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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. A contract that results when an offer can be accepted only by the offeree's performance.
obligor
member
unilateral contract
sole proprietorship
2. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t
obligor
prospectus
express warranty
intestacy laws
3. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.
probate court
principle of rights
life estate
malpractice
4. A business entity that has no tax liability. The entity's income is passed through to the owners - and the owners pay taxes on the income.
confusion
bailee
pass-through entity
will
5. A legally recognized authority that can certify the validity of digital signatures.
levy
actus reus
cybernotary
spendthrift trust
6. 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.
shelter principle
short-form merger
fee simple absolute
executor
7. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
cyber mark
inside director
cure
shareholder's derivative suit
8. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
reformation
prima facie case
draft
general partner
9. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
categorical imperative
assignor
proceeds
generally accepted auditing standards (GAAS)
10. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
traveler's check
member
acceptance
duress
11. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
gift causa mortis
closed shop
void contract
arbitration clause
12. 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
holder in due course (HDC)
double jeopardy
fungible goods
appraisal right
13. One designated in a will to receive a gift of real property.
periodic tenancy
reaffirmation agreement
devisee
protected class
14. A gift of personal property under a will.
holder in due course (HDC)
plea bargaining
legacy
sale or return
15. 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).
constructive delivery
civil law system
document of title
course of dealing
16. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
fictitious payee
minimum wage
policy
homestead exemption
17. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv
generally accepted auditing standards (GAAS)
obligee
devise
tender of delivery
18. 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
motion to dismiss
force majeure clause
bequest
surety
19. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.
objective theory of contracts
maker
sale or return
undisclosed principal
20. The practice of marking a document with a date that precedes the actual date. Persons who backdate stock options are picking a date when the stock was trading at a lower price than the date of the options grant.
insurable interest
secured transaction
promissory estoppel
backdating
21. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
express warranty
requirements contract
condition subsequent
draft
22. Property with which the owner has voluntarily parted and then cannot find or recover.
lease
workers' compensation laws
mislaid property
intestate
23. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.
bailee
bailment
cybernotary
predominant-factor test
24. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
obligee
entrapment
corporation
easement
25. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
force majeure clause
preference
predominant-factor test
petition in bankruptcy
26. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.
agreement
bilateral mistake
secured transaction
quasi contract
27. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
tender
stock options
security
Totten trust
28. A contract in which the terms of the agreement are stated in words - oral or written.
whistleblowing
imposter
small claims court
express contract
29. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
constructive trust
executed contract
corporate social responsibility
surety
30. The geographic district in which a legal action is tried and from which the jury is selected.
venue
sales contract
specific performance
exculpatory clause
31. 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
short-form merger
quitclaim deed
usury
32. 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).
profit
personal property
constructive delivery
inter vivos trust
33. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
force majeure clause
parol evidence rule
agreement
anticipatory repudiation
34. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).
I-9 verification
preemptive rights
service mark
joint tenancy
35. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.
past consideration
signature
bailee
watered stock
36. A crime
commingle
secured transaction
felony
holder in due course (HDC)
37. A landlord's act of depriving a tenant of possession of the leased premises.
draft
eviction
undisclosed principal
corporate social responsibility
38. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.
peer-to-peer (P2P) networking
destination contract
common stock
due diligence
39. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim
covenant not to compete
dividend
risk management
winding up
40. A person on the board of directors who is also an officer of the corporation.
duress
bailment
fee simple
inside director
41. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
anticipatory repudiation
concurrent conditions
respondeat superior
constructive discharge
42. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
I-551 Alien Registration Receipt
hacker
assignor
acceleration clause
43. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
warranty deed
act of state doctrine
pleadings
protected class
44. The passing of title to property from the seller to the buyer for a price.
dividend
sale
consumer-debtor
certification mark
45. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.
tangible property
deposition
extension clause
personal defenses
46. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
investment contract
cost-benefit analysis
click-on agreement
consequential damages
47. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.
dissolution
right of reimbursement
bond indenture
accession
48. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
search warrant
cashier's check
confusion
cost-benefit analysis
49. 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.
devise
red herring prospectus
resulting trust
workout
50. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
lost property
agreement
self-defense
holder in due course (HDC)
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