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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. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
liquidated debt
concurrent conditions
nonpossessory interest
interrogatories
2. The idea that corporations can and should act ethically and be accountable to society for their actions.
implied-in-fact contract
retained earnings
corporate social responsibility
complaint
3. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f
acceptor
vesting
option contract
market-share liability
4. Ownership rights in property - including the right to possess and control the property.
intellectual property
security interest
petition in bankruptcy
dominion
5. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.
motion for summary judgment
disclosed principal
tangible employment action
larceny
6. 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.
partnering agreement
fungible goods
dissolution
force majeure clause
7. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.
judicial review
accession
chattel
unenforceable contract
8. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
petty offense
ratification
hot-cargo agreement
cram-down provision
9. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.
cease-and-desist order
warranty deed
grand jury
money laundering
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.
piercing the corporate veil
insurable interest
summons
limited liability company (LLC)
11. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
acceptance
garnishment
shelter principle
ratification
12. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
dissolution
e-agent
universal defenses
private equity capital
13. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.
protected class
levy
sole proprietorship
intermediary bank
14. A contract that is formed electronically.
e-contract
foreign corporation
investment company
consequential damages
15. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.
indorsement
private equity capital
assignment
product liability
16. A person to whom a promise is made.
resulting trust
service mark
certificate of limited partnership
promisee
17. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
power of attorney
performance
dividend
parol evidence rule
18. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.
ratification
overdraft
franchisee
resulting trust
19. A check - other than a certified check - that is presented for payment more than six months after its date.
common stock
transfer warranties
stale check
corporate social responsibility
20. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.
bailee
past consideration
e-signature
quitclaim deed
21. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.
concurrent jurisdiction
e-agent
mortgagor
express warranty
22. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain
limited liability partnership (LLP)
preemptive rights
junior lienholder
executory contract
23. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.
indorsement
overdraft
franchise
duress
24. Latin for 'let the master respond.' A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.
respondeat superior
motion for a new trial
liquidated debt
equal dignity rule
25. All forms of personal property.
cover
good faith purchaser
chattel
duress
26. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
delegatee
duress
bankruptcy court
predominant-factor test
27. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
cure
corporate social responsibility
hacker
clearinghouse
28. An agreement by two or more persons to carry on - as co-owners - a business for profit.
apparent authority
malpractice
partnership
blue laws
29. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.
concurrent jurisdiction
international law
mortgagor
good faith purchaser
30. 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).
judicial review
impossibility of performance
course of dealing
risk
31. 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.
limited partner
corporation
double jeopardy
certification mark
32. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
piercing the corporate veil
offeror
fictitious payee
forum-selection clause
33. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.
replevin
attachment
artisan's lien
brief
34. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
disclosed principal
lessor
defalcation
private equity capital
35. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.
homestead exemption
e-signature
commercial impracticability
codicil
36. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
minimum wage
ultra vires
tombstone ad
will substitutes
37. Having left a will at death.
mislaid property
fixture
testate
codicil
38. An implied promise by a landlord that rented residential premises are fit for human habitation
extension clause
e-signature
holding company
implied warranty of habitability
39. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t
shrink-wrap agreement
market-share liability
ethics
commercial impracticability
40. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
imposter
sale
debtor
counterclaim
41. 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.
motion for judgment n.o.v.
holder
tender
bearer
42. A check drawn by a bank on itself.
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43. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
obligor
inter vivos trust
intangible property
blue laws
44. 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
vesting
exclusive jurisdiction
legacy
tenancy at sufferance
45. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.
service mark
fiduciary
levy
operating agreement
46. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.
probable cause
collateral promise
preemptive rights
tombstone ad
47. 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).
defalcation
bequest
profit
dissociation
48. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.
will
takeover
generally accepted accounting principles (GAAP)
utilitarianism
49. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
fee simple absolute
automatic stay
alternative dispute resolution (ADR)
information
50. A company whose business activity is holding shares in another company.
recording statutes
payee
holding company
intellectual property