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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 authority of a court to hear and decide a specific case.
foreign exchange market
payee
jurisdiction
pledge
2. A person appointed by a testator in a will to see that her or his will is administered appropriately.
necessaries
testamentary trust
judicial review
executor
3. 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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4. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan
quasi contract
dividend
unreasonably dangerous product
covenant not to sue
5. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.
collateral
distribution agreement
probable cause
corporate social responsibility
6. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
constructive trust
whistleblowing
vicarious liability
forum-selection clause
7. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
discovery
choice-of-law clause
obligor
mens rea
8. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
restitution
replevin
delegation of duties
constructive discharge
9. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con
seniority system
business necessity
cover
extension clause
10. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.
express warranty
replevin
takeover
plea bargaining
11. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
closed shop
right of subrogation
motion for summary judgment
objective theory of contracts
12. Charging an illegal rate of interest.
usury
continuation statement
embezzlement
warranty deed
13. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
consequential damages
will substitutes
parent-subsidiary merger
inter vivos trust
14. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
bylaws
past consideration
concurrent conditions
universal defenses
15. 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
express warranty
normal trade relations (NTR) status
generally accepted auditing standards (GAAS)
malpractice
16. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.
working papers
secured transaction
grand jury
normal trade relations (NTR) status
17. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
limited liability partnership (LLP)
agency
bankruptcy court
duress
18. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.
incidental damages
periodic tenancy
lease agreement
venture capital
19. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.
exclusive distributorship
civil law system
trademark
conforming goods
20. A state statute under which certain types of contracts must be in writing to be enforceable.
corporation
quorum
I-9 verification
Statute of Frauds
21. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.
concurrent jurisdiction
international organization
whistleblowing
expropriation
22. 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.
limited partner
business judgment rule
cybernotary
vicarious liability
23. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
limited liability company (LLC)
condition subsequent
accord and satisfaction
answer
24. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
adverse possession
vesting
intermediary bank
self-incrimination
25. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
personal defenses
petition in bankruptcy
affirmative action
minimum wage
26. A person who receives inside information.
homestead exemption
I-9 verification
tippee
docket
27. The act of presenting an instrument to the party liable on the instrument to collect payment. Presentment also occurs when a person presents an instrument to a drawee for a required acceptance.
constructive delivery
will substitutes
watered stock
presentment
28. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
probate court
bankruptcy court
private equity capital
information
29. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.
leasehold estate
market-share liability
winding up
constructive discharge
30. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.
Statute of Frauds
risk
express warranty
mailbox rule
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
periodic tenancy
white-collar crime
performance
firm offer
32. The act of refraining from an action that one has a legal right to undertake.
mediation
forbearance
cram-down provision
condition subsequent
33. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'
act of state doctrine
bearer instrument
wrongful discharge
breach of contract
34. The number of members of a decision-making body that must be present before business may be transacted.
quorum
retained earnings
revocation
bona fide occupational qualification (BFOQ)
35. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.
unconscionable contract or clause
business necessity
per stirpes
levy
36. The act of stealing another's identifying information
identity theft
foreign corporation
probable cause
underwriter
37. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
foreign corporation
confiscation
devise
pass-through entity
38. 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
profit
privity of contract
preference
vicarious liability
39. A party to whom the rights under a contract are transferred - or assigned.
family limited liability partnership (FLLP)
tangible employment action
mirror image rule
assignee
40. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
tenancy in common
quota
default
certification mark
41. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).
impossibility of performance
seasonably
lessee
comity
42. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
lien
franchisor
Statute of Frauds
reformation
43. A person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein
writ of attachment
merchant
writ of execution
contract
44. A document prepared by a secured creditor and filed with the appropriate state or local official - to give notice to the public that the creditor has a security interest in collateral belonging to the debtor named in the statement. Financing statemen
jurisdiction
assignor
investment company
financing statement
45. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
stock options
check
self-incrimination
e-agent
46. A state law providing that employees may not be required to join a union as a condition of retaining employment.
right-to-work law
Totten trust
close corporation
nuncupative will
47. In a given state - a corporation that does business in the state without being incorporated therein.
foreign corporation
legatee
offer
perfection
48. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
tangible employment action
contractual capacity
mirror image rule
incidental damages
49. The term used to designate a person who has an ownership interest in a limited liability company.
member
legacy
family limited liability partnership (FLLP)
foreign corporation
50. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be
holding company
holographic will
SEC Rule 10b-5
consent