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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. Within a specified time period or - if no period is specified - within a reasonable time.
insider trading
forum-selection clause
seasonably
collecting bank
2. 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.
ultra vires
presentment
promissory note
replevin
3. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.
acceleration clause
question of law
self-incrimination
drawee
4. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.
piercing the corporate veil
limited liability company (LLC)
maker
intestacy laws
5. 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.
probable cause
stock certificate
leasehold estate
past consideration
6. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'
tender of delivery
bearer instrument
white-collar crime
constructive delivery
7. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
judicial review
liquidated debt
intestacy laws
I-551 Alien Registration Receipt
8. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted
sexual harassment
objective theory of contracts
malpractice
articles of incorporation
9. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.
acceleration clause
covenant not to sue
generally accepted accounting principles (GAAP)
exclusionary rule
10. 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.
protected class
concurrent jurisdiction
summary jury trial (SJT)
e-money
11. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib
ratification
constructive delivery
floating lien
limited partner
12. 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.
identification
fiduciary
exclusive distributorship
overdraft
13. A promise or commitment to perform or refrain from performing some specified act in the future.
obligor
executor
tombstone ad
offer
14. 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.
mortgagee
e-evidence
integrated contract
shipment contract
15. The conduct that occurs under the terms of a particular agreement. Such conduct indicates what the parties to an agreement intended it to mean.
intestate
third party beneficiary
order for relief
course of performance
16. A tax on imported goods.
devisee
tariff
docket
bilateral contract
17. Moral principles and values applied to social behavior.
will
inside director
ethics
motion for summary judgment
18. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.
robbery
automatic stay
dishonor
backdating
19. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
installment contract
seniority system
intellectual property
eviction
20. A person who makes a promise.
bailor
promisor
e-agent
articles of incorporation
21. A party to whom the rights under a contract are transferred - or assigned.
license
assignee
firm offer
obligee
22. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
outside director
U.S. trustee
moral minimum
stock options
23. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar
maker
destination contract
record
good faith purchaser
24. 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.
securities
plea bargaining
tender
question of law
25. A written - temporary insurance policy.
question of fact
unilateral contract
binder
predominant-factor test
26. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.
signature
accredited investors
default judgment
choice-of-language clause
27. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
comity
complaint
informal contract
requirements contract
28. 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.
rule of four
mortgage
international law
certified check
29. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
condemnation
burglary
articles of partnership
market-share liability
30. A valid contract rendered unenforceable by some statute or law.
alternative dispute resolution (ADR)
life estate
unenforceable contract
breach of contract
31. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
collateral promise
void contract
garnishment
probable cause
32. 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
trademark
reply
retained earnings
partnering agreement
33. A contract that by law requires a specific form - such as being executed under seal - for its validity.
outside director
execution
formal contract
computer crime
34. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours
entrustment rule
liquidated damages
prenuptial agreement
void contract
35. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.
imposter
brief
gift inter vivos
articles of incorporation
36. An assertion that something either will or will not happen in the future.
joint tenancy
promise
tenancy at sufferance
national law
37. An agreement by two or more persons to carry on - as co-owners - a business for profit.
testamentary trust
partnership
insurable interest
integrated contract
38. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.
fixed-term tenancy
S corporation
motion for a directed verdict
privity of contract
39. The act of transferring to another all or part of one's rights arising under a contract.
tombstone ad
personal property
assignment
privity of contract
40. 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.
motion for summary judgment
question of fact
devise
condition
41. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
acceptor
incidental damages
mislaid property
liquidated damages
42. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.
insider trading
independent contractor
incidental beneficiary
conveyance
43. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
bailee
crime
past consideration
check
44. 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.
constructive discharge
consignment
intellectual property
fixed-term tenancy
45. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
testator
blue laws
bailee
fixed-term tenancy
46. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
covenant not to sue
executed contract
personal defenses
counteroffer
47. A trust that is created by will and therefore does not take effect until the death of the testator.
moral minimum
penalty
scienter
testamentary trust
48. 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).
blue laws
promise
personal defenses
profit
49. In a sale of goods - the express designation of the goods provided for in the contract.
moral minimum
bilateral mistake
identification
close corporation
50. The process of proving and validating a will and settling all matters pertaining to an estate.
mislaid property
probate
restitution
partnering agreement