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Test your basic knowledge |
Business Law Fundamentals
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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 principal whose identity is known to a third party at the time the agent makes a contract with the third party.
disclosed principal
information return
employment contract
emancipation
2. 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
junior lienholder
merchant
writ of execution
shelter principle
3. The relationship that exists between the promisor and the promisee of a contract.
clearinghouse
holding company
risk management
privity of contract
4. Procedurally - a defendant's response to the plaintiff's complaint.
attachment
answer
financing statement
property
5. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.
firm offer
constructive delivery
shipment contract
will
6. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.
sale on approval
intestacy laws
devise
right of subrogation
7. The basic document filed with a designated state official by which a limited partnership is formed.
force majeure clause
limited liability company (LLC)
sales contract
certificate of limited partnership
8. One designated in a will to receive a gift of personal property.
record
legatee
constructive discharge
red herring prospectus
9. A type of contract that arises when a promise is given in exchange for a return promise.
probate
burglary
bilateral contract
business judgment rule
10. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
summary jury trial (SJT)
entrapment
general partner
answer
11. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
entrapment
arbitration clause
forum-selection clause
certificate of limited partnership
12. 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.
real property
suretyship
motion to dismiss
conveyance
13. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
equal dignity rule
litigation
eviction
delegator
14. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
embezzlement
tender
covenant not to sue
question of fact
15. 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
eviction
writ of execution
charitable trust
tender offer
16. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
short-form merger
implied-in-fact contract
cover
closed shop
17. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar
per stirpes
destination contract
family limited liability partnership (FLLP)
tangible property
18. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).
impossibility of performance
dividend
stock options
restitution
19. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d
consideration
tender
secondary boycott
voidable contract
20. 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.
eviction
motion to dismiss
trade secret
petition in bankruptcy
21. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
probate
voidable contract
delegatee
e-evidence
22. A person to whom a promise is made.
promisee
independent contractor
international law
I-9 verification
23. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
Regulation E
stored-value card
incidental damages
bearer instrument
24. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
holder in due course (HDC)
license
course of dealing
assignor
25. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.
testate
impossibility of performance
mediation
dissolution
26. A set limit on the amount of goods that can be imported.
private equity capital
quota
performance
preferred creditor
27. A state statute under which certain types of contracts must be in writing to be enforceable.
tippee
Statute of Frauds
certification mark
seniority system
28. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
cyberterrorist
hacker
quota
bylaws
29. An action to carry into effect the directions in a court decree or judgment.
execution
agency
stock options
levy
30. The portion of a corporation's profits that has not been paid out as dividends to shareholders.
corporate social responsibility
retained earnings
blue sky laws
liquidated debt
31. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.
delegatee
good faith purchaser
express warranty
tender
32. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.
joint tenancy
warranty deed
generally accepted accounting principles (GAAP)
takeover
33. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
Totten trust
certified check
question of law
seniority system
34. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.
unreasonably dangerous product
tariff
reply
free-writing prospectus
35. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
acceptor
intended beneficiary
tenancy at sufferance
mitigation of damages
36. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.
categorical imperative
bona fide occupational qualification (BFOQ)
collecting bank
specific performance
37. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.
crime
shrink-wrap agreement
security
reaffirmation agreement
38. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.
partially disclosed principal
blue laws
partnering agreement
exclusionary rule
39. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
deposition
independent contractor
inter vivos trust
trust
40. The process of resolving a dispute through the court system.
litigation
condition subsequent
stock options
implied warranty of merchantability
41. A public official authorized to attest to the authenticity of signatures.
drawee
browse-wrap terms
protected class
notary public
42. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
tenancy at will
self-defense
installment contract
insider trading
43. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
tangible employment action
undisclosed principal
condition subsequent
universal defenses
44. An employer's termination of an employee's employment in violation of the law.
petition in bankruptcy
operating agreement
wrongful discharge
sales contract
45. A contract having no legal force or binding effect.
mislaid property
distributed network
confiscation
void contract
46. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
condition precedent
estopped
implied warranty
payee
47. The image and overall appearance of a product
fictitious payee
quasi contract
bailment
trade dress
48. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.
collective mark
consideration
petition in bankruptcy
rule of four
49. A legally recognized authority that can certify the validity of digital signatures.
partnership
junior lienholder
entrustment rule
cybernotary
50. 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.
accession
abandoned property
collateral
disaffirmance
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