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Test your basic knowledge |
Business Law Fundamentals
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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. 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.
incidental damages
diversity of citizenship
treaty
certification mark
2. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
deposition
ethics
property
motion for judgment on the pleadings
3. Procedurally - a defendant's response to the plaintiff's complaint.
intellectual property
answer
market-share liability
merger
4. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
adhesion contract
shipment contract
assignment
unilateral mistake
5. 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.
choice-of-language clause
shrink-wrap agreement
ethical reasoning
free-writing prospectus
6. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the
counterclaim
short-form merger
mortgagor
executor
7. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.
national law
intermediary bank
performance
information
8. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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9. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.
motion for judgment n.o.v.
reformation
promissory note
abandoned property
10. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
underwriter
easement
replevin
integrated contract
11. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
white-collar crime
exculpatory clause
valid contract
small claims court
12. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).
trust
exclusionary rule
quasi contract
order for relief
13. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
security
investment company
dissolution
course of performance
14. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.
reaffirmation agreement
closed shop
ratification
abandoned property
15. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.
bailee
objective theory of contracts
will
recording statutes
16. A warranty that arises by law because of the circumstances of a sale - rather than by the seller's express promise.
implied warranty
confiscation
attachment
alien corporation
17. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.
lease
obligee
piercing the corporate veil
trade dress
18. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
universal defenses
letter of credit
probate
negotiation
19. One to whom goods are entrusted by a bailor.
sales contract
will
bailee
vesting
20. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ
summary jury trial (SJT)
forgery
motion to dismiss
fixed-term tenancy
21. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.
arbitration
exclusive distributorship
quasi contract
fictitious payee
22. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f
levy
artisan's lien
option contract
vicarious liability
23. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
eviction
condition subsequent
promissory estoppel
partnering agreement
24. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th
discharge
brief
civil law system
secured transaction
25. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
sales contract
delegator
homestead exemption
digital cash
26. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
hacker
devise
disclosed principal
fee simple
27. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.
identity theft
limited liability limited partnership (LLLP)
overdraft
cram-down provision
28. The act of transferring to another all or part of one's rights arising under a contract.
clearinghouse
alien corporation
mitigation of damages
assignment
29. 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
short-form merger
accession
insider trading
transfer warranties
30. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
inter vivos trust
limited liability company (LLC)
underwriter
tender
31. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
default judgment
intestate
attachment
liquidated debt
32. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
generally accepted accounting principles (GAAP)
domestic corporation
cyberterrorist
counteroffer
33. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
will substitutes
implied warranty of merchantability
ratification
e-money
34. A public official authorized to attest to the authenticity of signatures.
notary public
vesting
motion for a new trial
tenancy at sufferance
35. A contract that has been completely performed by both parties.
tangible employment action
U.S. trustee
informal contract
executed contract
36. An equity (ownership) interest in a corporation - measured in units of shares.
product liability
choice-of-law clause
robbery
stock
37. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.
financing statement
expropriation
negotiable instrument
universal defenses
38. Having left a will at death.
defalcation
testate
parol evidence rule
junior lienholder
39. 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
profit
proxy
agency
summary jury trial (SJT)
40. 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.
per capita
undisclosed principal
proceeds
domain name
41. Goods that conform to contract specifications.
bearer
conforming goods
sales contract
click-on agreement
42. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
voidable contract
petty offense
garnishment
peer-to-peer (P2P) networking
43. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
bounty payment
insider trading
dominion
misdemeanor
44. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.
preemptive rights
plea bargaining
draft
investment contract
45. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would
ratification
good faith purchaser
per stirpes
tenancy by the entirety
46. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
corporation
tenancy at sufferance
shrink-wrap agreement
recording statutes
47. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
long arm statute
valid contract
levy
fungible goods
48. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise
collecting bank
money laundering
pleadings
penalty
49. The act of accepting and giving legal force to an obligation that previously was not enforceable.
ratification
consumer-debtor
unilateral contract
implied warranty of merchantability
50. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
winding up
delegator
notary public
assignee
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