficiency judgment
41. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued
gift
continuation statement
petty offense
installment contract
42. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
replevin
identity theft
offer
docket
43. One to whom goods are entrusted by a bailor.
conveyance
vicarious liability
sale on approval
bailee
44. 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.
liquidation
red herring prospectus
petition in bankruptcy
collective mark
45. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
default
intangible property
mirror image rule
artisan's lien
46. 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.
fixed-term tenancy
lease
browse-wrap terms
venue
47. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
adverse possession
reformation
financing statement
corporation
48. The term used to designate a person who has an ownership interest in a limited liability company.
member
stock warrant
void contract
sublease
49. 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.
fiduciary
impossibility of performance
preemptive rights
consolidation
50. A contract that does not require a specified form or formality to be valid.
executor
informal contract
duress
voidable contract
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