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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 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.
past consideration
insolvent
contract
notary public
2. 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).
specific performance
power of attorney
tariff
imposter
3. An employer's termination of an employee's employment in violation of the law.
consumer-debtor
wrongful discharge
implied warranty of habitability
small claims court
4. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
vicarious liability
lease
surety
double jeopardy
5. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of
warranty deed
imposter
family limited liability partnership (FLLP)
standing to sue
6. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
unilateral mistake
secured transaction
constructive discharge
spendthrift trust
7. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
double jeopardy
incidental damages
order for relief
holding company
8. 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.
actus reus
protected class
peer-to-peer (P2P) networking
insurable interest
9. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
affirmative action
fee simple
premium
testamentary trust
10. 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.
stock warrant
indictment
rescission
treaty
11. The power of a government to take land from private citizens for public use on the payment of just compensation.
product liability
eminent domain
insider trading
after-acquired property
12. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
correspondent bank
utilitarianism
property
confiscation
13. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.
concurrent conditions
implied warranty of habitability
generally accepted auditing standards (GAAS)
prima facie case
14. 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
informal contract
expropriation
order instrument
15. Law that pertains to a particular nation (as opposed to international law).
national law
legatee
homestead exemption
joint and several liability
16. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
dividend
e-agent
international law
holding company
17. 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
negotiation
joint and several liability
parol evidence rule
question of law
18. A set of policies or procedures affecting the way a corporation is directed or controlled.
motion to dismiss
garnishment
corporate governance
insurable interest
19. One to whom goods are entrusted by a bailor.
answer
release
corporation
bailee
20. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their
privity of contract
trademark
unreasonably dangerous product
merger
21. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o
default
lessee
collecting bank
dissolution
22. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
condition subsequent
holographic will
Federal Reserve System
digital cash
23. The authority of a court to hear and decide a specific case.
arson
working papers
bequest
jurisdiction
24. Property resulting from intellectual - creative processes.
implied warranty of merchantability
intellectual property
business ethics
SEC Rule 10b-5
25. 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.
Federal Reserve System
international law
domestic corporation
concurrent jurisdiction
26. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.
co-surety
leasehold estate
justiciable controversy
distributed network
27. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i
e-contract
firm offer
forum-selection clause
e-signature
28. 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.
tenancy at sufferance
promisor
deficiency judgment
requirements contract
29. Any bank handling an item for collection - except the payor bank.
intended beneficiary
collecting bank
nominal damages
per stirpes
30. 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.
litigation
forbearance
respondeat superior
interrogatories
31. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
international organization
quorum
intended beneficiary
correspondent bank
32. In the context of real property - an interest in land that does not include any right to possess the property.
dissolution
family limited liability partnership (FLLP)
bond
nonpossessory interest
33. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.
domestic corporation
prenuptial agreement
standing to sue
license
34. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.
gift
tombstone ad
shrink-wrap agreement
national law
35. Moral principles and values applied to social behavior.
ethics
member
working papers
risk
36. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
security agreement
binder
license
merchant
37. A revocable right or privilege of a person to come onto another person's land.
dissolution
license
homestead exemption
justiciable controversy
38. 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.
levy
per stirpes
tangible property
testamentary trust
39. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
delegator
fiduciary
digital cash
click-on agreement
40. The act of refraining from an action that one has a legal right to undertake.
reformation
categorical imperative
liquidation
forbearance
41. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
exclusive jurisdiction
continuation statement
penalty
disparate-treatment discrimination
42. A landlord's act of depriving a tenant of possession of the leased premises.
insolvent
prenuptial agreement
alienation
eviction
43. A charge by a grand jury that a named person has committed a crime.
double jeopardy
sale or return
consent
indictment
44. 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.
nuncupative will
inter vivos trust
defalcation
summons
45. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.
pass-through entity
suretyship
union shop
outside director
46. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
corporation
employment at will
robbery
binder
47. Any voluntary transfer of property made without consideration - past or present.
gift
charitable trust
trust
notary public
48. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
fungible goods
investment company
disparate-treatment discrimination
crime
49. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
red herring prospectus
eviction
adhesion contract
equal dignity rule
50. 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
stock options
secondary boycott
holder in due course (HDC)
insurable interest