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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. 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.
bond
free-writing prospectus
transfer warranties
negotiable instrument
2. A contract between an employer and an employee in which the terms and conditions of employment are stated.
mortgagor
cyber crime
employment contract
retained earnings
3. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
alternative dispute resolution (ADR)
secured transaction
family limited liability partnership (FLLP)
guarantor
4. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
parol evidence rule
target corporation
bona fide occupational qualification (BFOQ)
self-incrimination
5. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
foreign corporation
condition
consolidation
obligee
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.
venue
constructive eviction
union shop
intestacy laws
7. A contract that has been completely performed by both parties.
cyber crime
Regulation E
executed contract
shareholder's derivative suit
8. An employer's termination of an employee's employment in violation of the law.
proceeds
brief
secondary boycott
wrongful discharge
9. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.
interrogatories
minimum wage
takeover
tender
10. 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
identity theft
certified check
minimum wage
firm offer
11. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
covenant not to compete
consolidation
petition in bankruptcy
extension clause
12. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
frustration of purpose
digital cash
disaffirmance
summary jury trial (SJT)
13. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).
policy
power of attorney
employment contract
partnership
14. The document filed with a designated state official by which a limited liability company is formed.
articles of organization
defalcation
course of performance
constructive eviction
15. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o
fixture
exclusive jurisdiction
bylaws
spendthrift trust
16. 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.
right-to-work law
policy
presentment warranties
petty offense
17. 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
limited liability company (LLC)
private equity capital
ethics
insurable interest
18. 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
dividend
mirror image rule
dishonor
19. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr
prima facie case
fungible goods
grand jury
foreign exchange market
20. 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
condition subsequent
larceny
motion to dismiss
writ of certiorari
21. A check drawn by a bank on itself.
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22. A writ from a higher court asking the lower court for the record of a case.
writ of certiorari
stock options
larceny
bond indenture
23. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.
integrated contract
service mark
lease
limited liability partnership (LLP)
24. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
motion for a new trial
blue sky laws
pleadings
double jeopardy
25. 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.
good faith purchaser
interrogatories
beyond a reasonable doubt
check
26. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
lease agreement
articles of partnership
personal property
collective mark
27. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
franchise
beyond a reasonable doubt
option contract
confusion
28. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.
check
conveyance
fee simple
protected class
29. The number of members of a decision-making body that must be present before business may be transacted.
quorum
bailor
petty offense
drawer
30. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
identification
payor bank
mechanic's lien
online dispute resolution (ODR)
31. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.
tombstone ad
acceleration clause
self-defense
judicial review
32. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their
secondary boycott
investment contract
information
merger
33. Generally - the value given in return for a promise; involves two elements
consideration
right of reimbursement
lien
warranty deed
34. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
due diligence
correspondent bank
trade secret
collective mark
35. 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.
ratification
workers' compensation laws
undisclosed principal
choice-of-law clause
36. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.
prenuptial agreement
consumer-debtor
interrogatories
arson
37. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.
probable cause
testate
tangible employment action
bounty payment
38. Within a specified time period or - if no period is specified - within a reasonable time.
normal trade relations (NTR) status
integrated contract
seasonably
electronic fund transfer (EFT)
39. A person in possession of an instrument payable to bearer or indorsed in blank.
special warranty deed
bearer
tender
consumer-debtor
40. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p
trade name
fixed-term tenancy
codicil
red herring prospectus
41. The power of a government to take land from private citizens for public use on the payment of just compensation.
offeror
litigation
eminent domain
leasehold estate
42. Property resulting from intellectual - creative processes.
intellectual property
discharge
necessaries
writ of execution
43. 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.
artisan's lien
duress
accession
drawer
44. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.
e-evidence
revocation
risk
preferred creditor
45. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
short-form merger
stored-value card
ratification
per capita
46. 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.
personal defenses
record
right-to-work law
extension clause
47. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
nuncupative will
obligee
burglary
bearer
48. The act of stealing another's identifying information
identity theft
scienter
recording statutes
community property
49. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
real property
proxy
disclosed principal
partially disclosed principal
50. 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
insider trading
digital cash
implied-in-fact contract