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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. In the context of real property - an interest in land that does not include any right to possess the property.
nonpossessory interest
dumping
sovereign immunity
shareholder's derivative suit
2. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
per capita
promise
inter vivos trust
obligee
3. The act of refraining from an action that one has a legal right to undertake.
family limited liability partnership (FLLP)
consolidation
white-collar crime
forbearance
4. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o
condition subsequent
dissolution
bailee
consignment
5. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
adhesion contract
defalcation
exculpatory clause
information return
6. A contract that results when an offer can be accepted only by the offeree's performance.
past consideration
parol evidence rule
unilateral contract
concurrent conditions
7. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
constructive discharge
commercial impracticability
backdating
proceeds
8. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
consignment
general partner
exculpatory clause
prenuptial agreement
9. 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.
stop-payment order
agreement
fee simple
implied-in-fact contract
10. 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
good faith purchaser
implied-in-fact contract
firm offer
stored-value card
11. 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.
cover
affirmative action
smart card
information return
12. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
dominion
family limited liability partnership (FLLP)
gift causa mortis
inside director
13. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
forum-selection clause
duress
drawer
life estate
14. Procedurally - a plaintiff's response to a defendant's answer.
double jeopardy
judicial review
destination contract
reply
15. A party to whom contractual obligations are transferred - or delegated.
workers' compensation laws
blue sky laws
principle of rights
delegatee
16. A will written entirely in the signer's handwriting and usually not witnessed.
holographic will
release
bilateral mistake
community property
17. A contract that has not as yet been fully performed.
undisclosed principal
insurable interest
implied warranty of merchantability
executory contract
18. A person who receives inside information.
tippee
limited liability limited partnership (LLLP)
exclusive jurisdiction
notary public
19. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
disparate-treatment discrimination
bailee
burglary
actus reus
20. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a
common stock
shipment contract
will
discharge
21. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.
malpractice
domestic corporation
quitclaim deed
signature
22. The relationship that exists between the promisor and the promisee of a contract.
award
privity of contract
adverse possession
alien corporation
23. 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.
motion for summary judgment
perfection
release
parol evidence rule
24. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.
per capita
certificate of deposit (CD)
intestacy laws
incidental beneficiary
25. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
fixed-term tenancy
underwriter
document of title
copyright
26. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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27. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.
debtor in possession (DIP)
constructive trust
exculpatory clause
codicil
28. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
online dispute resolution (ODR)
pleadings
insurance
entrapment
29. All forms of personal property.
installment contract
chattel
cram-down provision
check
30. The number of members of a decision-making body that must be present before business may be transacted.
merchant
ultra vires
quorum
stale check
31. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).
double jeopardy
adverse possession
impossibility of performance
ultra vires
32. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.
right of contribution
gift
extension clause
summons
33. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part
mediation
domain name
complaint
intestate
34. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th
attachment
stale check
check
penalty
35. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.
codicil
intended beneficiary
generally accepted accounting principles (GAAP)
floating lien
36. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
risk management
signature
mortgage
alternative dispute resolution (ADR)
37. A landlord's act of depriving a tenant of possession of the leased premises.
nominal damages
eviction
voir dire
shareholder's derivative suit
38. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.
mens rea
plea bargaining
debtor in possession (DIP)
gift inter vivos
39. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
proceeds
online dispute resolution (ODR)
presentment
right-to-work law
40. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.
eviction
corporation
minimum wage
accession
41. The document filed with a designated state official by which a limited liability company is formed.
disparate-impact discrimination
business ethics
articles of organization
mutual fund
42. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.
articles of incorporation
constructive discharge
perfection
covenant not to sue
43. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib
stored-value card
limited partner
corporation
testator
44. 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
blue laws
e-contract
plea bargaining
disclosed principal
45. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
right of subrogation
winding up
ratification
target corporation
46. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract
concurrent jurisdiction
incidental damages
employment discrimination
alien corporation
47. 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
order instrument
cover
S corporation
red herring prospectus
48. A provision in a contract stipulating that certain unforeseen events
sale on approval
force majeure clause
I-551 Alien Registration Receipt
preference
49. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.
gift
employment discrimination
specific performance
cyber crime
50. 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.
digital cash
domain name
jurisdiction
generally accepted auditing standards (GAAS)