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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. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
ratification
private equity capital
forbearance
mortgage
2. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
vesting
bylaws
tenancy at sufferance
disparate-impact discrimination
3. The image and overall appearance of a product
will
undisclosed principal
trade dress
business judgment rule
4. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.
unenforceable contract
probate court
charitable trust
gift
5. A state statute under which certain types of contracts must be in writing to be enforceable.
tender of delivery
leasehold estate
Statute of Frauds
negotiation
6. A type of contract that arises when a promise is given in exchange for a return promise.
clearinghouse
surety
scienter
bilateral contract
7. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.
international law
specific performance
union shop
affirmative action
8. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
plea bargaining
sublease
necessaries
unilateral contract
9. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.
cram-down provision
grand jury
business judgment rule
traveler's check
10. 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.
service mark
payor bank
homestead exemption
generally accepted accounting principles (GAAP)
11. Barred - impeded - or precluded.
secured transaction
firm offer
delegator
estopped
12. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
insider trading
pleadings
ratification
merchant
13. The act of transferring to another all or part of one's duties arising under a contract.
writ of certiorari
delegation of duties
premium
confusion
14. 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.
merger
identity theft
pleadings
quota
15. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.
nuncupative will
arbitration clause
certification mark
requirements contract
16. Within a specified time period or - if no period is specified - within a reasonable time.
offeree
pleadings
agency
seasonably
17. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
gift causa mortis
floating lien
respondeat superior
deficiency judgment
18. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).
frustration of purpose
proxy
consolidation
tender offer
19. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in
malpractice
trade dress
articles of incorporation
limited liability company (LLC)
20. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
pass-through entity
patent
cease-and-desist order
emancipation
21. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
motion for judgment on the pleadings
co-surety
automatic stay
limited liability limited partnership (LLLP)
22. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
overdraft
tenancy by the entirety
unenforceable contract
white-collar crime
23. A set of governing rules adopted by a corporation or other association.
sole proprietorship
bylaws
tenancy at sufferance
correspondent bank
24. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
limited liability limited partnership (LLLP)
standing to sue
due diligence
acceptance
25. The term used to designate a person who has an ownership interest in a limited liability company.
arbitration clause
member
preemptive rights
attachment
26. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
mutual fund
probate court
digital cash
acceleration clause
27. The portion of a corporation's profits that has not been paid out as dividends to shareholders.
testate
drawer
treaty
retained earnings
28. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise
winding up
money laundering
predominant-factor test
limited liability partnership (LLP)
29. Authority that is only apparent - not real. In agency law - a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed w
malpractice
insurable interest
levy
apparent authority
30. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
choice-of-law clause
confiscation
risk
deposition
31. The relationship that exists between the promisor and the promisee of a contract.
member
privity of contract
gift
payor bank
32. 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
security
bequest
lease
33. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t
unilateral contract
duress
trade name
beyond a reasonable doubt
34. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.
co-surety
course of performance
will
investment contract
35. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
quota
warranty deed
quitclaim deed
check
36. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.
appraisal right
acceptor
malpractice
testator
37. A designation in the United States for a corporation formed in another country but doing business in the United States.
alien corporation
after-acquired property
condition precedent
extension clause
38. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o
reaffirmation agreement
copyright
deposition
spendthrift trust
39. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
writ of attachment
emancipation
proceeds
mechanic's lien
40. All forms of personal property.
insolvent
insurance
execution
chattel
41. A legally recognized authority that can certify the validity of digital signatures.
impossibility of performance
preferred creditor
cybernotary
frustration of purpose
42. A contract having no legal force or binding effect.
forbearance
junior lienholder
void contract
devisee
43. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar
estate in property
promisor
quota
destination contract
44. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
fictitious payee
affirmative action
universal defenses
dissociation
45. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
comity
covenant not to compete
general partner
confusion
46. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.
ratification
S corporation
backdating
international organization
47. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their
merger
binder
alienation
sexual harassment
48. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
franchisee
consideration
partially disclosed principal
motion for a new trial
49. Ownership rights in property - including the right to possess and control the property.
due diligence
identification
dominion
chattel
50. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
commercial impracticability
Federal Reserve System
reformation
presentment warranties
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