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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. 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
commingle
collecting bank
e-contract
accession
2. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.
co-surety
indorsement
preference
fictitious payee
3. A contract that does not require a specified form or formality to be valid.
informal contract
sole proprietorship
electronic fund transfer (EFT)
insurable interest
4. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
consideration
expropriation
cost-benefit analysis
small claims court
5. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.
voidable contract
franchisee
mediation
summons
6. A person on the board of directors who does not hold a management position at the corporation.
maker
seniority system
license
outside director
7. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
seasonably
arson
exclusive jurisdiction
breach of contract
8. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.
community property
automatic stay
holder in due course (HDC)
lessor
9. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.
bailment
drawee
mislaid property
unconscionable contract or clause
10. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.
after-acquired property
proxy
sale or return
union shop
11. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.
dumping
traveler's check
shipment contract
mortgagor
12. 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.
outside director
double jeopardy
shareholder's derivative suit
backdating
13. The passing of title to property from the seller to the buyer for a price.
after-acquired property
sexual harassment
click-on agreement
sale
14. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm
brief
perfection
answer
dissolution
15. The process of taking private property for public use through the government's power of eminent domain.
condemnation
document of title
trust
obligee
16. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
target corporation
holder
bequest
depositary bank
17. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.
smart card
intestate
blue laws
confiscation
18. 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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19. Property with which the owner has voluntarily parted and then cannot find or recover.
after-acquired property
mislaid property
cybernotary
estopped
20. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
risk management
exclusive jurisdiction
guarantor
extension clause
21. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
concurrent ownership
intangible property
motion for a new trial
premium
22. Goods that conform to contract specifications.
attachment
comity
conforming goods
tenancy by the entirety
23. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
implied-in-fact contract
parent-subsidiary merger
answer
tariff
24. One designated in a will to receive a gift of personal property.
legatee
larceny
litigation
domain name
25. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.
joint tenancy
jurisdiction
document of title
integrated contract
26. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.
debtor in possession (DIP)
sale on approval
diversity of citizenship
certificate of limited partnership
27. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
e-signature
operating agreement
promisor
shareholder's derivative suit
28. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
cure
resulting trust
incidental beneficiary
pass-through entity
29. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
testamentary trust
bailee
grand jury
pleadings
30. One who makes and executes a will.
acceptor
formal contract
testator
co-surety
31. 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
firm offer
pledge
legatee
justiciable controversy
32. A person on the board of directors who is also an officer of the corporation.
reformation
inside director
holder
personal property
33. A person who receives inside information.
malpractice
tippee
articles of incorporation
motion for a new trial
34. A contract in which one party forfeits the right to pursue a legal claim against the other party.
judicial review
predominant-factor test
informal contract
release
35. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
deposition
quota
minimum wage
promise
36. 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
misdemeanor
secondary boycott
venue
tender
37. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
tippee
performance
bylaws
acceleration clause
38. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
Totten trust
administrator
blue laws
suretyship
39. 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
forum-selection clause
legatee
entrapment
40. 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.
right of reimbursement
execution
pledge
domain name
41. 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.
formal contract
promissory estoppel
purchase-money security interest (PMSI)
business judgment rule
42. The process of resolving a dispute through the court system.
certified check
intangible property
litigation
treaty
43. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a
short-form merger
express contract
plea bargaining
tariff
44. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.
artisan's lien
investment contract
forum-selection clause
clearinghouse
45. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit
offeree
consolidation
complaint
normal trade relations (NTR) status
46. Having left a will at death.
counterclaim
testate
inter vivos trust
incidental damages
47. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
Regulation E
burglary
probable cause
national law
48. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
general partner
consignment
novation
stop-payment order
49. 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.
motion for judgment on the pleadings
self-defense
arbitration
workout
50. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201
insolvent
counterclaim
extension clause
discharge