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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. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.
preferred stock
international law
tenancy by the entirety
limited liability partnership (LLP)
2. Land and everything attached to it - such as trees and buildings.
real property
utilitarianism
certification mark
co-surety
3. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.
business ethics
constructive delivery
payor bank
double jeopardy
4. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.
revocation
computer crime
tangible property
stock options
5. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
course of dealing
inter vivos trust
condemnation
acceptance
6. A will written entirely in the signer's handwriting and usually not witnessed.
intended beneficiary
sexual harassment
holographic will
I-9 verification
7. 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
electronic fund transfer (EFT)
click-on agreement
life estate
dumping
8. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
default
surety
online dispute resolution (ODR)
maker
9. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
e-money
pledge
consideration
disaffirmance
10. 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.
independent contractor
dominion
specific performance
trade name
11. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
robbery
wrongful discharge
performance
consumer-debtor
12. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -
prospectus
creditors' composition agreement
preemptive rights
exclusionary rule
13. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.
motion for judgment n.o.v.
venture capital
stock warrant
liquidation
14. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
e-signature
double jeopardy
automatic stay
intended beneficiary
15. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
ratification
entrapment
alternative dispute resolution (ADR)
condition precedent
16. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
discovery
secured party
cyberterrorist
tariff
17. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
indorsement
reformation
sales contract
tangible employment action
18. A prediction concerning potential loss based on known and unknown factors.
risk
delegator
integrated contract
agreement
19. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.
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20. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.
parent-subsidiary merger
offer
dominion
quitclaim deed
21. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -
long arm statute
intestacy laws
adverse possession
petty offense
22. Property with which the owner has voluntarily parted and then cannot find or recover.
mislaid property
generally accepted auditing standards (GAAS)
collateral promise
pleadings
23. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
parol evidence rule
Statute of Frauds
prenuptial agreement
dividend
24. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.
implied-in-fact contract
articles of incorporation
disaffirmance
accredited investors
25. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.
disparate-impact discrimination
stock options
leasehold estate
exclusionary rule
26. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.
lessor
cashier's check
lease agreement
payor bank
27. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
presentment
inter vivos trust
disparate-impact discrimination
tippee
28. The creation of an absolute or unconditional right or power.
unreasonably dangerous product
vesting
choice-of-law clause
assignee
29. Unlawful pressure brought to bear on a person - causing the person to perform an act that she or he would not otherwise perform.
investment company
duress
information return
collateral
30. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.
smart card
tender of delivery
leasehold estate
fictitious payee
31. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
recording statutes
acceptance
executor
lien
32. 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.
debtor in possession (DIP)
implied warranty of fitness for a particular purpose
standing to sue
embezzlement
33. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio
cashier's check
parent-subsidiary merger
writ of certiorari
order instrument
34. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a
investment contract
periodic tenancy
international law
plea bargaining
35. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
docket
distribution agreement
collecting bank
electronic fund transfer (EFT)
36. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.
real property
eviction
mortgagor
venture capital
37. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
testamentary trust
computer crime
secondary boycott
franchisee
38. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
community property
e-evidence
petition in bankruptcy
tenancy by the entirety
39. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.
choice-of-law clause
delegator
stock certificate
discharge
40. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
identity theft
insurance
confiscation
articles of partnership
41. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
right-to-work law
disaffirmance
contractual capacity
acceptor
42. An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. A court may require the owner to hold the property in trust for the person or persons who should rightfully own the pro
hacker
limited partnership
small claims court
constructive trust
43. 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.
judicial review
implied-in-fact contract
condition precedent
express warranty
44. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with
domain name
fungible goods
choice-of-language clause
alienation
45. A reward (payment) given to a person or persons who perform a certain service - such as informing legal authorities of illegal actions.
bounty payment
charitable trust
watered stock
piercing the corporate veil
46. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise
self-defense
lessee
money laundering
frustration of purpose
47. A legally recognized authority that can certify the validity of digital signatures.
tenancy in common
voir dire
will
cybernotary
48. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
incidental damages
limited partnership
correspondent bank
corporation
49. 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.
winding up
implied-in-fact contract
emancipation
international law
50. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha
I-551 Alien Registration Receipt
bilateral contract
mutual fund
search warrant