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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 legally recognized authority that can certify the validity of digital signatures.
will
consolidation
secondary boycott
cybernotary
2. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.
promisee
partnering agreement
common stock
piercing the corporate veil
3. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
risk management
certificate of limited partnership
federal question
dissociation
4. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
ultra vires
normal trade relations (NTR) status
vesting
choice-of-law clause
5. The purchase or sale of securities on the basis of information that has not been made available to the public.
insider trading
actus reus
commercial impracticability
administrator
6. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).
workout
maker
money laundering
surety
7. A worldwide system in which foreign currencies are bought and sold.
bylaws
foreign exchange market
bequest
gift
8. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.
unilateral mistake
lessor
lost property
arbitration clause
9. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
delegatee
suretyship
exclusionary rule
premium
10. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
probate
delegation of duties
check
concurrent ownership
11. Within a specified time period or - if no period is specified - within a reasonable time.
intestate
indorsement
seasonably
default judgment
12. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
vicarious liability
malpractice
intermediary bank
motion for a new trial
13. A party to whom the rights under a contract are transferred - or assigned.
accord and satisfaction
motion to dismiss
assignee
judicial review
14. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.
cure
intestate
liquidated damages
protected class
15. An assertion that something either will or will not happen in the future.
gift causa mortis
cybersquatting
good faith purchaser
promise
16. Property with which the owner has voluntarily parted and then cannot find or recover.
standing to sue
mislaid property
assignment
ultra vires
17. The power of a government to take land from private citizens for public use on the payment of just compensation.
writ of attachment
white-collar crime
debtor in possession (DIP)
eminent domain
18. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.
vicarious liability
usury
I-551 Alien Registration Receipt
constructive delivery
19. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.
business ethics
drawee
mechanic's lien
mirror image rule
20. 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.
petition in bankruptcy
right of subrogation
unenforceable contract
negotiation
21. Law that pertains to a particular nation (as opposed to international law).
levy
articles of organization
right of subrogation
national law
22. 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.
will substitutes
premium
Federal Reserve System
presentment warranties
23. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
stock options
sublease
bond
agency
24. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
mortgagee
accession
breach of contract
U.S. trustee
25. The process of taking private property for public use through the government's power of eminent domain.
condemnation
holding company
partnering agreement
warranty deed
26. Land and everything attached to it - such as trees and buildings.
universal defenses
stale check
foreign exchange market
real property
27. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.
closed shop
proceeds
interrogatories
standing to sue
28. Joint ownership.
payee
unilateral contract
concurrent ownership
docket
29. The geographic district in which a legal action is tried and from which the jury is selected.
creditors' composition agreement
license
venue
exculpatory clause
30. 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
discovery
attachment
presentment
stop-payment order
31. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
covenant not to compete
bilateral contract
incidental beneficiary
disaffirmance
32. The number of members of a decision-making body that must be present before business may be transacted.
quorum
holographic will
minimum wage
long arm statute
33. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i
larceny
product liability
preference
firm offer
34. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
bailment
delegatee
dividend
record
35. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil
commercial impracticability
justiciable controversy
implied warranty of fitness for a particular purpose
penalty
36. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
cybernotary
replevin
negotiation
trust
37. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau
counterclaim
default judgment
holder in due course (HDC)
business judgment rule
38. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t
standing to sue
trade name
search warrant
information
39. A contract that is formed electronically.
collective mark
e-contract
sales contract
disclosed principal
40. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
self-incrimination
working papers
cyber crime
national law
41. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.
trade dress
bailment
writ of certiorari
hot-cargo agreement
42. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.
co-surety
franchise
shareholder's derivative suit
patent
43. 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
depositary bank
appraisal right
closed shop
utilitarianism
44. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.
beyond a reasonable doubt
utilitarianism
mutual fund
seasonably
45. 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.
cyberterrorist
motion for summary judgment
gift inter vivos
secured transaction
46. One to whom an obligation is owed.
export
obligee
SEC Rule 10b-5
contractual capacity
47. A contract in which one party forfeits the right to pursue a legal claim against the other party.
security interest
draft
cease-and-desist order
release
48. A document by which title to property (usually real property) is passed.
estate in property
purchase-money security interest (PMSI)
promissory note
deed
49. 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.
express warranty
condition precedent
charitable trust
requirements contract
50. A person to whom an instrument is made payable.
payee
perfection
discharge
shareholder's derivative suit
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