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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 oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
tangible employment action
nuncupative will
discharge
sales contract
2. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
intestate
stock warrant
electronic fund transfer (EFT)
artisan's lien
3. In insurance law - a contract between the insurer and the insured in which - for a stipulated consideration - the insurer agrees to compensate the insured for loss on a specific subject by a specified peril.
policy
floating lien
generally accepted accounting principles (GAAP)
liquidation
4. One designated in a will to receive a gift of personal property.
outside director
cost-benefit analysis
motion for judgment n.o.v.
legatee
5. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.
extension clause
shrink-wrap agreement
working papers
right of reimbursement
6. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
premium
informal contract
letter of credit
bounty payment
7. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
sales contract
malpractice
lessor
hacker
8. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201
civil law system
insurable interest
insolvent
articles of organization
9. 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.
award
cyberterrorist
brief
motion for a directed verdict
10. A deed in which the grantor warrants only that the grantor or seller held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.
special warranty deed
lessee
draft
bailment
11. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
question of fact
condition subsequent
white-collar crime
promisee
12. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p
disparate-treatment discrimination
independent contractor
red herring prospectus
codicil
13. The process of proving and validating a will and settling all matters pertaining to an estate.
rescission
mislaid property
probate
discharge
14. 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.
covenant not to compete
revocation
output contract
accredited investors
15. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued
hacker
foreign corporation
standing to sue
writ of execution
16. The document filed with a designated state official by which a limited liability company is formed.
release
mechanic's lien
easement
articles of organization
17. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.
interrogatories
nominal damages
promise
disparate-treatment discrimination
18. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
consignment
promissory estoppel
whistleblowing
award
19. A person on the board of directors who is also an officer of the corporation.
utilitarianism
inside director
privity of contract
comity
20. 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
small claims court
tombstone ad
dissolution
probate court
21. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
moral minimum
integrated contract
deposition
apparent authority
22. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
acceptor
assignee
express contract
collective mark
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.
corporate governance
condition
bailment
leasehold estate
24. 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.
dishonor
U.S. trustee
mediation
due diligence
25. A contract having no legal force or binding effect.
void contract
check
assignor
confusion
26. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.
bailee
fiduciary
letter of credit
e-evidence
27. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.
shelter principle
fixed-term tenancy
drawer
e-money
28. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
personal property
ratification
stored-value card
draft
29. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.
motion for judgment n.o.v.
treaty
check
undisclosed principal
30. The act of transferring to another all or part of one's rights arising under a contract.
promisor
assignment
condition precedent
fictitious payee
31. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.
cyberterrorist
exclusive distributorship
taking
novation
32. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
trade secret
summons
easement
consolidation
33. The relationship that exists between the promisor and the promisee of a contract.
privity of contract
insurance
usury
larceny
34. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.
information
insurable interest
proxy
national law
35. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
smart card
check
agency
overdraft
36. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.
resulting trust
restitution
limited partnership
limited partner
37. A corporation whose shareholders are limited to a small group of persons - often including only family members.
condemnation
anticipatory repudiation
fictitious payee
close corporation
38. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
federal question
vicarious liability
mislaid property
search warrant
39. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.
watered stock
legacy
intended beneficiary
cyber crime
40. 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.
accredited investors
requirements contract
secured transaction
cyber mark
41. A contract that is formed electronically.
discharge
e-contract
justiciable controversy
trade dress
42. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea
transfer warranties
reaffirmation agreement
debtor in possession (DIP)
consequential damages
43. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
dissociation
backdating
embezzlement
award
44. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
agreement
trademark
novation
confiscation
45. 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
document of title
trade secret
security
46. 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
acceptor
firm offer
operating agreement
pleadings
47. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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48. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.
warranty deed
seniority system
profit
independent contractor
49. 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.
pleadings
promissory note
check
installment contract
50. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are
voidable contract
transfer warranties
motion for judgment on the pleadings
offer