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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 legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.
tippee
browse-wrap terms
product liability
performance
2. The process of proving and validating a will and settling all matters pertaining to an estate.
lessor
probate
testator
plea bargaining
3. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a
award
emancipation
collateral promise
commingle
4. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha
wrongful discharge
insurable interest
employment contract
bilateral mistake
5. 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.
brief
free-writing prospectus
incidental damages
guarantor
6. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.
intangible property
periodic tenancy
duress
employment at will
7. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
watered stock
limited liability partnership (LLP)
clearinghouse
cost-benefit analysis
8. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
e-money
emancipation
cease-and-desist order
necessaries
9. A type of tenancy that either party can terminate without notice; usually arises when a tenant who has been under a tenancy for years retains possession - with the landlord's consent - after the tenancy for years has terminated.
tenancy at will
long arm statute
partially disclosed principal
stock certificate
10. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
question of law
bearer instrument
hacker
petition in bankruptcy
11. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
concurrent jurisdiction
third party beneficiary
devise
copyright
12. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.
motion for a directed verdict
preferred stock
fiduciary
voidable contract
13. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).
choice-of-language clause
minimum wage
consumer-debtor
market-share liability
14. 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.
backdating
right of subrogation
question of law
concurrent conditions
15. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.
normal trade relations (NTR) status
estate in property
debtor
treaty
16. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
cybernotary
will
counteroffer
market-share liability
17. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.
implied warranty of merchantability
patent
Federal Reserve System
bounty payment
18. Property with which the owner has voluntarily parted - with no intention of recovering it.
U.S. trustee
release
acceptor
abandoned property
19. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of
imposter
intellectual property
negotiable instrument
presentment warranties
20. 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.
covenant not to compete
undisclosed principal
target corporation
overdraft
21. 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.
acceptance
smart card
delegatee
payor bank
22. A check - other than a certified check - that is presented for payment more than six months after its date.
acceptance
unreasonably dangerous product
stale check
constructive eviction
23. An employer's termination of an employee's employment in violation of the law.
national law
comity
deficiency judgment
wrongful discharge
24. A state statute under which certain types of contracts must be in writing to be enforceable.
Statute of Frauds
voir dire
utilitarianism
personal property
25. 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
writ of execution
parol evidence rule
Statute of Frauds
26. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.
preference
bailment
employment contract
liquidation
27. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
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28. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
bequest
petty offense
confusion
ultra vires
29. 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.
comity
question of fact
pass-through entity
dishonor
30. A public official authorized to attest to the authenticity of signatures.
notary public
discharge
business necessity
tippee
31. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.
tender offer
arson
shrink-wrap agreement
promissory estoppel
32. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
ethical reasoning
delegation of duties
course of performance
specific performance
33. All forms of personal property.
chattel
electronic fund transfer (EFT)
moral minimum
stop-payment order
34. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.
suretyship
promisee
power of attorney
mortgagee
35. In the context of real property - an interest in land that does not include any right to possess the property.
motion to dismiss
assignor
alienation
nonpossessory interest
36. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
disparate-impact discrimination
consequential damages
business judgment rule
gift causa mortis
37. The number of members of a decision-making body that must be present before business may be transacted.
quorum
fungible goods
money laundering
bequest
38. A promise or commitment to perform or refrain from performing some specified act in the future.
bilateral mistake
default
offer
dishonor
39. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
exculpatory clause
implied warranty of habitability
security
respondeat superior
40. 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.
continuation statement
fictitious payee
document of title
suretyship
41. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
certification mark
default judgment
summons
e-evidence
42. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.
co-surety
presentment warranties
crime
intestacy laws
43. Charging an illegal rate of interest.
nonpossessory interest
mens rea
vesting
usury
44. 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.
litigation
certificate of limited partnership
negotiation
accession
45. A contract in which the terms of the agreement are stated in words - oral or written.
assignee
financing statement
respondeat superior
express contract
46. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
levy
voidable contract
malpractice
reaffirmation agreement
47. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.
felony
intellectual property
installment contract
past consideration
48. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.
cover
cybersquatting
cost-benefit analysis
business judgment rule
49. 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.
secured party
proxy
discharge
clearinghouse
50. Ownership rights in property - including the right to possess and control the property.
shelter principle
legacy
license
dominion