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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 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.
liquidated damages
act of state doctrine
assignee
gift inter vivos
2. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.
gift inter vivos
promissory estoppel
constructive discharge
bilateral mistake
3. The number of members of a decision-making body that must be present before business may be transacted.
forum-selection clause
quorum
protected class
debtor
4. 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.
bylaws
motion for judgment n.o.v.
right-to-work law
short-form merger
5. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
motion for summary judgment
motion for a new trial
stale check
debtor
6. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.
trademark
misdemeanor
docket
warranty deed
7. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.
order instrument
limited liability company (LLC)
seasonably
tenancy by the entirety
8. State laws that regulate the offering and sale of securities.
partially disclosed principal
blue sky laws
act of state doctrine
tenancy in common
9. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.
mirror image rule
mechanic's lien
conveyance
motion for a directed verdict
10. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.
piercing the corporate veil
patent
devisee
e-signature
11. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
entrapment
order instrument
self-incrimination
reformation
12. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri
implied warranty
check
information return
larceny
13. The geographic district in which a legal action is tried and from which the jury is selected.
after-acquired property
utilitarianism
venue
valid contract
14. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
exclusive distributorship
principle of rights
incidental damages
taking
15. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
signature
commingle
e-contract
copyright
16. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
Statute of Frauds
anticipatory repudiation
lessee
devise
17. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
acceleration clause
assignment
alternative dispute resolution (ADR)
artisan's lien
18. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
course of performance
deposition
limited liability limited partnership (LLLP)
restitution
19. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t
lease agreement
browse-wrap terms
prenuptial agreement
financing statement
20. 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.
payor bank
international organization
implied warranty of habitability
award
21. 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.
risk
commercial impracticability
dishonor
letter of credit
22. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th
good faith purchaser
insurable interest
discharge
pleadings
23. Property with which the owner has voluntarily parted and then cannot find or recover.
click-on agreement
mislaid property
quorum
bearer
24. A gift of personal property by will (from the verb to bequeath).
testamentary trust
clearinghouse
bequest
preferred creditor
25. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
arbitration clause
deposition
holder in due course (HDC)
retained earnings
26. The use of an asset that is not the subject of a loan to collateralize that loan.
premium
insurance
dissociation
cross-collateralization
27. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.
course of performance
property
limited liability partnership (LLP)
pass-through entity
28. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued
bailee
trade name
writ of execution
entrustment rule
29. 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.
joint tenancy
comity
merger
computer crime
30. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.
acceleration clause
premium
private equity capital
lessee
31. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
agreement
requirements contract
forum-selection clause
undisclosed principal
32. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.
license
larceny
financing statement
proxy
33. 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.
debtor in possession (DIP)
insurable interest
expropriation
debtor
34. A person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein
consequential damages
merchant
output contract
shrink-wrap agreement
35. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
insider trading
promisee
counteroffer
payee
36. 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
floating lien
per capita
collecting bank
37. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
attachment
payor bank
duress
dissolution
38. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.
tippee
overdraft
investment company
money laundering
39. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
respondeat superior
general partner
employment contract
bearer
40. A gift of personal property under a will.
legacy
certified check
preferred stock
comity
41. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.
unenforceable contract
gift causa mortis
cybersquatting
rescission
42. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo
entrustment rule
winding up
tangible employment action
offer
43. 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.
implied warranty of merchantability
actus reus
negotiable instrument
docket
44. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'
indictment
beyond a reasonable doubt
respondeat superior
motion for a directed verdict
45. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.
revocation
lien
easement
periodic tenancy
46. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
short-form merger
negotiable instrument
perfection
scienter
47. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
chattel
security agreement
sales contract
agreement
48. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
gift inter vivos
trade dress
forum-selection clause
reaffirmation agreement
49. 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.
interrogatories
accession
identification
draft
50. Any voluntary transfer of property made without consideration - past or present.
testator
preferred creditor
gift
principle of rights