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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 gift of personal property by will (from the verb to bequeath).
bequest
mortgagee
probable cause
implied-in-fact contract
2. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ
community property
market-share liability
normal trade relations (NTR) status
beyond a reasonable doubt
3. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi
utilitarianism
warranty deed
condemnation
articles of organization
4. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.
implied warranty
certificate of deposit (CD)
categorical imperative
novation
5. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
joint tenancy
maker
eviction
secured party
6. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
limited liability limited partnership (LLLP)
cashier's check
parent-subsidiary merger
bounty payment
7. A promise or commitment to perform or refrain from performing some specified act in the future.
promissory note
offer
payee
investment contract
8. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
alternative dispute resolution (ADR)
trust
fee simple absolute
premium
9. A set of governing rules adopted by a corporation or other association.
bylaws
articles of incorporation
condition
sale
10. Ownership rights in property - including the right to possess and control the property.
devise
tender of delivery
protected class
dominion
11. Joint ownership.
concurrent ownership
formal contract
depositary bank
secondary boycott
12. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
defalcation
legacy
proxy
per capita
13. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
presentment warranties
conforming goods
forgery
mortgage
14. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
constructive trust
winding up
e-evidence
justiciable controversy
15. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.
trust
intermediary bank
closed shop
drawee
16. 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).
attachment
joint tenancy
default
foreign exchange market
17. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.
risk management
bankruptcy court
bilateral mistake
question of law
18. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.
preemptive rights
copyright
seniority system
mailbox rule
19. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
union shop
suretyship
sale
holder in due course (HDC)
20. 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
codicil
attachment
financing statement
secured party
21. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would
conforming goods
correspondent bank
per stirpes
will substitutes
22. A type of contract that arises when a promise is given in exchange for a return promise.
bilateral contract
beyond a reasonable doubt
consent
prospectus
23. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
trademark
crime
securities
liquidation
24. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).
frustration of purpose
identity theft
quitclaim deed
shareholder's derivative suit
25. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
litigation
community property
utilitarianism
seniority system
26. 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.
merger
dominion
intended beneficiary
undisclosed principal
27. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
incidental damages
award
certificate of limited partnership
foreign corporation
28. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr
prima facie case
mailbox rule
tenancy at sufferance
e-money
29. A document prepared by a secured creditor and filed with the appropriate state or local official - to give notice to the public that the creditor has a security interest in collateral belonging to the debtor named in the statement. Financing statemen
financing statement
incidental damages
mechanic's lien
articles of organization
30. In a sale of goods - the express designation of the goods provided for in the contract.
requirements contract
identification
conforming goods
tangible employment action
31. Barred - impeded - or precluded.
probate
nonpossessory interest
estopped
mens rea
32. 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
homestead exemption
categorical imperative
cybernotary
SEC Rule 10b-5
33. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
online dispute resolution (ODR)
tippee
charitable trust
tangible property
34. The document filed with a designated state official by which a limited liability company is formed.
administrator
sale or return
community property
articles of organization
35. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
articles of partnership
distribution agreement
pledge
disaffirmance
36. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
beyond a reasonable doubt
tender offer
forbearance
financing statement
37. A contract that has not as yet been fully performed.
bailment
homestead exemption
executory contract
wrongful discharge
38. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.
restitution
emancipation
seasonably
option contract
39. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
entrustment rule
bankruptcy court
e-contract
insider trading
40. 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).
purchase-money security interest (PMSI)
document of title
e-signature
contractual capacity
41. Generally - the value given in return for a promise; involves two elements
consideration
mediation
complaint
good faith purchaser
42. A type of limited liability partnership owned by family members or fiduciaries of family members.
ratification
limited liability partnership (LLP)
community property
family limited liability partnership (FLLP)
43. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.
transfer warranties
I-551 Alien Registration Receipt
conveyance
rule of four
44. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
mislaid property
copyright
felony
reformation
45. Property with which the owner has involuntarily parted and then cannot find or recover.
life estate
negotiation
lost property
perfection
46. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.
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47. 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.
breach of contract
seniority system
smart card
administrator
48. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
executory contract
course of dealing
concurrent conditions
categorical imperative
49. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
employment at will
mortgage
peer-to-peer (P2P) networking
computer crime
50. The act of accepting and giving legal force to an obligation that previously was not enforceable.
concurrent jurisdiction
voidable contract
ratification
creditors' composition agreement