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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 common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
depositary bank
employment at will
ultra vires
constructive discharge
2. 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.
course of dealing
shrink-wrap agreement
execution
smart card
3. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
cease-and-desist order
winding up
security interest
fee simple absolute
4. 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.
sublease
constructive eviction
contract
mitigation of damages
5. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
nuncupative will
mortgagor
U.S. trustee
collective mark
6. Latin for 'let the master respond.' A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.
condemnation
forum-selection clause
equal dignity rule
respondeat superior
7. Voluntary agreement to a proposition or an act of another; a concurrence of wills.
bond indenture
answer
consent
requirements contract
8. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.
cure
property
cashier's check
lease agreement
9. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
probate
contractual capacity
mortgagor
premium
10. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
commingle
course of dealing
offer
license
11. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.
bond indenture
fee simple
independent contractor
testamentary trust
12. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
attachment
nuncupative will
judicial review
felony
13. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha
adverse possession
insurable interest
covenant not to compete
negotiation
14. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
double jeopardy
condemnation
crime
articles of organization
15. The act of accepting and giving legal force to an obligation that previously was not enforceable.
ratification
export
e-evidence
certificate of deposit (CD)
16. 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.
question of law
condition subsequent
sole proprietorship
sublease
17. A party to whom the rights under a contract are transferred - or assigned.
blue sky laws
assignee
suretyship
litigation
18. An agreement that creates or provides for a security interest between the debtor and a secured party.
warranty deed
security agreement
document of title
workers' compensation laws
19. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
gift causa mortis
articles of organization
bylaws
assignor
20. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
right of subrogation
condition precedent
writ of attachment
embezzlement
21. Authority that is only apparent - not real. In agency law - a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed w
obligor
apparent authority
risk
frustration of purpose
22. A designation in the United States for a corporation formed in another country but doing business in the United States.
intangible property
investment contract
alien corporation
acceptor
23. 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.
tombstone ad
constructive discharge
venue
securities
24. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
foreign corporation
duress
secondary boycott
trust
25. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.
sublease
working papers
hacker
moral minimum
26. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.
fee simple
cram-down provision
emancipation
garnishment
27. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th
discharge
act of state doctrine
insider trading
cure
28. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.
disparate-treatment discrimination
summons
promissory note
clearinghouse
29. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.
fiduciary
privity of contract
petition in bankruptcy
probate court
30. A type of limited liability partnership owned by family members or fiduciaries of family members.
family limited liability partnership (FLLP)
condemnation
embezzlement
forum-selection clause
31. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
entrustment rule
confusion
trade dress
community property
32. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.
lien
business judgment rule
investment company
firm offer
33. A set limit on the amount of goods that can be imported.
due diligence
risk
quota
corporate social responsibility
34. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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35. Any instrument drawn on a drawee that orders the drawee to pay a certain sum of money - usually to a third party (the payee) - on demand or at a definite future time.
robbery
draft
condition precedent
license
36. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
default
incidental beneficiary
mens rea
lost property
37. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
option contract
robbery
stock certificate
e-money
38. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
small claims court
liquidated debt
default
power of attorney
39. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.
investment company
pledge
bankruptcy court
product liability
40. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
international organization
joint tenancy
distribution agreement
bona fide occupational qualification (BFOQ)
41. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'
condition precedent
default judgment
beyond a reasonable doubt
seasonably
42. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
constructive discharge
motion for judgment on the pleadings
garnishment
will substitutes
43. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
corporation
corporate governance
informal contract
revocation
44. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
adhesion contract
misdemeanor
takeover
informal contract
45. 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.
proceeds
implied warranty of merchantability
closed shop
administrator
46. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.
bounty payment
international law
contract
prenuptial agreement
47. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.
cybersquatting
premium
appraisal right
backdating
48. A common means of settling a disputed claim - whereby a debtor offers to pay a lesser amount than the creditor purports is owed. The creditor's acceptance of the offer creates an accord (agreement) - and when the accord is executed - satisfaction occ
condition subsequent
takeover
profit
accord and satisfaction
49. A contract that is formed electronically.
e-contract
tangible property
promissory estoppel
certificate of limited partnership
50. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
partnership
computer crime
target corporation
takeover