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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 claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
national law
grand jury
counterclaim
performance
2. 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
reply
implied warranty
motion for judgment n.o.v.
financing statement
3. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
leasehold estate
tender offer
collecting bank
default
4. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
obligee
gift causa mortis
alienation
insolvent
5. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
preferred creditor
implied-in-fact contract
hot-cargo agreement
right-to-work law
6. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
course of dealing
implied warranty of habitability
informal contract
stock warrant
7. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
charitable trust
bond
delegator
articles of partnership
8. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.
insolvent
bounty payment
trade name
treaty
9. Property with which the owner has involuntarily parted and then cannot find or recover.
good faith purchaser
estate in property
lost property
universal defenses
10. Generally - the value given in return for a promise; involves two elements
consideration
entrapment
lease agreement
bailee
11. Authority that is only apparent - not real. In agency law - a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed w
apparent authority
independent contractor
mislaid property
force majeure clause
12. A provision in a contract stipulating that certain unforeseen events
force majeure clause
hot-cargo agreement
recording statutes
disclosed principal
13. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri
blue laws
holding company
information return
U.S. trustee
14. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
limited partnership
preemptive rights
sales contract
cure
15. A type of contract that arises when a promise is given in exchange for a return promise.
employment discrimination
money laundering
bilateral contract
exculpatory clause
16. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.
comity
right of reimbursement
watered stock
categorical imperative
17. A contract that has been completely performed by both parties.
security agreement
commingle
concurrent ownership
executed contract
18. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a
personal defenses
secondary boycott
after-acquired property
commingle
19. The act of transferring to another all or part of one's duties arising under a contract.
entrustment rule
delegation of duties
gift inter vivos
motion for a directed verdict
20. 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.
underwriter
guarantor
foreign exchange market
award
21. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.
recording statutes
security agreement
unreasonably dangerous product
suretyship
22. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
preferred creditor
stop-payment order
franchisee
life estate
23. A deed in which the grantor warrants only that the grantor or seller held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.
special warranty deed
discharge
ratification
anticipatory repudiation
24. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
property
power of attorney
unilateral mistake
limited partnership
25. The act of stealing another's identifying information
generally accepted accounting principles (GAAP)
motion for summary judgment
testamentary trust
identity theft
26. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
misdemeanor
bailor
nonpossessory interest
forgery
27. 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.
good faith purchaser
working papers
mirror image rule
money laundering
28. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.
generally accepted auditing standards (GAAS)
business judgment rule
good faith purchaser
articles of partnership
29. 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.
agreement
copyright
formal contract
unilateral mistake
30. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.
takeover
limited liability limited partnership (LLLP)
reaffirmation agreement
dominion
31. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.
testator
beyond a reasonable doubt
disparate-treatment discrimination
real property
32. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
tangible property
security
writ of certiorari
writ of attachment
33. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
transfer warranties
tangible employment action
drawer
requirements contract
34. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
double jeopardy
void contract
consignment
generally accepted accounting principles (GAAP)
35. 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
destination contract
certification mark
search warrant
deficiency judgment
36. 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.
duress
constructive delivery
motion for a directed verdict
arbitration clause
37. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
agreement
cyber crime
motion for judgment on the pleadings
discharge
38. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
implied warranty of fitness for a particular purpose
business necessity
arson
Regulation E
39. 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.
limited liability partnership (LLP)
bounty payment
destination contract
liquidated debt
40. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means
nuncupative will
implied warranty
arson
normal trade relations (NTR) status
41. 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.
certification mark
e-agent
insider trading
expropriation
42. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
express warranty
per stirpes
docket
trade dress
43. Ownership rights in property - including the right to possess and control the property.
bailment
fiduciary
abandoned property
dominion
44. An agreement that creates or provides for a security interest between the debtor and a secured party.
security agreement
cybersquatting
cost-benefit analysis
U.S. trustee
45. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
release
secured party
express warranty
negotiation
46. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
blue laws
defalcation
justiciable controversy
constructive trust
47. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
liquidated damages
pleadings
mens rea
risk
48. Any bank handling an item for collection - except the payor bank.
dividend
collecting bank
lost property
liquidated debt
49. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
assignment
incidental damages
mortgagor
arbitration clause
50. The purchase or sale of securities on the basis of information that has not been made available to the public.
insider trading
undisclosed principal
probate
lease