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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. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.
security
hacker
franchisor
personal defenses
2. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.
guarantor
confiscation
choice-of-law clause
implied-in-fact contract
3. One who makes and executes a will.
testator
alienation
identification
winding up
4. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
taking
insider trading
contract
presentment
5. 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.
record
generally accepted accounting principles (GAAP)
business ethics
dishonor
6. Any interest in personal property or fixtures that secures payment or performance of an obligation.
lease agreement
firm offer
choice-of-law clause
security interest
7. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
act of state doctrine
special warranty deed
union shop
constructive delivery
8. The process of taking private property for public use through the government's power of eminent domain.
property
executed contract
imposter
condemnation
9. The act of accepting and giving legal force to an obligation that previously was not enforceable.
agency
trade dress
cease-and-desist order
ratification
10. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
bailee
estate in property
installment contract
service mark
11. Within a specified time period or - if no period is specified - within a reasonable time.
debtor
seasonably
objective theory of contracts
pleadings
12. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.
specific performance
smart card
consignment
per capita
13. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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14. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
distributed network
security interest
franchise
probate
15. A person on the board of directors who is also an officer of the corporation.
reply
inside director
bounty payment
mortgagor
16. A trust that is created by will and therefore does not take effect until the death of the testator.
exclusionary rule
testamentary trust
past consideration
sale
17. A contract in which one party forfeits the right to pursue a legal claim against the other party.
summons
bailee
release
security interest
18. A set of governing rules adopted by a corporation or other association.
executor
novation
dissolution
bylaws
19. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
online dispute resolution (ODR)
consolidation
limited partnership
order instrument
20. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
crime
delegatee
continuation statement
gift
21. 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
delegator
concurrent ownership
arson
testamentary trust
22. The basic document filed with a designated state official by which a limited partnership is formed.
certificate of limited partnership
incidental damages
letter of credit
target corporation
23. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
intangible property
burglary
covenant not to compete
distribution agreement
24. The geographic district in which a legal action is tried and from which the jury is selected.
malpractice
venue
leasehold estate
cyber mark
25. A state law providing that employees may not be required to join a union as a condition of retaining employment.
forbearance
right-to-work law
grand jury
click-on agreement
26. Ownership rights in property - including the right to possess and control the property.
indictment
dominion
preference
intermediary bank
27. 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
summary jury trial (SJT)
bailee
agency
option contract
28. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
petition in bankruptcy
consolidation
tombstone ad
mutual fund
29. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
member
course of dealing
discharge
docket
30. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
general partner
peer-to-peer (P2P) networking
exclusionary rule
consumer-debtor
31. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
destination contract
penalty
corporation
quota
32. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
distributed network
international law
domain name
forum-selection clause
33. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
disparate-impact discrimination
bailor
hacker
mechanic's lien
34. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
computer crime
S corporation
motion to dismiss
estopped
35. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
lien
contractual capacity
I-551 Alien Registration Receipt
intended beneficiary
36. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
artisan's lien
acceptor
lost property
mediation
37. 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).
exclusive distributorship
artisan's lien
collecting bank
impossibility of performance
38. In a sale of goods - the express designation of the goods provided for in the contract.
indictment
bequest
gift
identification
39. 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.
award
quota
business judgment rule
acceptance
40. A person appointed by a testator in a will to see that her or his will is administered appropriately.
vicarious liability
parent-subsidiary merger
executor
purchase-money security interest (PMSI)
41. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
bilateral mistake
e-evidence
installment contract
cybernotary
42. A contract that results when an offer can be accepted only by the offeree's performance.
eminent domain
patent
corporation
unilateral contract
43. 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.
e-evidence
vicarious liability
personal property
insurable interest
44. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.
administrator
execution
formal contract
automatic stay
45. In a given state - a corporation that does business in the state without being incorporated therein.
certificate of deposit (CD)
foreign corporation
binder
stock certificate
46. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
consequential damages
certificate of deposit (CD)
indorsement
commingle
47. A legally recognized authority that can certify the validity of digital signatures.
cybernotary
insider trading
implied warranty of merchantability
ultra vires
48. One designated in a will to receive a gift of personal property.
implied warranty
legatee
search warrant
secured party
49. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.
replevin
piercing the corporate veil
collecting bank
mislaid property
50. 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.
charitable trust
requirements contract
business ethics
necessaries