SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
penalty
sublease
constructive delivery
blue laws
2. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.
shareholder's derivative suit
collective mark
void contract
guarantor
3. An employer's termination of an employee's employment in violation of the law.
concurrent jurisdiction
deficiency judgment
wrongful discharge
surety
4. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.
administrator
preference
installment contract
bona fide occupational qualification (BFOQ)
5. The idea that corporations can and should act ethically and be accountable to society for their actions.
corporate social responsibility
tangible property
tippee
clearinghouse
6. Any person in possession of an instrument drawn - issued - or indorsed to him or her - to his or her order - to bearer - or in blank.
holder
dominion
mechanic's lien
per stirpes
7. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.
charitable trust
commingle
life estate
long arm statute
8. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
minimum wage
dominion
acceptor
payor bank
9. 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.
output contract
national law
close corporation
quitclaim deed
10. A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship - such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be
answer
bailee
collateral promise
due diligence
11. In a sale of goods - the express designation of the goods provided for in the contract.
working papers
quitclaim deed
novation
identification
12. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.
information return
depositary bank
charitable trust
gift causa mortis
13. 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.
property
fictitious payee
intestate
estopped
14. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.
question of law
standing to sue
respondeat superior
force majeure clause
15. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
distributed network
information
computer crime
preemptive rights
16. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
acceptance
risk
per capita
small claims court
17. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.
self-incrimination
justiciable controversy
bona fide occupational qualification (BFOQ)
assignment
18. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
burglary
limited liability company (LLC)
good faith purchaser
promissory note
19. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
national law
anticipatory repudiation
incidental beneficiary
predominant-factor test
20. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.
piercing the corporate veil
sexual harassment
anticipatory repudiation
lease agreement
21. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.
offeror
browse-wrap terms
complaint
intangible property
22. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
surety
tenancy in common
unreasonably dangerous product
Regulation E
23. 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
deficiency judgment
domain name
drawee
destination contract
24. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued
writ of execution
surety
traveler's check
debtor
25. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
sale or return
lost property
exclusionary rule
mirror image rule
26. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).
alternative dispute resolution (ADR)
obligee
release
profit
27. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
cease-and-desist order
dissociation
misdemeanor
easement
28. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
community property
utilitarianism
usage of trade
drawer
29. Any interest in personal property or fixtures that secures payment or performance of an obligation.
interrogatories
equal dignity rule
mens rea
security interest
30. Ownership rights in property - including the right to possess and control the property.
collecting bank
dominion
maker
restitution
31. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
prospectus
constructive trust
foreign corporation
e-money
32. The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC) - but who derives his or her title through an HDC - acquires the rights of an HDC.
franchisee
sale
distribution agreement
shelter principle
33. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
mirror image rule
assignor
default
spendthrift trust
34. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.
requirements contract
testate
mortgage
periodic tenancy
35. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th
risk management
intended beneficiary
discharge
robbery
36. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
motion for summary judgment
corporation
payee
standing to sue
37. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.
fiduciary
stop-payment order
arbitration
security
38. 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.
Federal Reserve System
tender
resulting trust
contract
39. A valid contract rendered unenforceable by some statute or law.
prospectus
necessaries
agency
unenforceable contract
40. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.
chattel
automatic stay
negotiation
bond
41. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.
suretyship
preferred creditor
lease agreement
dissolution
42. 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
imposter
voidable contract
motion to dismiss
conforming goods
43. A person to whom an offer is made.
clearinghouse
consequential damages
offeree
drawee
44. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
limited partnership
prospectus
confusion
question of fact
45. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
condemnation
malpractice
license
motion for a directed verdict
46. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.
bona fide occupational qualification (BFOQ)
intended beneficiary
homestead exemption
intangible property
47. 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.
per capita
information
articles of incorporation
cease-and-desist order
48. 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.
mailbox rule
assignee
online dispute resolution (ODR)
motion for a new trial
49. Procedurally - a plaintiff's response to a defendant's answer.
patent
categorical imperative
recording statutes
reply
50. A person on the board of directors who is also an officer of the corporation.
legatee
inside director
co-surety
choice-of-language clause
Sorry!:) No result found.
Can you answer 50 questions in 15 minutes?
Let me suggest you:
Browse all subjects
Browse all tests
Most popular tests
Major Subjects
Tests & Exams
AP
CLEP
DSST
GRE
SAT
GMAT
Certifications
CISSP go to https://www.isc2.org/
PMP
ITIL
RHCE
MCTS
More...
IT Skills
Android Programming
Data Modeling
Objective C Programming
Basic Python Programming
Adobe Illustrator
More...
Business Skills
Advertising Techniques
Business Accounting Basics
Business Strategy
Human Resource Management
Marketing Basics
More...
Soft Skills
Body Language
People Skills
Public Speaking
Persuasion
Job Hunting And Resumes
More...
Vocabulary
GRE Vocab
SAT Vocab
TOEFL Essential Vocab
Basic English Words For All
Global Words You Should Know
Business English
More...
Languages
AP German Vocab
AP Latin Vocab
SAT Subject Test: French
Italian Survival
Norwegian Survival
More...
Engineering
Audio Engineering
Computer Science Engineering
Aerospace Engineering
Chemical Engineering
Structural Engineering
More...
Health Sciences
Basic Nursing Skills
Health Science Language Fundamentals
Veterinary Technology Medical Language
Cardiology
Clinical Surgery
More...
English
Grammar Fundamentals
Literary And Rhetorical Vocab
Elements Of Style Vocab
Introduction To English Major
Complete Advanced Sentences
Literature
Homonyms
More...
Math
Algebra Formulas
Basic Arithmetic: Measurements
Metric Conversions
Geometric Properties
Important Math Facts
Number Sense Vocab
Business Math
More...
Other Major Subjects
Science
Economics
History
Law
Performing-arts
Cooking
Logic & Reasoning
Trivia
Browse all subjects
Browse all tests
Most popular tests