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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 common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
confusion
bailee
pledge
search warrant
2. An agreement that creates or provides for a security interest between the debtor and a secured party.
interrogatories
gift inter vivos
security agreement
payor bank
3. Any voluntary transfer of property made without consideration - past or present.
standing to sue
gift
shrink-wrap agreement
breach of contract
4. A contract in which one party forfeits the right to pursue a legal claim against the other party.
shrink-wrap agreement
larceny
reply
release
5. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
limited partnership
judicial review
alienation
insider trading
6. 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.
self-defense
tender offer
incidental beneficiary
family limited liability partnership (FLLP)
7. Property with which the owner has involuntarily parted and then cannot find or recover.
lost property
usury
express warranty
right of reimbursement
8. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in
undisclosed principal
malpractice
mailbox rule
risk
9. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
debtor in possession (DIP)
license
quorum
indictment
10. 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.
correspondent bank
record
member
perfection
11. A contract that results when an offer can be accepted only by the offeree's performance.
independent contractor
covenant not to compete
unilateral contract
garnishment
12. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
constructive delivery
ethics
intermediary bank
quota
13. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
mortgagor
counteroffer
consumer-debtor
identification
14. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
tombstone ad
stock certificate
corporation
constructive discharge
15. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i
liquidation
product liability
condemnation
firm offer
16. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a
acceptance
insider trading
plea bargaining
inside director
17. 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.
quitclaim deed
cram-down provision
chattel
binder
18. A contract that has not as yet been fully performed.
intellectual property
executory contract
maker
expropriation
19. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
small claims court
generally accepted accounting principles (GAAP)
double jeopardy
cybernotary
20. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.
closed shop
collateral promise
equal dignity rule
apparent authority
21. A public official authorized to attest to the authenticity of signatures.
condition precedent
browse-wrap terms
notary public
wrongful discharge
22. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
sale on approval
concurrent ownership
community property
articles of organization
23. The idea that corporations can and should act ethically and be accountable to society for their actions.
binder
bylaws
corporate social responsibility
hacker
24. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
search warrant
foreign corporation
obligor
chattel
25. An equity (ownership) interest in a corporation - measured in units of shares.
secondary boycott
implied-in-fact contract
tender of delivery
stock
26. A person who receives inside information.
creditors' composition agreement
penalty
fiduciary
tippee
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.
nuncupative will
contract
mislaid property
good faith purchaser
28. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
common stock
protected class
forum-selection clause
corporate social responsibility
29. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.
testamentary trust
adverse possession
promissory estoppel
shipment contract
30. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
good faith purchaser
acceptance
cover
diversity of citizenship
31. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
proxy
takeover
international law
cease-and-desist order
32. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.
guarantor
electronic fund transfer (EFT)
motion for judgment on the pleadings
clearinghouse
33. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.
employment discrimination
parent-subsidiary merger
lessor
digital cash
34. The act of transferring to another all or part of one's duties arising under a contract.
tender
consent
discharge
delegation of duties
35. 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.
negotiable instrument
acceptor
usage of trade
insider trading
36. 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.
winding up
pleadings
depositary bank
motion for summary judgment
37. One to whom goods are entrusted by a bailor.
bailee
motion to dismiss
vicarious liability
bankruptcy court
38. 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
duress
tenancy at sufferance
concurrent conditions
39. A contract having no legal force or binding effect.
general partner
concurrent ownership
void contract
motion for judgment on the pleadings
40. A person to whom an instrument is made payable.
cross-collateralization
payee
personal property
national law
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.
affirmative action
payor bank
cybersquatting
certified check
42. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
federal question
mailbox rule
due diligence
limited liability limited partnership (LLLP)
43. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
secured party
workers' compensation laws
performance
acceptance
44. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.
acceptor
automatic stay
draft
business necessity
45. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
workers' compensation laws
property
tender
warranty deed
46. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.
right of reimbursement
offer
business ethics
fee simple
47. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio
ethical reasoning
e-agent
tippee
parent-subsidiary merger
48. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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49. A valid contract rendered unenforceable by some statute or law.
unenforceable contract
clearinghouse
promissory estoppel
information return
50. A set limit on the amount of goods that can be imported.
franchise
quota
voir dire
prospectus