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. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
discovery
integrated contract
minimum wage
bona fide occupational qualification (BFOQ)
2. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
information
covenant not to sue
computer crime
ratification
3. 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).
exculpatory clause
document of title
tender offer
condition subsequent
4. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.
levy
lost property
undisclosed principal
replevin
5. An order by a bank customer to his or her bank not to pay or certify a certain check.
adhesion contract
stop-payment order
negotiable instrument
confusion
6. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
forum-selection clause
warranty deed
creditors' composition agreement
concurrent jurisdiction
7. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm
disaffirmance
independent contractor
release
perfection
8. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.
letter of credit
contract
identity theft
fiduciary
9. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.
collecting bank
appraisal right
implied-in-fact contract
condition
10. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.
alien corporation
executed contract
distributed network
mediation
11. 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.
defalcation
limited liability partnership (LLP)
corporation
backdating
12. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
fungible goods
shrink-wrap agreement
implied-in-fact contract
tender offer
13. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
garnishment
premium
mortgagee
free-writing prospectus
14. Generally - the value given in return for a promise; involves two elements
employment at will
consideration
breach of contract
estate in property
15. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
acceptor
sovereign immunity
sale
profit
16. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.
duress
testate
trademark
intestate
17. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t
commercial impracticability
rule of four
limited partnership
tenancy in common
18. Procedurally - a plaintiff's response to a defendant's answer.
constructive trust
reply
motion for a directed verdict
promisor
19. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.
debtor
operating agreement
seniority system
sales contract
20. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).
power of attorney
certification mark
license
money laundering
21. The act of accepting and giving legal force to an obligation that previously was not enforceable.
contractual capacity
ratification
holding company
privity of contract
22. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).
appraisal right
e-signature
merchant
consumer-debtor
23. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t
promise
surety
diversity of citizenship
browse-wrap terms
24. A person to whom an offer is made.
short-form merger
articles of partnership
implied warranty of fitness for a particular purpose
offeree
25. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
stale check
investment company
e-evidence
premium
26. A type of limited liability partnership owned by family members or fiduciaries of family members.
family limited liability partnership (FLLP)
tender offer
motion for judgment on the pleadings
condition
27. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
ethical reasoning
devise
corporate governance
overdraft
28. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
29. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.
community property
family limited liability partnership (FLLP)
business necessity
financing statement
30. The power of a government to take land from private citizens for public use on the payment of just compensation.
inside director
order for relief
implied warranty
eminent domain
31. A set of policies or procedures affecting the way a corporation is directed or controlled.
corporate governance
business ethics
unilateral mistake
fee simple absolute
32. A contract that results when an offer can be accepted only by the offeree's performance.
exculpatory clause
unilateral contract
reply
promissory note
33. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody
categorical imperative
reply
preferred creditor
prima facie case
34. An agreement by two or more persons to carry on - as co-owners - a business for profit.
bona fide occupational qualification (BFOQ)
tippee
partnership
preferred creditor
35. 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.
robbery
firm offer
certification mark
overdraft
36. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.
normal trade relations (NTR) status
intended beneficiary
lessor
takeover
37. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
will substitutes
Federal Reserve System
novation
wrongful discharge
38. 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.
community property
insurance
tombstone ad
adhesion contract
39. The use of an asset that is not the subject of a loan to collateralize that loan.
commercial impracticability
question of fact
cross-collateralization
unilateral contract
40. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
consolidation
fictitious payee
investment company
probable cause
41. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
trust
pleadings
attachment
sublease
42. 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.
bequest
closed shop
stock options
per capita
43. 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.
testator
quitclaim deed
exculpatory clause
cost-benefit analysis
44. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
business judgment rule
presentment
counterclaim
assignor
45. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
conforming goods
constructive trust
secondary boycott
sole proprietorship
46. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.
tenancy at will
cease-and-desist order
diversity of citizenship
secured transaction
47. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.
undisclosed principal
e-money
bequest
U.S. trustee
48. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
license
surety
electronic fund transfer (EFT)
draft
49. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only
express contract
tenancy at sufferance
agency
imposter
50. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.
mortgagor
sale
alternative dispute resolution (ADR)
retained earnings