SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are
constructive trust
employment discrimination
transfer warranties
debtor in possession (DIP)
2. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
signature
self-incrimination
acceptance
tenancy in common
3. Charging an illegal rate of interest.
right of reimbursement
usury
dumping
periodic tenancy
4. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
minimum wage
suretyship
act of state doctrine
collateral promise
5. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).
search warrant
document of title
express contract
business judgment rule
6. 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.
bond
record
cybernotary
certificate of limited partnership
7. The purchase or sale of securities on the basis of information that has not been made available to the public.
felony
S corporation
proceeds
insider trading
8. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the
petty offense
restitution
trademark
security interest
9. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
warranty deed
notary public
dissociation
arbitration clause
10. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
trademark
forum-selection clause
transfer warranties
white-collar crime
11. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
workers' compensation laws
sale or return
discovery
winding up
12. A revocable right or privilege of a person to come onto another person's land.
license
acceleration clause
stock certificate
garnishment
13. 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
e-signature
covenant not to sue
estate in property
discharge
14. The process of resolving a dispute through the court system.
copyright
continuation statement
litigation
ethics
15. A check drawn by a bank on itself.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
16. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -
condition
tenancy in common
tenancy at sufferance
exclusionary rule
17. 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.
restitution
preferred stock
prospectus
online dispute resolution (ODR)
18. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
articles of incorporation
promisor
accord and satisfaction
course of dealing
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.
mortgagee
malpractice
purchase-money security interest (PMSI)
acceptance
20. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
release
periodic tenancy
tombstone ad
clearinghouse
21. An equity (ownership) interest in a corporation - measured in units of shares.
disparate-impact discrimination
stock
arbitration clause
parent-subsidiary merger
22. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.
dishonor
bequest
course of dealing
accession
23. In a given state - a corporation that does business in - and is organized under the law of - that state.
copyright
nominal damages
domestic corporation
bilateral mistake
24. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody
categorical imperative
unconscionable contract or clause
bankruptcy court
inter vivos trust
25. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
trust
comity
stock certificate
tender offer
26. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
stock
premium
bailment
implied warranty of habitability
27. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.
beyond a reasonable doubt
undisclosed principal
drawer
cybersquatting
28. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.
affirmative action
defalcation
discharge
tangible employment action
29. 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
crime
exclusive jurisdiction
automatic stay
30. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
right of reimbursement
Statute of Frauds
investment contract
consignment
31. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
jurisdiction
member
duress
blue laws
32. A contract between an employer and an employee in which the terms and conditions of employment are stated.
trust
legatee
nonpossessory interest
employment contract
33. One who makes and executes a will.
sale or return
testator
fiduciary
charitable trust
34. 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.
union shop
undisclosed principal
quitclaim deed
estopped
35. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part
prospectus
forbearance
domain name
bond
36. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
investment company
valid contract
assignee
stop-payment order
37. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ
disaffirmance
motion to dismiss
legacy
fixed-term tenancy
38. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
property
special warranty deed
commercial impracticability
impossibility of performance
39. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.
workout
employment discrimination
garnishment
per capita
40. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
installment contract
implied warranty of habitability
mortgage
award
41. The practice of marking a document with a date that precedes the actual date. Persons who backdate stock options are picking a date when the stock was trading at a lower price than the date of the options grant.
executor
backdating
due diligence
cure
42. A prediction concerning potential loss based on known and unknown factors.
bilateral contract
duress
risk
eviction
43. 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.
civil law system
independent contractor
transfer warranties
merger
44. 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
tangible employment action
co-surety
Totten trust
certificate of deposit (CD)
45. 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.
preemptive rights
online dispute resolution (ODR)
tenancy by the entirety
express warranty
46. A type of contract that arises when a promise is given in exchange for a return promise.
venue
bilateral contract
working papers
preferred stock
47. 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.
overdraft
pledge
operating agreement
writ of certiorari
48. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.
seniority system
certified check
utilitarianism
disparate-impact discrimination
49. 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.
patent
firm offer
cybersquatting
breach of contract
50. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
constructive discharge
stock warrant
workers' compensation laws
formal contract