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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. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
intermediary bank
implied warranty of fitness for a particular purpose
diversity of citizenship
entrapment
2. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
target corporation
discharge
transfer warranties
concurrent conditions
3. 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
fictitious payee
purchase-money security interest (PMSI)
mortgage
4. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
estate in property
search warrant
alternative dispute resolution (ADR)
document of title
5. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
condition precedent
overdraft
mortgagee
maker
6. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
consideration
venture capital
testator
e-evidence
7. The use of an asset that is not the subject of a loan to collateralize that loan.
cross-collateralization
arson
writ of execution
integrated contract
8. Voluntary agreement to a proposition or an act of another; a concurrence of wills.
consent
codicil
sale or return
motion for summary judgment
9. Any bank handling an item for collection - except the payor bank.
parent-subsidiary merger
release
gift inter vivos
collecting bank
10. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
fixed-term tenancy
alienation
franchisee
embezzlement
11. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
civil law system
U.S. trustee
double jeopardy
commingle
12. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
quorum
stock options
undisclosed principal
rule of four
13. 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
apparent authority
estate in property
mens rea
floating lien
14. 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
holder
principle of rights
close corporation
information
15. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
holder in due course (HDC)
extension clause
question of fact
predominant-factor test
16. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
deficiency judgment
probate court
financing statement
vicarious liability
17. 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
workout
charitable trust
stale check
prima facie case
18. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
service mark
target corporation
correspondent bank
discharge
19. 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.
legacy
liquidated debt
reply
drawee
20. All forms of personal property.
winding up
chattel
I-551 Alien Registration Receipt
stock options
21. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.
exculpatory clause
sale or return
pass-through entity
U.S. trustee
22. 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
motion for judgment on the pleadings
forum-selection clause
limited partnership
notary public
23. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
confiscation
sole proprietorship
cyber mark
attachment
24. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
electronic fund transfer (EFT)
artisan's lien
lost property
security interest
25. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
constructive discharge
bailee
digital cash
malpractice
26. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
order instrument
dissociation
trust
U.S. trustee
27. To put funds or goods together into one mass so that they are so mixed that they no longer have separate identities. In corporate law - if personal and corporate interests are commingled to the extent that the corporation has no separate identity - a
commingle
resulting trust
principle of rights
prima facie case
28. 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 -
counterclaim
adverse possession
anticipatory repudiation
blue laws
29. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.
apparent authority
emancipation
accredited investors
bond
30. A person to whom an instrument is made payable.
payee
federal question
Regulation E
correspondent bank
31. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).
power of attorney
mechanic's lien
forum-selection clause
offeree
32. All employers must verify the employment eligibility and identity of any worker hired in the United States. To comply with the law - employers must complete an I-9 Employment Eligibility Verification Form for all new hires within three business days.
will
defalcation
I-9 verification
assignment
33. 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.
venture capital
exclusive jurisdiction
collateral promise
limited partnership
34. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.
family limited liability partnership (FLLP)
fee simple absolute
e-agent
arbitration
35. One to whom goods are entrusted by a bailor.
continuation statement
bailee
affirmative action
larceny
36. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).
firm offer
arbitration clause
impossibility of performance
vicarious liability
37. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
executor
deposition
notary public
indictment
38. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
white-collar crime
digital cash
discharge
generally accepted accounting principles (GAAP)
39. In a given state - a corporation that does business in - and is organized under the law of - that state.
domestic corporation
anticipatory repudiation
deficiency judgment
consignment
40. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
judicial review
close corporation
winding up
forum-selection clause
41. 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.
trade dress
agreement
charitable trust
tangible employment action
42. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
entrapment
docket
estopped
property
43. 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.
certificate of deposit (CD)
sovereign immunity
financing statement
dishonor
44. 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
e-contract
disclosed principal
I-551 Alien Registration Receipt
45. A written - temporary insurance policy.
member
binder
nominal damages
tenancy by the entirety
46. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
accession
confusion
reply
business necessity
47. A common means of settling a disputed claim - whereby a debtor offers to pay a lesser amount than the creditor purports is owed. The creditor's acceptance of the offer creates an accord (agreement) - and when the accord is executed - satisfaction occ
accord and satisfaction
cybersquatting
operating agreement
security interest
48. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
normal trade relations (NTR) status
ethical reasoning
confiscation
implied warranty of merchantability
49. An equity (ownership) interest in a corporation - measured in units of shares.
counterclaim
abandoned property
stock
obligor
50. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
question of fact
Totten trust
deficiency judgment
contractual capacity
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