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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 state law providing that employees may not be required to join a union as a condition of retaining employment.
unreasonably dangerous product
right-to-work law
plea bargaining
seasonably
2. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.
interrogatories
business necessity
revocation
eviction
3. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.
stock certificate
per capita
concurrent ownership
cease-and-desist order
4. A contract that by law requires a specific form - such as being executed under seal - for its validity.
summons
self-defense
formal contract
personal property
5. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo
tangible employment action
motion for summary judgment
per stirpes
treaty
6. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
embezzlement
sexual harassment
bearer instrument
binder
7. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.
lessor
lease agreement
prima facie case
shelter principle
8. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
requirements contract
protected class
license
petty offense
9. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
sale on approval
search warrant
assignment
cyber mark
10. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
electronic fund transfer (EFT)
attachment
dissolution
scienter
11. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
dumping
general partner
formal contract
principle of rights
12. A person who receives inside information.
limited partnership
tippee
payee
embezzlement
13. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
tender of delivery
bylaws
secured transaction
burglary
14. 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.
award
ethical reasoning
brief
secured party
15. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
extension clause
bond
union shop
e-money
16. 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
merchant
attachment
inside director
sole proprietorship
17. A trademark in cyberspace.
check
testator
lessee
cyber mark
18. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
ethical reasoning
alien corporation
specific performance
blue sky laws
19. The act of transferring to another all or part of one's duties arising under a contract.
blue laws
restitution
delegation of duties
trademark
20. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
nominal damages
motion to dismiss
homestead exemption
incidental beneficiary
21. 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
voir dire
workers' compensation laws
presentment warranties
cashier's check
22. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
limited partnership
hot-cargo agreement
indorsement
contractual capacity
23. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
perfection
SEC Rule 10b-5
gift
attachment
24. A company whose business activity is holding shares in another company.
liquidated debt
holding company
forum-selection clause
larceny
25. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.
I-551 Alien Registration Receipt
offeree
delegator
mailbox rule
26. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
universal defenses
co-surety
fungible goods
franchisor
27. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are
seniority system
attachment
shelter principle
transfer warranties
28. A written - temporary insurance policy.
binder
concurrent jurisdiction
preferred creditor
expropriation
29. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.
debtor
concurrent ownership
investment contract
appraisal right
30. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr
exclusive jurisdiction
contractual capacity
generally accepted auditing standards (GAAS)
prima facie case
31. 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
diversity of citizenship
check
accord and satisfaction
32. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
watered stock
underwriter
quitclaim deed
promissory note
33. Generally - the value given in return for a promise; involves two elements
consideration
reaffirmation agreement
articles of partnership
limited partner
34. A document by which title to property (usually real property) is passed.
stop-payment order
impossibility of performance
deed
workers' compensation laws
35. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
franchisee
shareholder's derivative suit
limited partnership
intermediary bank
36. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
sublease
voidable contract
diversity of citizenship
small claims court
37. A tax on imported goods.
duress
tariff
testate
member
38. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
franchisee
indorsement
defalcation
sovereign immunity
39. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
franchisor
operating agreement
trademark
duress
40. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
seasonably
interrogatories
exculpatory clause
dumping
41. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain
bequest
cease-and-desist order
pledge
preemptive rights
42. Property with which the owner has involuntarily parted and then cannot find or recover.
motion for summary judgment
exclusive distributorship
lost property
Statute of Frauds
43. A person to whom an instrument is made payable.
default
consolidation
petty offense
payee
44. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
U.S. trustee
necessaries
tippee
outside director
45. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.
promisee
takeover
nonpossessory interest
smart card
46. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
personal property
expropriation
will
Regulation E
47. 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.
informal contract
limited liability limited partnership (LLLP)
franchise
embezzlement
48. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
gift causa mortis
vicarious liability
investment contract
counterclaim
49. The document filed with a designated state official by which a limited liability company is formed.
condition
objective theory of contracts
implied-in-fact contract
articles of organization
50. In a given state - a corporation that does business in the state without being incorporated therein.
workers' compensation laws
profit
testamentary trust
foreign corporation