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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. The number of members of a decision-making body that must be present before business may be transacted.
floating lien
abandoned property
security agreement
quorum
2. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
mediation
peer-to-peer (P2P) networking
past consideration
parent-subsidiary merger
3. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr
limited partnership
backdating
prima facie case
plea bargaining
4. A written - temporary insurance policy.
legatee
binder
tombstone ad
probable cause
5. A contract in which one party forfeits the right to pursue a legal claim against the other party.
working papers
tenancy by the entirety
release
obligor
6. 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.
outside director
guarantor
cross-collateralization
venture capital
7. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif
mens rea
risk
profit
debtor
8. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.
mortgagee
option contract
negotiation
protected class
9. 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 -
adverse possession
distribution agreement
working papers
taking
10. One designated in a will to receive a gift of real property.
default judgment
predominant-factor test
devisee
promisor
11. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
cost-benefit analysis
estate in property
predominant-factor test
mens rea
12. A close business corporation that has met certain requirements set out in the Internal Revenue Code and thus qualifies for special income tax treatment. Essentially - an S corporation is taxed the same as a partnership - but its owners enjoy the priv
unenforceable contract
burglary
unconscionable contract or clause
S corporation
13. A security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio
good faith purchaser
ultra vires
seasonably
floating lien
14. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
unenforceable contract
lease
ultra vires
I-9 verification
15. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
fee simple absolute
treaty
sole proprietorship
e-evidence
16. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
unilateral contract
fee simple
civil law system
constructive discharge
17. In the context of real property - an interest in land that does not include any right to possess the property.
deed
nonpossessory interest
operating agreement
specific performance
18. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'
motion to dismiss
digital cash
beyond a reasonable doubt
payor bank
19. 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
delegator
condemnation
civil law system
20. 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.
probate court
per capita
chattel
disclosed principal
21. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
cost-benefit analysis
shrink-wrap agreement
award
alien corporation
22. 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
mislaid property
disparate-impact discrimination
levy
23. 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
red herring prospectus
debtor in possession (DIP)
expropriation
ratification
24. The image and overall appearance of a product
trade dress
click-on agreement
past consideration
quitclaim deed
25. 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.
misdemeanor
business judgment rule
mediation
common stock
26. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.
transfer warranties
bearer instrument
tender of delivery
comity
27. 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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28. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
legacy
counteroffer
certificate of limited partnership
informal contract
29. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
premium
insurable interest
obligee
blue laws
30. The goods and services that domestic firms sell to buyers located in other countries.
accord and satisfaction
surety
international law
export
31. 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.
exclusionary rule
cross-collateralization
acceptance
rescission
32. A person who makes an offer.
formal contract
security interest
offeror
reformation
33. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
tangible property
choice-of-language clause
tangible employment action
bankruptcy court
34. In a sale of goods - the express designation of the goods provided for in the contract.
necessaries
identification
negotiation
quota
35. 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
tombstone ad
cybersquatting
limited partnership
takeover
36. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.
foreign corporation
constructive eviction
co-surety
misdemeanor
37. Any bank handling an item for collection - except the payor bank.
indictment
collecting bank
generally accepted auditing standards (GAAS)
e-signature
38. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
e-contract
brief
due diligence
double jeopardy
39. 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
docket
firm offer
frustration of purpose
informal contract
40. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
e-evidence
utilitarianism
informal contract
consideration
41. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.
shelter principle
disaffirmance
self-defense
acceptance
42. 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.
fixture
executor
assignee
summons
43. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
performance
third party beneficiary
common stock
ethical reasoning
44. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.
output contract
eviction
articles of incorporation
target corporation
45. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
fixed-term tenancy
implied warranty
community property
family limited liability partnership (FLLP)
46. Joint ownership.
bona fide occupational qualification (BFOQ)
writ of execution
letter of credit
concurrent ownership
47. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.
debtor
electronic fund transfer (EFT)
periodic tenancy
merger
48. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.
forum-selection clause
affirmative action
condition subsequent
I-9 verification
49. The geographic district in which a legal action is tried and from which the jury is selected.
venue
offeror
consequential damages
seasonably
50. 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
bona fide occupational qualification (BFOQ)
codicil
indictment
summary jury trial (SJT)
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