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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. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.
integrated contract
award
cyberterrorist
holding company
2. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.
partially disclosed principal
preferred creditor
conforming goods
surety
3. 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
charitable trust
burglary
proxy
hot-cargo agreement
4. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
preference
electronic fund transfer (EFT)
resulting trust
contractual capacity
5. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
misdemeanor
pleadings
franchisor
quorum
6. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
trademark
community property
constructive delivery
corporate social responsibility
7. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
life estate
deficiency judgment
premium
check
8. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
e-money
bequest
dishonor
limited partner
9. The act of transferring to another all or part of one's rights arising under a contract.
union shop
maker
assignment
preferred stock
10. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
writ of execution
assignor
online dispute resolution (ODR)
joint and several liability
11. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.
secured transaction
quasi contract
restitution
judicial review
12. 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.
collateral promise
partnering agreement
white-collar crime
forum-selection clause
13. A designation in the United States for a corporation formed in another country but doing business in the United States.
felony
execution
will
alien corporation
14. A person appointed by a testator in a will to see that her or his will is administered appropriately.
joint and several liability
alternative dispute resolution (ADR)
winding up
executor
15. The failure - without legal excuse - of a promisor to perform the obligations of a contract.
negotiation
breach of contract
choice-of-language clause
implied warranty of merchantability
16. A written - temporary insurance policy.
binder
course of dealing
policy
negotiation
17. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
extension clause
certification mark
federal question
probate
18. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.
depositary bank
eviction
rescission
sales contract
19. 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.
e-signature
independent contractor
homestead exemption
right of contribution
20. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
cover
sole proprietorship
ratification
voidable contract
21. The passing of title to property from the seller to the buyer for a price.
sale
piercing the corporate veil
corporate governance
preference
22. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.
actus reus
bond indenture
utilitarianism
mediation
23. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately
real property
fee simple absolute
duress
summary jury trial (SJT)
24. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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25. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
tippee
arbitration
articles of incorporation
valid contract
26. One designated in a will to receive a gift of real property.
operating agreement
mutual fund
exculpatory clause
devisee
27. The geographic district in which a legal action is tried and from which the jury is selected.
felony
tender offer
venue
consignment
28. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
beyond a reasonable doubt
surety
void contract
deposition
29. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.
proxy
piercing the corporate veil
seasonably
chattel
30. Information or processes that give a business an advantage over competitors that do not know the information or processes.
artisan's lien
trade secret
homestead exemption
breach of contract
31. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau
outside director
floating lien
holder in due course (HDC)
tenancy at sufferance
32. 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
undisclosed principal
license
third party beneficiary
33. 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.
retained earnings
motion for a directed verdict
disparate-treatment discrimination
life estate
34. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
junior lienholder
principle of rights
pledge
devisee
35. 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.
blue laws
common stock
concurrent ownership
winding up
36. An agreement that creates or provides for a security interest between the debtor and a secured party.
disaffirmance
valid contract
bylaws
security agreement
37. A person who makes a promise.
implied warranty of merchantability
destination contract
promisor
appraisal right
38. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.
impossibility of performance
tenancy by the entirety
dissolution
fiduciary
39. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
identity theft
tenancy at will
I-551 Alien Registration Receipt
consignment
40. The act of refraining from an action that one has a legal right to undertake.
periodic tenancy
forbearance
act of state doctrine
cram-down provision
41. 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
shelter principle
will substitutes
protected class
motion to dismiss
42. A contract that is formed electronically.
sale on approval
e-contract
stock
international organization
43. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
money laundering
defalcation
preference
negotiation
44. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.
workout
watered stock
agency
nuncupative will
45. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.
computer crime
counterclaim
misdemeanor
implied warranty
46. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
collateral
forbearance
right-to-work law
employment at will
47. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.
expropriation
bylaws
secondary boycott
robbery
48. 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.
crime
recording statutes
payor bank
larceny
49. A person on the board of directors who is also an officer of the corporation.
estate in property
inside director
adhesion contract
incidental damages
50. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
respondeat superior
lease
stop-payment order
distributed network