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. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
dumping
condition precedent
peer-to-peer (P2P) networking
pass-through entity
2. State laws that regulate the offering and sale of securities.
actus reus
implied warranty
blue sky laws
merchant
3. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
limited partner
option contract
draft
tender offer
4. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would
rescission
partially disclosed principal
cyberterrorist
per stirpes
5. The document filed with a designated state official by which a limited liability company is formed.
entrustment rule
articles of organization
spendthrift trust
incidental damages
6. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).
devisee
alienation
profit
output contract
7. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha
treaty
venture capital
I-551 Alien Registration Receipt
sales contract
8. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
principle of rights
consequential damages
stock warrant
self-defense
9. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
e-agent
writ of certiorari
seasonably
limited liability limited partnership (LLLP)
10. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.
concurrent conditions
mortgagee
indictment
negotiation
11. 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.
civil law system
special warranty deed
stock certificate
preference
12. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ
traveler's check
market-share liability
acceptance
charitable trust
13. 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.
cyber mark
incidental damages
probable cause
venture capital
14. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
predominant-factor test
collecting bank
trade dress
expropriation
15. 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
writ of execution
writ of certiorari
tangible employment action
merger
16. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
binder
duress
peer-to-peer (P2P) networking
universal defenses
17. Within a specified time period or - if no period is specified - within a reasonable time.
affirmative action
constructive eviction
incidental damages
seasonably
18. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
bankruptcy court
bilateral contract
inter vivos trust
check
19. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.
mitigation of damages
discharge
bounty payment
petition in bankruptcy
20. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).
trust
e-contract
express contract
offeror
21. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical
bilateral mistake
cross-collateralization
principle of rights
concurrent ownership
22. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
draft
Totten trust
counteroffer
offer
23. A person to whom a promise is made.
entrustment rule
information return
preemptive rights
promisee
24. 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.
lien
payee
cybersquatting
diversity of citizenship
25. A trademark in cyberspace.
petition in bankruptcy
right of reimbursement
electronic fund transfer (EFT)
cyber mark
26. 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
chattel
S corporation
arbitration clause
merchant
27. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
risk
white-collar crime
hot-cargo agreement
target corporation
28. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
concurrent conditions
arbitration clause
consideration
promisor
29. The authority of a court to hear and decide a specific case.
jurisdiction
ethics
garnishment
due diligence
30. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o
financing statement
overdraft
spendthrift trust
resulting trust
31. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.
unconscionable contract or clause
force majeure clause
constructive delivery
SEC Rule 10b-5
32. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
browse-wrap terms
purchase-money security interest (PMSI)
liquidation
secured transaction
33. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.
offeree
articles of incorporation
firm offer
standing to sue
34. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.
e-signature
watered stock
floating lien
privity of contract
35. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
principle of rights
limited liability company (LLC)
larceny
deed
36. 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
release
penalty
overdraft
minimum wage
37. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).
per capita
document of title
collective mark
business ethics
38. The process of taking private property for public use through the government's power of eminent domain.
certificate of deposit (CD)
order instrument
condemnation
tombstone ad
39. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately
business ethics
summary jury trial (SJT)
breach of contract
wrongful discharge
40. One who makes and executes a will.
testator
collecting bank
adverse possession
blue laws
41. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi
document of title
reformation
valid contract
utilitarianism
42. 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.
sole proprietorship
periodic tenancy
mislaid property
predominant-factor test
43. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
normal trade relations (NTR) status
bequest
tender
motion for a new trial
44. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
small claims court
shelter principle
information return
confusion
45. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
resulting trust
underwriter
plea bargaining
entrapment
46. One to whom goods are entrusted by a bailor.
bailee
litigation
disparate-treatment discrimination
reaffirmation agreement
47. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.
secondary boycott
suretyship
electronic fund transfer (EFT)
business ethics
48. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.
union shop
bylaws
stock warrant
tombstone ad
49. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
business necessity
community property
malpractice
inside director
50. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.
express warranty
integrated contract
exclusive distributorship
prenuptial agreement