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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. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
surety
offeror
inside director
forgery
2. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody
winding up
writ of certiorari
distribution agreement
categorical imperative
3. The bank on which a check is drawn (the drawee bank).
online dispute resolution (ODR)
fungible goods
payor bank
implied warranty of habitability
4. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
license
unreasonably dangerous product
implied warranty of habitability
copyright
5. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.
minimum wage
per stirpes
limited partner
shrink-wrap agreement
6. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
moral minimum
accredited investors
consent
petty offense
7. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
drawee
sovereign immunity
dumping
seniority system
8. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
holder
retained earnings
articles of partnership
lessee
9. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
investment company
guarantor
devise
holder
10. A state law providing that employees may not be required to join a union as a condition of retaining employment.
target corporation
right-to-work law
preferred stock
negotiation
11. 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.'
drawee
beyond a reasonable doubt
license
incidental beneficiary
12. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
question of fact
tangible employment action
covenant not to sue
warranty deed
13. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
stock
distribution agreement
insurable interest
limited partner
14. An equity (ownership) interest in a corporation - measured in units of shares.
stock
arson
executory contract
cashier's check
15. 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.
self-defense
bounty payment
actus reus
backdating
16. Moral principles and values applied to social behavior.
limited partner
probable cause
formal contract
ethics
17. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.
S corporation
parol evidence rule
valid contract
venture capital
18. The creation of an absolute or unconditional right or power.
obligee
whistleblowing
vesting
novation
19. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
actus reus
limited partner
garnishment
tender
20. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
contractual capacity
deficiency judgment
liquidated debt
concurrent conditions
21. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
implied warranty of merchantability
course of performance
arbitration clause
diversity of citizenship
22. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
performance
correspondent bank
debtor
condition subsequent
23. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
necessaries
member
bankruptcy court
burglary
24. Reasonable grounds for believing that a person should be arrested or searched.
implied warranty of habitability
probable cause
stop-payment order
foreign corporation
25. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.
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26. Information or processes that give a business an advantage over competitors that do not know the information or processes.
trade secret
duress
order for relief
right of subrogation
27. 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.
resulting trust
fictitious payee
distributed network
past consideration
28. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o
risk management
liquidated debt
dissolution
motion for judgment n.o.v.
29. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
stock certificate
incidental beneficiary
ethics
digital cash
30. 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.
consequential damages
presentment
family limited liability partnership (FLLP)
signature
31. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
closed shop
confiscation
condition
constructive trust
32. In a sale of goods - the express designation of the goods provided for in the contract.
identification
depositary bank
workout
treaty
33. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.
bankruptcy court
duress
default
arbitration clause
34. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.
restitution
pleadings
tenancy in common
shelter principle
35. 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
specific performance
generally accepted accounting principles (GAAP)
debtor in possession (DIP)
36. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
exclusive jurisdiction
complaint
trade name
junior lienholder
37. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
voidable contract
free-writing prospectus
affirmative action
money laundering
38. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.
specific performance
affirmative action
dissociation
arbitration clause
39. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.
bearer instrument
risk
fictitious payee
spendthrift trust
40. A crime committed on the Internet.
discharge
writ of attachment
cyber crime
acceptance
41. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
insurance
past consideration
defalcation
arson
42. The act of refraining from an action that one has a legal right to undertake.
property
forbearance
investment company
double jeopardy
43. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio
exclusive distributorship
executor
parent-subsidiary merger
spendthrift trust
44. The use of an asset that is not the subject of a loan to collateralize that loan.
intestacy laws
cross-collateralization
red herring prospectus
dissociation
45. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th
commercial impracticability
tippee
penalty
conforming goods
46. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.
bankruptcy court
fee simple
digital cash
petty offense
47. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
computer crime
assignor
indorsement
award
48. 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
bankruptcy court
trademark
binder
implied warranty
49. A gift of personal property by will (from the verb to bequeath).
corporate governance
incidental damages
bequest
discharge
50. 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
merger
covenant not to sue
holder
attachment
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