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. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.
sexual harassment
identity theft
limited liability company (LLC)
sublease
2. 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.
articles of organization
periodic tenancy
unenforceable contract
floating lien
3. A contract in which one party forfeits the right to pursue a legal claim against the other party.
release
bilateral mistake
correspondent bank
mediation
4. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).
frustration of purpose
joint tenancy
attachment
burglary
5. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part
domain name
intended beneficiary
petty offense
takeover
6. 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).
restitution
notary public
eviction
power of attorney
7. One who entrusts goods to a bailee.
bailor
ultra vires
execution
counterclaim
8. The first bank to receive a check for payment.
document of title
depositary bank
frustration of purpose
hot-cargo agreement
9. 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.
agreement
white-collar crime
product liability
answer
10. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
writ of certiorari
cost-benefit analysis
copyright
consequential damages
11. 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.
past consideration
negotiation
service mark
Totten trust
12. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
self-incrimination
franchise
exclusive jurisdiction
perfection
13. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.
nuncupative will
collateral
short-form merger
condition precedent
14. 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.
floating lien
blue laws
independent contractor
bailee
15. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
output contract
franchisee
unreasonably dangerous product
bounty payment
16. Any interest in personal property or fixtures that secures payment or performance of an obligation.
business judgment rule
security interest
record
garnishment
17. Any person in possession of an instrument drawn - issued - or indorsed to him or her - to his or her order - to bearer - or in blank.
holder
tender of delivery
cure
power of attorney
18. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.
assignor
holder in due course (HDC)
choice-of-law clause
intended beneficiary
19. 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
concurrent conditions
jurisdiction
Regulation E
secondary boycott
20. In a given state - a corporation that does business in the state without being incorporated therein.
release
whistleblowing
foreign corporation
acceptance
21. 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
duress
obligor
firm offer
probate
22. One to whom goods are entrusted by a bailor.
articles of partnership
award
general partner
bailee
23. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
risk management
counterclaim
outside director
fungible goods
24. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.
executed contract
secured party
constructive discharge
secured transaction
25. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
deficiency judgment
motion for a directed verdict
profit
assignee
26. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
rule of four
disclosed principal
smart card
partnering agreement
27. The relationship that exists between the promisor and the promisee of a contract.
privity of contract
default
intended beneficiary
fictitious payee
28. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
sole proprietorship
record
winding up
right of reimbursement
29. The act of refraining from an action that one has a legal right to undertake.
forbearance
probate court
ratification
right of subrogation
30. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.
guarantor
foreign corporation
usury
adverse possession
31. A tax on imported goods.
employment contract
tariff
predominant-factor test
Regulation E
32. 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.
trademark
felony
investment contract
bilateral contract
33. A person appointed by a testator in a will to see that her or his will is administered appropriately.
co-surety
financing statement
executor
bearer
34. 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.
limited liability company (LLC)
estate in property
digital cash
mirror image rule
35. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
probable cause
intermediary bank
mitigation of damages
online dispute resolution (ODR)
36. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.
acceleration clause
generally accepted accounting principles (GAAP)
payee
default judgment
37. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
duress
incidental damages
preemptive rights
distributed network
38. 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
choice-of-language clause
merchant
adhesion contract
mens rea
39. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
dishonor
I-551 Alien Registration Receipt
fee simple absolute
bailee
40. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic
writ of execution
cybernotary
click-on agreement
breach of contract
41. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
chattel
forgery
choice-of-law clause
insider trading
42. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
actus reus
bankruptcy court
anticipatory repudiation
incidental damages
43. A valid contract rendered unenforceable by some statute or law.
consequential damages
certification mark
unenforceable contract
per capita
44. A party to whom the rights under a contract are transferred - or assigned.
spendthrift trust
assignee
bond
bailee
45. A thing that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.
information
shrink-wrap agreement
shipment contract
fixture
46. 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
preference
alienation
financing statement
workout
47. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'
cyberterrorist
beyond a reasonable doubt
testate
taking
48. The use of an asset that is not the subject of a loan to collateralize that loan.
insurable interest
per capita
product liability
cross-collateralization
49. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.
presentment warranties
spendthrift trust
business necessity
resulting trust
50. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
search warrant
liquidated damages
sole proprietorship
concurrent conditions