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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. 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
expropriation
plea bargaining
risk management
clearinghouse
2. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
money laundering
export
confiscation
tippee
3. Any voluntary transfer of property made without consideration - past or present.
unenforceable contract
gift
motion for judgment on the pleadings
right-to-work law
4. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
U.S. trustee
confusion
security
contractual capacity
5. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.
voidable contract
treaty
limited partner
question of law
6. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
tenancy at sufferance
insurance
co-surety
frustration of purpose
7. The process of taking private property for public use through the government's power of eminent domain.
alternative dispute resolution (ADR)
target corporation
exclusionary rule
condemnation
8. The bank on which a check is drawn (the drawee bank).
payor bank
venture capital
forum-selection clause
service mark
9. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
sale or return
ethical reasoning
real property
cybernotary
10. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
certification mark
shipment contract
recording statutes
letter of credit
11. 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.
offeror
long arm statute
bilateral mistake
U.S. trustee
12. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm
perfection
employment contract
property
voidable contract
13. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
limited liability partnership (LLP)
stock certificate
disclosed principal
moral minimum
14. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in
motion for a new trial
rescission
malpractice
disclosed principal
15. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.
acceleration clause
default judgment
red herring prospectus
copyright
16. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
acceleration clause
stock warrant
self-incrimination
cyber mark
17. A contract that does not require a specified form or formality to be valid.
notary public
informal contract
venture capital
dissolution
18. A crime
felony
mortgage
interrogatories
rescission
19. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with
fiduciary
integrated contract
fungible goods
dividend
20. A contract that has been completely performed by both parties.
implied warranty of habitability
identification
forum-selection clause
executed contract
21. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
foreign exchange market
proceeds
nominal damages
employment contract
22. 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
computer crime
assignor
information return
I-551 Alien Registration Receipt
23. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
insolvent
vicarious liability
joint and several liability
requirements contract
24. 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
leasehold estate
destination contract
dumping
power of attorney
25. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.
good faith purchaser
disparate-treatment discrimination
secured transaction
quorum
26. 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.
sexual harassment
recording statutes
securities
per stirpes
27. The use of an asset that is not the subject of a loan to collateralize that loan.
implied warranty of fitness for a particular purpose
cross-collateralization
unilateral mistake
disparate-impact discrimination
28. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
penalty
information return
due diligence
gift causa mortis
29. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.
implied warranty
bailment
backdating
record
30. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo
levy
tangible employment action
novation
working papers
31. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
condition precedent
sovereign immunity
deficiency judgment
surety
32. The act of stealing another's identifying information
order for relief
identity theft
policy
e-contract
33. 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.
tender of delivery
petition in bankruptcy
Federal Reserve System
lessee
34. The purchase or sale of securities on the basis of information that has not been made available to the public.
information return
corporation
draft
insider trading
35. Property with which the owner has involuntarily parted and then cannot find or recover.
writ of attachment
floating lien
lost property
forum-selection clause
36. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
bailee
community property
pledge
winding up
37. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).
license
fiduciary
act of state doctrine
trust
38. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
consent
cure
workers' compensation laws
independent contractor
39. 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.
draft
employment discrimination
Statute of Frauds
bequest
40. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
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41. In the context of real property - an interest in land that does not include any right to possess the property.
working papers
business necessity
nonpossessory interest
constructive trust
42. Within a specified time period or - if no period is specified - within a reasonable time.
imposter
seasonably
civil law system
condemnation
43. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ
holder
holder in due course (HDC)
motion to dismiss
red herring prospectus
44. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
winding up
white-collar crime
duress
gift causa mortis
45. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
risk
forum-selection clause
disparate-treatment discrimination
investment company
46. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.
I-9 verification
easement
license
insider trading
47. A trust that is created by will and therefore does not take effect until the death of the testator.
takeover
undisclosed principal
testamentary trust
testator
48. 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.
charitable trust
quitclaim deed
merger
arbitration clause
49. 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.
community property
express warranty
independent contractor
articles of incorporation
50. Law that pertains to a particular nation (as opposed to international law).
promissory estoppel
outside director
national law
petty offense