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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. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi
voir dire
utilitarianism
perfection
trade dress
2. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
bearer instrument
anticipatory repudiation
holographic will
liquidation
3. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.
unilateral mistake
product liability
bylaws
double jeopardy
4. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
acceptance
executory contract
assignor
quitclaim deed
5. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
dumping
discharge
dishonor
mirror image rule
6. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
online dispute resolution (ODR)
plea bargaining
after-acquired property
computer crime
7. A person to whom an offer is made.
free-writing prospectus
motion for summary judgment
abandoned property
offeree
8. 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.
accession
mediation
venture capital
document of title
9. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
search warrant
risk
forgery
civil law system
10. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
ethical reasoning
course of performance
order instrument
civil law system
11. 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
bilateral contract
double jeopardy
stored-value card
12. The act of transferring to another all or part of one's rights arising under a contract.
formal contract
concurrent conditions
limited partner
assignment
13. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.
testate
copyright
parent-subsidiary merger
smart card
14. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
question of law
nuncupative will
dumping
agency
15. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract
incidental damages
stop-payment order
generally accepted accounting principles (GAAP)
robbery
16. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
apparent authority
license
insurance
prima facie case
17. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
nominal damages
commercial impracticability
installment contract
e-evidence
18. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.
tenancy in common
quota
bankruptcy court
discharge
19. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
product liability
acceleration clause
alien corporation
franchisee
20. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued
writ of execution
white-collar crime
agency
third party beneficiary
21. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.
blue sky laws
bequest
mortgagor
product liability
22. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).
export
execution
maker
target corporation
23. The document filed with a designated state official by which a limited liability company is formed.
articles of organization
justiciable controversy
burglary
testate
24. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
private equity capital
reformation
legacy
forbearance
25. A rule of the United States Supreme Court under which the Court will not issue a writ of certiorari unless at least four justices approve of the decision to issue the writ.
obligee
parol evidence rule
rule of four
S corporation
26. A contract that has not as yet been fully performed.
life estate
executory contract
concurrent jurisdiction
U.S. trustee
27. 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
bilateral contract
leasehold estate
course of performance
summary jury trial (SJT)
28. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha
concurrent conditions
property
I-551 Alien Registration Receipt
securities
29. 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.
whistleblowing
comity
prospectus
beyond a reasonable doubt
30. A will written entirely in the signer's handwriting and usually not witnessed.
holographic will
summary jury trial (SJT)
arson
corporation
31. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.
special warranty deed
question of law
dissolution
community property
32. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.
preemptive rights
summons
franchise
collateral promise
33. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
mailbox rule
comity
cyber mark
easement
34. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
market-share liability
summary jury trial (SJT)
dividend
secured transaction
35. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
incidental damages
gift causa mortis
express contract
attachment
36. A law permitting a debtor to retain the family home - either in its entirety or up to a specified dollar amount - free from the claims of unsecured creditors or trustees in bankruptcy.
imposter
homestead exemption
limited liability company (LLC)
business necessity
37. The act of transferring to another all or part of one's duties arising under a contract.
blue laws
delegation of duties
commercial impracticability
utilitarianism
38. In the context of real property - an interest in land that does not include any right to possess the property.
binder
sales contract
express warranty
nonpossessory interest
39. 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.
winding up
check
preferred creditor
categorical imperative
40. 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
winding up
option contract
money laundering
prospectus
41. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
general partner
investment contract
franchise
drawer
42. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
rescission
identification
question of law
Totten trust
43. The power of a government to take land from private citizens for public use on the payment of just compensation.
peer-to-peer (P2P) networking
corporate governance
eminent domain
certificate of deposit (CD)
44. A person on the board of directors who is also an officer of the corporation.
investment company
corporate social responsibility
continuation statement
inside director
45. 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.
promissory estoppel
right of subrogation
parent-subsidiary merger
risk management
46. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.
surety
anticipatory repudiation
motion for a directed verdict
course of dealing
47. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
stale check
nuncupative will
lessee
order for relief
48. A type of limited liability partnership owned by family members or fiduciaries of family members.
mislaid property
stale check
self-defense
family limited liability partnership (FLLP)
49. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
prima facie case
intermediary bank
constructive discharge
levy
50. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
policy
purchase-money security interest (PMSI)
extension clause
patent