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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. The use of an asset that is not the subject of a loan to collateralize that loan.
question of law
cross-collateralization
acceptance
union shop
2. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.
contract
overdraft
money laundering
fictitious payee
3. 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
objective theory of contracts
gift inter vivos
co-surety
protected class
4. Goods that conform to contract specifications.
promise
valid contract
dissolution
conforming goods
5. 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.
tender
garnishment
brief
drawee
6. The creation of an absolute or unconditional right or power.
adverse possession
easement
obligor
vesting
7. 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
necessaries
bounty payment
corporation
8. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
extension clause
e-signature
fee simple absolute
identification
9. 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
adverse possession
implied warranty of fitness for a particular purpose
penalty
business ethics
10. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise
service mark
secured transaction
digital cash
money laundering
11. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.
pledge
tenancy in common
corporation
check
12. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
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13. Joint ownership.
private equity capital
concurrent ownership
cease-and-desist order
tippee
14. A will written entirely in the signer's handwriting and usually not witnessed.
order instrument
holographic will
trust
product liability
15. 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
concurrent ownership
preference
target corporation
16. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
petty offense
exclusionary rule
quasi contract
disparate-impact discrimination
17. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina
employment discrimination
covenant not to compete
stale check
novation
18. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of
recording statutes
civil law system
imposter
testate
19. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
output contract
community property
stored-value card
crime
20. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
community property
blue sky laws
probable cause
takeover
21. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued
writ of execution
charitable trust
crime
burglary
22. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
perfection
drawer
incidental beneficiary
actus reus
23. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.
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24. A person who makes an offer.
will substitutes
acceptor
articles of organization
offeror
25. 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.
check
guarantor
ratification
standing to sue
26. 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.
constructive eviction
automatic stay
hot-cargo agreement
business ethics
27. 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.
forum-selection clause
revocation
emancipation
incidental damages
28. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
winding up
agency
financing statement
maker
29. Moral principles and values applied to social behavior.
voidable contract
writ of execution
ethics
sublease
30. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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31. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.
nonpossessory interest
sublease
rescission
limited liability partnership (LLP)
32. 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.
inside director
brief
past consideration
fiduciary
33. A legally recognized authority that can certify the validity of digital signatures.
testamentary trust
constructive eviction
secondary boycott
cybernotary
34. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or
constructive eviction
devisee
limited liability limited partnership (LLLP)
treaty
35. 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
special warranty deed
digital cash
profit
malpractice
36. Property with which the owner has voluntarily parted and then cannot find or recover.
quitclaim deed
default
articles of organization
mislaid property
37. A type of tenancy that either party can terminate without notice; usually arises when a tenant who has been under a tenancy for years retains possession - with the landlord's consent - after the tenancy for years has terminated.
tenancy at will
specific performance
shipment contract
quitclaim deed
38. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.
arson
administrator
maker
anticipatory repudiation
39. The process of proving and validating a will and settling all matters pertaining to an estate.
homestead exemption
click-on agreement
formal contract
probate
40. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
notary public
extension clause
foreign exchange market
letter of credit
41. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
adhesion contract
tender offer
bailment
tariff
42. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.
executory contract
bona fide occupational qualification (BFOQ)
interrogatories
quitclaim deed
43. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.
promissory estoppel
mutual fund
record
rescission
44. 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.
personal defenses
foreign corporation
acceleration clause
exclusionary rule
45. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.
hacker
profit
scienter
certificate of deposit (CD)
46. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
SEC Rule 10b-5
collecting bank
intestate
ultra vires
47. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.
implied warranty
forbearance
tangible property
red herring prospectus
48. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.
dissociation
stale check
offeree
watered stock
49. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.
workout
estate in property
electronic fund transfer (EFT)
resulting trust
50. 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.
reaffirmation agreement
informal contract
treaty
consequential damages