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Test your basic knowledge |
Business Law Fundamentals
Start Test
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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 written - temporary insurance policy.
binder
conforming goods
secured party
alternative dispute resolution (ADR)
2. Property resulting from intellectual - creative processes.
ethics
intellectual property
good faith purchaser
debtor
3. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
eviction
insider trading
mirror image rule
hot-cargo agreement
4. The right of a person to stand in the place of (be substituted for) another - giving the substituted party the same legal rights that the original party had.
lost property
traveler's check
stock
right of subrogation
5. 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.
default judgment
bona fide occupational qualification (BFOQ)
dissociation
acceleration clause
6. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.
letter of credit
quorum
search warrant
workout
7. The act of accepting and giving legal force to an obligation that previously was not enforceable.
bounty payment
lost property
order for relief
ratification
8. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.
liquidation
tender of delivery
homestead exemption
trust
9. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
anticipatory repudiation
special warranty deed
outside director
insurable interest
10. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
profit
target corporation
formal contract
affirmative action
11. 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
principle of rights
joint tenancy
attachment
standing to sue
12. A person on the board of directors who does not hold a management position at the corporation.
affirmative action
liquidation
outside director
sexual harassment
13. A person in possession of an instrument payable to bearer or indorsed in blank.
bearer
franchisor
reformation
jurisdiction
14. 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.
long arm statute
tenancy at will
general partner
fiduciary
15. In the context of real property - an interest in land that does not include any right to possess the property.
nonpossessory interest
Federal Reserve System
fixture
drawee
16. A contract that is formed electronically.
special warranty deed
e-contract
default judgment
jurisdiction
17. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.
mutual fund
condemnation
voir dire
business judgment rule
18. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).
security
international law
trust
implied warranty of merchantability
19. 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
whistleblowing
exclusive distributorship
output contract
attachment
20. A charge by a grand jury that a named person has committed a crime.
indictment
distributed network
winding up
grand jury
21. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.
risk
tenancy by the entirety
acceptance
incidental beneficiary
22. One who entrusts goods to a bailee.
eviction
bailor
confusion
proxy
23. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
merchant
information return
predominant-factor test
express warranty
24. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
self-defense
information
intangible property
Regulation E
25. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
pledge
taking
voidable contract
right-to-work law
26. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
cybernotary
intended beneficiary
franchisee
tender
27. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic
automatic stay
product liability
insurable interest
click-on agreement
28. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
adverse possession
quasi contract
corporation
securities
29. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.
constructive delivery
service mark
information
fixed-term tenancy
30. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.
intestate
signature
short-form merger
defalcation
31. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.
partially disclosed principal
close corporation
privity of contract
cure
32. A promise or commitment to perform or refrain from performing some specified act in the future.
offer
forum-selection clause
copyright
insurable interest
33. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.
accession
letter of credit
probable cause
objective theory of contracts
34. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.
appraisal right
express warranty
perfection
tariff
35. An equity (ownership) interest in a corporation - measured in units of shares.
stock
order for relief
disclosed principal
debtor
36. 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.
executory contract
covenant not to compete
trust
undisclosed principal
37. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.
complaint
jurisdiction
liquidated debt
condition subsequent
38. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).
certification mark
joint tenancy
assignor
ultra vires
39. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
market-share liability
bailor
automatic stay
course of dealing
40. In a given state - a corporation that does business in the state without being incorporated therein.
franchisee
license
consolidation
foreign corporation
41. Goods that conform to contract specifications.
digital cash
conforming goods
privity of contract
felony
42. 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
franchisor
quorum
perfection
piercing the corporate veil
43. A crime
per capita
bond
financing statement
felony
44. 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.
jurisdiction
certified check
past consideration
sovereign immunity
45. A state statute under which certain types of contracts must be in writing to be enforceable.
consignment
life estate
Statute of Frauds
distributed network
46. 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).
probate
partnership
depositary bank
profit
47. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
self-incrimination
concurrent conditions
forgery
bona fide occupational qualification (BFOQ)
48. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio
ratification
floating lien
export
dishonor
49. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).
consumer-debtor
appraisal right
mirror image rule
comity
50. One designated in a will to receive a gift of real property.
right-to-work law
liquidation
devisee
consignment
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