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Test your basic knowledge |
Business Law Fundamentals
Start Test
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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. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.
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2. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
after-acquired property
spendthrift trust
stop-payment order
valid contract
3. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
right of reimbursement
wrongful discharge
per stirpes
investment company
4. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
acceptance
stale check
nominal damages
floating lien
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.
constructive discharge
franchisor
click-on agreement
business ethics
6. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.
tariff
short-form merger
stock warrant
affirmative action
7. 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
exculpatory clause
employment contract
discharge
bond
8. 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.
cross-collateralization
counteroffer
requirements contract
self-incrimination
9. 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.
business ethics
self-defense
fixture
insurable interest
10. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
utilitarianism
negotiation
whistleblowing
corporation
11. 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.
cybernotary
estopped
inside director
check
12. A person who makes a promise.
counteroffer
sale on approval
securities
promisor
13. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil
consignment
impossibility of performance
incidental beneficiary
implied warranty of fitness for a particular purpose
14. 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.
counterclaim
liquidated debt
summons
venture capital
15. A set limit on the amount of goods that can be imported.
levy
security interest
contractual capacity
quota
16. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.
undisclosed principal
due diligence
lost property
sale on approval
17. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
e-money
impossibility of performance
entrapment
defalcation
18. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con
covenant not to sue
insurance
merchant
cover
19. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
joint and several liability
writ of certiorari
takeover
accord and satisfaction
20. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.
I-9 verification
contract
incidental beneficiary
informal contract
21. A party to whom contractual obligations are transferred - or delegated.
delegatee
tariff
notary public
impossibility of performance
22. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
certificate of limited partnership
course of dealing
alien corporation
lessor
23. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
negotiation
shelter principle
stock options
void contract
24. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
browse-wrap terms
sale
implied-in-fact contract
limited liability company (LLC)
25. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.
after-acquired property
maker
patent
will substitutes
26. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
implied warranty of merchantability
employment at will
motion for judgment n.o.v.
output contract
27. A doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies. Such a promise is binding if justice will be better served by the enforcement of the promise.
stock certificate
promissory estoppel
administrator
underwriter
28. A federal court of limited jurisdiction that handles only bankruptcy proceedings - which are governed by federal bankruptcy law.
artisan's lien
domain name
bankruptcy court
burglary
29. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
insolvent
cover
order instrument
property
30. Property with which the owner has involuntarily parted and then cannot find or recover.
condemnation
chattel
devise
lost property
31. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
bond indenture
release
docket
consolidation
32. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
tenancy by the entirety
special warranty deed
small claims court
fee simple absolute
33. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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34. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
business ethics
sale or return
petty offense
tippee
35. Procedurally - a plaintiff's response to a defendant's answer.
covenant not to compete
reply
holder
mutual fund
36. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted
objective theory of contracts
assignor
search warrant
mortgagor
37. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
assignor
e-signature
negotiation
implied warranty
38. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
retained earnings
scienter
diversity of citizenship
counterclaim
39. 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
necessaries
overdraft
pledge
discharge
40. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.
intestate
tender
contract
docket
41. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.
imposter
floating lien
certified check
conveyance
42. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
digital cash
fee simple absolute
maker
easement
43. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.
alien corporation
option contract
tangible property
promisor
44. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical
presentment warranties
ethics
principle of rights
question of law
45. An advertisement - historically in a format resembling a tombstone - of a securities offering. The ad tells potential investors where and how they may obtain a prospectus.
holding company
tombstone ad
fixed-term tenancy
bailee
46. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.
letter of credit
legatee
agency
generally accepted accounting principles (GAAP)
47. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.
dishonor
forum-selection clause
will
consolidation
48. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
diversity of citizenship
online dispute resolution (ODR)
license
novation
49. 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.
search warrant
quasi contract
payor bank
after-acquired property
50. 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.
probable cause
express warranty
implied warranty
insurable interest
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