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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 set limit on the amount of goods that can be imported.
petition in bankruptcy
constructive delivery
quota
junior lienholder
2. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
e-evidence
shareholder's derivative suit
perfection
trade name
3. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
promise
expropriation
employment at will
acceptance
4. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.
per capita
civil law system
property
quasi contract
5. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
levy
indorsement
attachment
articles of partnership
6. Procedurally - a plaintiff's response to a defendant's answer.
maker
unilateral contract
shipment contract
reply
7. 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
integrated contract
limited liability limited partnership (LLLP)
offeree
apparent authority
8. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.
consequential damages
summons
trade secret
closed shop
9. One designated in a will to receive a gift of real property.
sale on approval
lessor
devisee
consideration
10. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.
forum-selection clause
legatee
family limited liability partnership (FLLP)
emancipation
11. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.
due diligence
preemptive rights
sale on approval
foreign exchange market
12. A common means of settling a disputed claim - whereby a debtor offers to pay a lesser amount than the creditor purports is owed. The creditor's acceptance of the offer creates an accord (agreement) - and when the accord is executed - satisfaction occ
assignment
investment contract
per capita
accord and satisfaction
13. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p
principle of rights
bona fide occupational qualification (BFOQ)
presentment warranties
consideration
14. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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15. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.
intestacy laws
workout
plea bargaining
condemnation
16. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.
small claims court
mortgagee
complaint
cost-benefit analysis
17. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
forgery
implied warranty of merchantability
limited liability company (LLC)
recording statutes
18. 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).
mitigation of damages
testator
profit
promissory note
19. A set of governing rules adopted by a corporation or other association.
tenancy in common
trade name
bylaws
entrapment
20. Having left a will at death.
testate
online dispute resolution (ODR)
investment contract
adverse possession
21. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
tender offer
gift causa mortis
cost-benefit analysis
tangible property
22. A crime committed on the Internet.
security
negotiable instrument
cyber crime
self-incrimination
23. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.
constructive discharge
frustration of purpose
cybersquatting
will
24. The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC) - but who derives his or her title through an HDC - acquires the rights of an HDC.
underwriter
fiduciary
shelter principle
tender
25. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.
legatee
self-defense
tender of delivery
answer
26. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.
tenancy by the entirety
mortgage
writ of certiorari
franchise
27. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
inter vivos trust
disaffirmance
bequest
force majeure clause
28. Property that is movable; any property that is not real property.
stock options
comity
stop-payment order
personal property
29. A close business corporation that has met certain requirements set out in the Internal Revenue Code and thus qualifies for special income tax treatment. Essentially - an S corporation is taxed the same as a partnership - but its owners enjoy the priv
S corporation
option contract
unilateral contract
minimum wage
30. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
equal dignity rule
apparent authority
quitclaim deed
covenant not to sue
31. 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.
incidental beneficiary
acceptor
working papers
federal question
32. The passing of title to property from the seller to the buyer for a price.
testator
document of title
exclusionary rule
sale
33. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in
Regulation E
hacker
creditors' composition agreement
malpractice
34. The act of accepting and giving legal force to an obligation that previously was not enforceable.
crime
cybernotary
delegatee
ratification
35. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.
devisee
seasonably
accredited investors
information
36. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'
fungible goods
bearer instrument
civil law system
indorsement
37. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
writ of certiorari
target corporation
collective mark
property
38. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.
robbery
implied warranty
voir dire
usury
39. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.
periodic tenancy
deposition
constructive delivery
bounty payment
40. 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
co-surety
record
limited partner
e-evidence
41. 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.
fee simple absolute
assignment
contract
tenancy in common
42. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.
codicil
complaint
certified check
franchise
43. A designation in the United States for a corporation formed in another country but doing business in the United States.
alien corporation
acceptance
chattel
counterclaim
44. The act of stealing another's identifying information
right of reimbursement
executed contract
offeror
identity theft
45. A worldwide system in which foreign currencies are bought and sold.
foreign exchange market
probate
devisee
blue laws
46. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
executed contract
consideration
correspondent bank
gift causa mortis
47. In a given state - a corporation that does business in - and is organized under the law of - that state.
prima facie case
domestic corporation
mirror image rule
collateral
48. The purchase or sale of securities on the basis of information that has not been made available to the public.
investment company
insider trading
expropriation
license
49. A person on the board of directors who is also an officer of the corporation.
limited liability limited partnership (LLLP)
alienation
product liability
inside director
50. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
legacy
periodic tenancy
articles of partnership
generally accepted accounting principles (GAAP)