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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. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
insider trading
personal property
franchise
I-9 verification
2. 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).
policy
frustration of purpose
self-incrimination
agreement
3. A person on the board of directors who is also an officer of the corporation.
inside director
executory contract
computer crime
taking
4. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
guarantor
bearer
destination contract
assignor
5. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.
larceny
anticipatory repudiation
product liability
target corporation
6. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
private equity capital
quitclaim deed
gift causa mortis
shelter principle
7. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib
limited partner
conforming goods
employment discrimination
search warrant
8. A type of contract that arises when a promise is given in exchange for a return promise.
bilateral contract
docket
creditors' composition agreement
confusion
9. The purchase or sale of securities on the basis of information that has not been made available to the public.
lessee
writ of certiorari
liquidated damages
insider trading
10. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
e-agent
past consideration
trust
default
11. Within a specified time period or - if no period is specified - within a reasonable time.
adverse possession
payee
seasonably
consent
12. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.
accession
question of law
lease agreement
probate court
13. 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
S corporation
collateral
malpractice
implied warranty of merchantability
14. A contract that has been completely performed by both parties.
prospectus
lease agreement
executed contract
trademark
15. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
specific performance
perfection
correspondent bank
employment at will
16. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
concurrent conditions
signature
commingle
sublease
17. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).
certified check
domain name
consumer-debtor
personal property
18. A set of governing rules adopted by a corporation or other association.
business ethics
bylaws
right-to-work law
drawee
19. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
will substitutes
reformation
probate court
cost-benefit analysis
20. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
lease
course of performance
respondeat superior
disparate-impact discrimination
21. 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.
order for relief
motion for summary judgment
motion for a new trial
bailment
22. The first bank to receive a check for payment.
bailee
depositary bank
preferred stock
good faith purchaser
23. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
quota
forum-selection clause
clearinghouse
inside director
24. 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.
e-signature
restitution
guarantor
defalcation
25. An agreement by two or more persons to carry on - as co-owners - a business for profit.
backdating
mortgagor
deed
partnership
26. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
tenancy at sufferance
utilitarianism
search warrant
Regulation E
27. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
closed shop
guarantor
franchisor
probate
28. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
breach of contract
incidental damages
forgery
alienation
29. 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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30. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -
adverse possession
business necessity
will
privity of contract
31. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only
counteroffer
tenancy at sufferance
preferred creditor
co-surety
32. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
negotiable instrument
draft
certification mark
articles of partnership
33. A contract that by law requires a specific form - such as being executed under seal - for its validity.
writ of certiorari
right of reimbursement
winding up
formal contract
34. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.
intestacy laws
bailee
delegator
policy
35. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
hot-cargo agreement
arson
will
agreement
36. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a
dumping
consignment
common stock
condition subsequent
37. A type of limited liability partnership owned by family members or fiduciaries of family members.
record
family limited liability partnership (FLLP)
e-money
codicil
38. A written - temporary insurance policy.
international organization
delegatee
binder
disaffirmance
39. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical
leasehold estate
principle of rights
working papers
justiciable controversy
40. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.
business ethics
articles of partnership
generally accepted auditing standards (GAAS)
joint and several liability
41. 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.
bailment
pass-through entity
arbitration
question of law
42. A trust that is created by will and therefore does not take effect until the death of the testator.
will substitutes
shareholder's derivative suit
cease-and-desist order
testamentary trust
43. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.
workout
international organization
security interest
bankruptcy court
44. 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.
hacker
venture capital
closed shop
exclusionary rule
45. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
operating agreement
motion for a directed verdict
I-9 verification
drawer
46. A state statute under which certain types of contracts must be in writing to be enforceable.
working papers
Statute of Frauds
apparent authority
implied warranty of fitness for a particular purpose
47. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
unilateral mistake
concurrent jurisdiction
offeree
bankruptcy court
48. 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.
fee simple
commingle
sales contract
grand jury
49. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
fee simple
consumer-debtor
consideration
petty offense
50. 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.
prospectus
recording statutes
letter of credit
confiscation
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