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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. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.
exclusionary rule
specific performance
tippee
ratification
2. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
default
member
liquidated debt
due diligence
3. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d
eminent domain
payor bank
secondary boycott
easement
4. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
liquidated debt
stop-payment order
dissolution
tangible property
5. A revocable right or privilege of a person to come onto another person's land.
U.S. trustee
trust
license
Federal Reserve System
6. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
guarantor
correspondent bank
search warrant
workers' compensation laws
7. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s
joint and several liability
right-to-work law
executory contract
creditors' composition agreement
8. 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.
utilitarianism
usage of trade
acceptance
stock
9. One designated in a will to receive a gift of personal property.
legatee
collective mark
service mark
business judgment rule
10. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.
information
summons
guarantor
tippee
11. 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.
integrated contract
lease agreement
stale check
actus reus
12. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).
union shop
power of attorney
stored-value card
complaint
13. An implied promise by a landlord that rented residential premises are fit for human habitation
domestic corporation
lien
motion for summary judgment
implied warranty of habitability
14. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.
bailee
integrated contract
insurable interest
long arm statute
15. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.
trademark
patent
sublease
complaint
16. 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.
distribution agreement
offeree
sale or return
cross-collateralization
17. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.
motion for a directed verdict
acceptor
lessee
forgery
18. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
force majeure clause
vicarious liability
stored-value card
I-551 Alien Registration Receipt
19. A party to whom the rights under a contract are transferred - or assigned.
sale on approval
assignee
fee simple absolute
overdraft
20. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
bearer
double jeopardy
probate
good faith purchaser
21. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.
alienation
insider trading
working papers
cyber mark
22. Any interest in personal property or fixtures that secures payment or performance of an obligation.
requirements contract
deed
security interest
right of contribution
23. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only
tenancy at sufferance
underwriter
vicarious liability
employment at will
24. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
stock warrant
covenant not to sue
employment at will
mitigation of damages
25. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.
bailor
resulting trust
interrogatories
consumer-debtor
26. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
operating agreement
mechanic's lien
force majeure clause
peer-to-peer (P2P) networking
27. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
Totten trust
disparate-impact discrimination
execution
offer
28. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the
alien corporation
executed contract
cyber mark
trademark
29. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.
nuncupative will
larceny
surety
contract
30. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
community property
property
distributed network
privity of contract
31. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
easement
SEC Rule 10b-5
indorsement
universal defenses
32. All forms of personal property.
award
chattel
jurisdiction
purchase-money security interest (PMSI)
33. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).
document of title
watered stock
transfer warranties
community property
34. Property that is movable; any property that is not real property.
personal property
seniority system
choice-of-law clause
entrapment
35. The basic document filed with a designated state official by which a limited partnership is formed.
replevin
U.S. trustee
security agreement
certificate of limited partnership
36. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.
intellectual property
limited partner
cybersquatting
inter vivos trust
37. The act of transferring to another all or part of one's rights arising under a contract.
per capita
assignment
ultra vires
long arm statute
38. Land and everything attached to it - such as trees and buildings.
real property
digital cash
stock
embezzlement
39. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
warranty deed
lease
target corporation
gift inter vivos
40. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
community property
per capita
negotiation
probate court
41. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
insurance
ethical reasoning
bond indenture
tangible property
42. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.
diversity of citizenship
brief
accredited investors
special warranty deed
43. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
Totten trust
integrated contract
bailee
national law
44. Reasonable grounds for believing that a person should be arrested or searched.
assignment
forbearance
probable cause
articles of organization
45. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
underwriter
service mark
acceptance
probate
46. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
liquidated damages
guarantor
profit
concurrent jurisdiction
47. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
smart card
perfection
informal contract
motion for judgment on the pleadings
48. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
valid contract
discovery
normal trade relations (NTR) status
venture capital
49. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con
order for relief
cover
check
limited liability partnership (LLP)
50. 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
spendthrift trust
prenuptial agreement
attachment
intended beneficiary