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Test your basic knowledge |
Business Law Fundamentals
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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 will written entirely in the signer's handwriting and usually not witnessed.
online dispute resolution (ODR)
document of title
voidable contract
holographic will
2. The basic document filed with a designated state official by which a limited partnership is formed.
certificate of limited partnership
cover
arson
limited liability partnership (LLP)
3. 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
franchise
U.S. trustee
formal contract
4. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.
necessaries
resulting trust
grand jury
continuation statement
5. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t
normal trade relations (NTR) status
prospectus
offeree
reformation
6. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.
electronic fund transfer (EFT)
negotiable instrument
pass-through entity
seasonably
7. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
prospectus
bailor
litigation
taking
8. 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
employment contract
dumping
fungible goods
9. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.
tenancy by the entirety
ultra vires
deposition
choice-of-language clause
10. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.
writ of certiorari
tenancy at will
levy
ratification
11. 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.
accession
replevin
sole proprietorship
pass-through entity
12. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods
lease
constructive delivery
implied warranty of merchantability
question of fact
13. 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.
presentment
partnering agreement
tenancy by the entirety
summary jury trial (SJT)
14. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
bilateral contract
venue
predominant-factor test
default
15. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.
covenant not to compete
co-surety
proxy
right of reimbursement
16. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim
covenant not to compete
digital cash
writ of attachment
tangible property
17. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.
employment discrimination
dumping
probable cause
complaint
18. Any voluntary transfer of property made without consideration - past or present.
gift
exclusive distributorship
duress
felony
19. In a given state - a corporation that does business in the state without being incorporated therein.
close corporation
implied warranty
act of state doctrine
foreign corporation
20. A legally recognized authority that can certify the validity of digital signatures.
entrustment rule
cybernotary
usage of trade
promisor
21. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
periodic tenancy
summons
implied-in-fact contract
conforming goods
22. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
indorsement
shipment contract
nuncupative will
misdemeanor
23. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
executed contract
promisor
mens rea
confusion
24. A trademark in cyberspace.
private equity capital
cyber mark
wrongful discharge
covenant not to sue
25. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p
pleadings
red herring prospectus
presentment warranties
Totten trust
26. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
respondeat superior
parol evidence rule
articles of incorporation
burglary
27. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
U.S. trustee
trade dress
resulting trust
defalcation
28. A party that holds a lien that is subordinate to one or more other liens on the same property.
junior lienholder
underwriter
joint tenancy
traveler's check
29. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
debtor
corporation
valid contract
motion for judgment on the pleadings
30. A contract that has been completely performed by both parties.
foreign corporation
specific performance
executed contract
devisee
31. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -
drawee
exclusionary rule
seasonably
breach of contract
32. A contract in which one party forfeits the right to pursue a legal claim against the other party.
mens rea
negotiation
mechanic's lien
release
33. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
money laundering
estate in property
principle of rights
dumping
34. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.
surety
justiciable controversy
online dispute resolution (ODR)
short-form merger
35. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a
plea bargaining
cybernotary
writ of attachment
franchisee
36. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.
e-agent
sale or return
union shop
ratification
37. A provision in a contract stipulating that certain unforeseen events
peer-to-peer (P2P) networking
force majeure clause
digital cash
seniority system
38. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
burglary
executed contract
motion for summary judgment
requirements contract
39. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
retained earnings
per stirpes
information
limited partnership
40. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.
Federal Reserve System
parol evidence rule
legatee
self-defense
41. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea
promissory note
standing to sue
collective mark
consequential damages
42. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.
sexual harassment
discovery
promissory estoppel
general partner
43. Property that is acquired by the debtor after the execution of a security agreement.
levy
identification
after-acquired property
trade name
44. A crime
felony
acceptance
principle of rights
tombstone ad
45. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
search warrant
drawer
disparate-impact discrimination
concurrent ownership
46. A contract that is formed electronically.
merchant
choice-of-law clause
indorsement
e-contract
47. 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
joint and several liability
seasonably
preference
I-551 Alien Registration Receipt
48. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
venture capital
Federal Reserve System
quorum
ultra vires
49. A contract that by law requires a specific form - such as being executed under seal - for its validity.
litigation
executed contract
family limited liability partnership (FLLP)
formal contract
50. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
unilateral mistake
appraisal right
abandoned property
assignor
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