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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 contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar
probable cause
destination contract
cost-benefit analysis
affirmative action
2. A person in possession of an instrument payable to bearer or indorsed in blank.
lessee
bearer
intermediary bank
mortgage
3. A contract that results when an offer can be accepted only by the offeree's performance.
identification
unilateral contract
constructive discharge
investment company
4. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.
international organization
expropriation
workout
mislaid property
5. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
recording statutes
double jeopardy
junior lienholder
trade dress
6. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.
choice-of-law clause
utilitarianism
digital cash
acceptance
7. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
intestate
mortgagee
easement
employment discrimination
8. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
binder
bankruptcy court
continuation statement
summons
9. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
unilateral mistake
franchisor
negotiation
general partner
10. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.
contractual capacity
risk management
lessee
fee simple
11. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'
cure
Statute of Frauds
business necessity
bearer instrument
12. 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.
maker
draft
agreement
sale or return
13. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
insider trading
bounty payment
partnering agreement
expropriation
14. 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).
joint tenancy
deed
unconscionable contract or clause
foreign corporation
15. A person appointed by a testator in a will to see that her or his will is administered appropriately.
nuncupative will
executor
shelter principle
stock warrant
16. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.
bilateral mistake
insolvent
arbitration
consolidation
17. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
negotiation
novation
duress
creditors' composition agreement
18. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.
independent contractor
motion for summary judgment
hot-cargo agreement
motion for judgment n.o.v.
19. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
white-collar crime
member
apparent authority
petty offense
20. An action to carry into effect the directions in a court decree or judgment.
resulting trust
petition in bankruptcy
commercial impracticability
execution
21. The idea that corporations can and should act ethically and be accountable to society for their actions.
inter vivos trust
alien corporation
corporate social responsibility
investment contract
22. A charge by a grand jury that a named person has committed a crime.
incidental damages
covenant not to compete
indictment
dissolution
23. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.
award
act of state doctrine
deed
investment contract
24. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
testamentary trust
consolidation
life estate
venture capital
25. A person to whom an offer is made.
installment contract
white-collar crime
articles of organization
offeree
26. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.
nuncupative will
negotiation
motion for judgment n.o.v.
unenforceable contract
27. An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. A court may require the owner to hold the property in trust for the person or persons who should rightfully own the pro
attachment
trade secret
intended beneficiary
constructive trust
28. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
co-surety
usury
confiscation
takeover
29. 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
floating lien
foreign corporation
limited partnership
adhesion contract
30. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.
award
nominal damages
default judgment
fictitious payee
31. The act of refraining from an action that one has a legal right to undertake.
payor bank
duress
devisee
forbearance
32. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
question of law
articles of organization
acceleration clause
online dispute resolution (ODR)
33. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
respondeat superior
bilateral mistake
white-collar crime
joint tenancy
34. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
copyright
secondary boycott
eviction
retained earnings
35. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
mens rea
domain name
implied-in-fact contract
mirror image rule
36. A party that holds a lien that is subordinate to one or more other liens on the same property.
junior lienholder
perfection
testator
clearinghouse
37. Having left a will at death.
gift
member
testate
preferred stock
38. Property resulting from intellectual - creative processes.
intellectual property
objective theory of contracts
market-share liability
bylaws
39. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.
offeror
deficiency judgment
covenant not to sue
certificate of deposit (CD)
40. A contract between the issuer of a bond and the bondholder.
corporate governance
bond indenture
union shop
dissolution
41. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.
letter of credit
installment contract
promissory estoppel
generally accepted auditing standards (GAAS)
42. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri
fixture
e-agent
cashier's check
information return
43. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
stock certificate
leasehold estate
cashier's check
overdraft
44. The use of an asset that is not the subject of a loan to collateralize that loan.
ethics
stock warrant
bilateral contract
cross-collateralization
45. 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.
dissociation
emancipation
operating agreement
inter vivos trust
46. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
domain name
requirements contract
I-9 verification
usage of trade
47. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted
objective theory of contracts
member
cyber mark
draft
48. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.
probate court
backdating
mortgagor
minimum wage
49. Any bank handling an item for collection - except the payor bank.
collecting bank
blue sky laws
comity
product liability
50. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
federal question
small claims court
identity theft
requirements contract