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Test your basic knowledge |
Business Law Fundamentals
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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 regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha
insurable interest
dominion
guarantor
purchase-money security interest (PMSI)
2. A set of policies or procedures affecting the way a corporation is directed or controlled.
corporate governance
secondary boycott
perfection
member
3. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop
cram-down provision
estate in property
close corporation
secured transaction
4. A set of governing rules adopted by a corporation or other association.
disparate-treatment discrimination
bylaws
bailee
bearer
5. The portion of a corporation's profits that has not been paid out as dividends to shareholders.
retained earnings
bylaws
dissociation
scienter
6. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.
implied warranty
condition precedent
exculpatory clause
debtor in possession (DIP)
7. A public official authorized to attest to the authenticity of signatures.
express contract
e-evidence
debtor
notary public
8. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
consumer-debtor
limited liability partnership (LLP)
indorsement
whistleblowing
9. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.
exculpatory clause
equal dignity rule
quasi contract
Regulation E
10. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ
self-defense
alienation
market-share liability
fictitious payee
11. An order by a bank customer to his or her bank not to pay or certify a certain check.
respondeat superior
stop-payment order
secured transaction
mailbox rule
12. One who entrusts goods to a bailee.
constructive delivery
fee simple absolute
presentment
bailor
13. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
piercing the corporate veil
easement
conveyance
collective mark
14. 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.
fee simple
accredited investors
question of fact
Federal Reserve System
15. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic
trade dress
click-on agreement
nonpossessory interest
legatee
16. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.
mutual fund
scienter
consignment
motion to dismiss
17. 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).
mailbox rule
assignment
beyond a reasonable doubt
profit
18. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.
S corporation
rule of four
alienation
exclusive distributorship
19. 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
ethics
closed shop
continuation statement
20. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means
bequest
testator
motion for a directed verdict
arson
21. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
blue sky laws
deed
constructive trust
check
22. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.
preemptive rights
co-surety
usury
principle of rights
23. Moral principles and values applied to social behavior.
ethics
trade dress
peer-to-peer (P2P) networking
sale on approval
24. A document by which title to property (usually real property) is passed.
distributed network
equal dignity rule
deed
implied-in-fact contract
25. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
predominant-factor test
replevin
executory contract
administrator
26. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
motion for a new trial
indictment
long arm statute
incidental beneficiary
27. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
general partner
traveler's check
smart card
holder
28. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.
sexual harassment
deposition
question of law
constructive discharge
29. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.
drawee
risk management
license
life estate
30. Ownership rights in property - including the right to possess and control the property.
service mark
employment contract
dominion
preferred stock
31. 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
felony
cyber mark
vicarious liability
Totten trust
32. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
respondeat superior
floating lien
cybersquatting
easement
33. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.
third party beneficiary
predominant-factor test
purchase-money security interest (PMSI)
international organization
34. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
course of dealing
testator
Regulation E
bond indenture
35. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.
international law
adverse possession
venture capital
appraisal right
36. The relationship that exists between the promisor and the promisee of a contract.
privity of contract
search warrant
unilateral mistake
patent
37. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
special warranty deed
right of reimbursement
concurrent ownership
premium
38. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
ratification
distribution agreement
dividend
fictitious payee
39. A written - temporary insurance policy.
binder
larceny
collecting bank
prenuptial agreement
40. 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.
lease agreement
general partner
liquidated damages
informal contract
41. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
resulting trust
docket
burglary
penalty
42. 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.
motion for judgment n.o.v.
confiscation
order instrument
levy
43. 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.
abandoned property
profit
working papers
e-money
44. 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
litigation
information return
objective theory of contracts
franchise
45. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.
workout
standing to sue
target corporation
eminent domain
46. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
Statute of Frauds
taking
cease-and-desist order
treaty
47. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
replevin
adverse possession
cure
collateral promise
48. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
traveler's check
covenant not to sue
motion for a new trial
cram-down provision
49. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.
lessor
limited liability partnership (LLP)
alienation
stock warrant
50. 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).
stop-payment order
impossibility of performance
felony
life estate
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