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. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
dividend
export
certificate of deposit (CD)
constructive discharge
2. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
market-share liability
white-collar crime
Regulation E
predominant-factor test
3. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.
business ethics
inter vivos trust
act of state doctrine
order for relief
4. 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
writ of execution
identity theft
actus reus
suretyship
5. 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.
negotiation
integrated contract
counteroffer
real property
6. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.
preferred stock
payee
limited liability limited partnership (LLLP)
browse-wrap terms
7. A party to whom the rights under a contract are transferred - or assigned.
holder in due course (HDC)
assignee
malpractice
alienation
8. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
right-to-work law
vicarious liability
fixture
indorsement
9. 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.
winding up
condition
information return
consignment
10. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.
letter of credit
quitclaim deed
nuncupative will
bond indenture
11. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
venture capital
condition precedent
computer crime
forum-selection clause
12. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
community property
securities
incidental damages
penalty
13. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.
tippee
international law
respondeat superior
sole proprietorship
14. 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
tender of delivery
distributed network
trademark
quasi contract
15. A party that holds a lien that is subordinate to one or more other liens on the same property.
attachment
forbearance
tenancy at will
junior lienholder
16. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.
implied-in-fact contract
bounty payment
drawer
duress
17. 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
red herring prospectus
check
shipment contract
unilateral mistake
18. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.
independent contractor
intended beneficiary
trade dress
collecting bank
19. The authority of a court to hear and decide a specific case.
jurisdiction
incidental damages
business judgment rule
arbitration
20. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.
articles of partnership
tenancy by the entirety
presentment
justiciable controversy
21. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
shipment contract
limited liability limited partnership (LLLP)
deposition
motion for judgment on the pleadings
22. 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
taking
acceptor
normal trade relations (NTR) status
23. A worldwide system in which foreign currencies are bought and sold.
real property
foreign exchange market
vesting
unilateral contract
24. Planning that is undertaken to protect one's interest should some event threaten to undermine its security. In the context of insurance - risk management involves transferring certain risks from the insured to the insurance company.
risk management
mens rea
constructive delivery
mutual fund
25. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain
preemptive rights
accredited investors
cyber crime
accession
26. 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.
cover
forbearance
pledge
arson
27. 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.
independent contractor
forbearance
penalty
usury
28. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.
performance
personal defenses
employment discrimination
motion for a directed verdict
29. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
white-collar crime
secured party
course of performance
winding up
30. Property that is acquired by the debtor after the execution of a security agreement.
after-acquired property
family limited liability partnership (FLLP)
parol evidence rule
recording statutes
31. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
mirror image rule
transfer warranties
reformation
debtor in possession (DIP)
32. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.
dividend
expropriation
franchise
intellectual property
33. A person who makes a promise.
promisor
usury
sale or return
promisee
34. The relationship that exists between the promisor and the promisee of a contract.
privity of contract
gift
unenforceable contract
co-surety
35. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
lease
discovery
cost-benefit analysis
valid contract
36. A party to whom contractual obligations are transferred - or delegated.
delegatee
power of attorney
after-acquired property
outside director
37. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.
quasi contract
I-551 Alien Registration Receipt
hacker
international organization
38. 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
mortgage
cure
civil law system
39. 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
unilateral mistake
burglary
cyberterrorist
motion to dismiss
40. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p
tippee
preference
accession
bailor
41. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.
mirror image rule
lease
vesting
tariff
42. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
sublease
corporate social responsibility
gift
personal defenses
43. A person to whom a promise is made.
letter of credit
sale
question of fact
promisee
44. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
member
insurance
deed
liquidated damages
45. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).
exclusionary rule
assignment
execution
profit
46. A crime committed on the Internet.
will
misdemeanor
cyber crime
bailee
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.
seniority system
anticipatory repudiation
past consideration
shelter principle
48. 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.
right of subrogation
express warranty
choice-of-law clause
cost-benefit analysis
49. 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.
unilateral contract
electronic fund transfer (EFT)
identity theft
generally accepted accounting principles (GAAP)
50. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.
attachment
common stock
right of subrogation
choice-of-language clause
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests