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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. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
assignment
tenancy in common
default
stale check
2. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.
personal defenses
consideration
sexual harassment
tenancy in common
3. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
condition
signature
disclosed principal
debtor
4. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
premium
e-signature
Statute of Frauds
cyber crime
5. Within a specified time period or - if no period is specified - within a reasonable time.
seasonably
destination contract
fiduciary
watered stock
6. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
counteroffer
brief
smart card
distribution agreement
7. A party to whom the rights under a contract are transferred - or assigned.
delegation of duties
assignee
legacy
assignment
8. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means
arson
limited partnership
check
information
9. 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
deficiency judgment
tenancy by the entirety
leasehold estate
10. Property with which the owner has voluntarily parted and then cannot find or recover.
undisclosed principal
counteroffer
mislaid property
motion for a new trial
11. Goods that conform to contract specifications.
consideration
conforming goods
tippee
exclusionary rule
12. 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
offer
risk management
forum-selection clause
Totten trust
13. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.
shipment contract
forgery
negotiation
implied-in-fact contract
14. 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).
business necessity
impossibility of performance
standing to sue
dominion
15. 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
entrapment
limited partnership
testamentary trust
attachment
16. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop
Federal Reserve System
estate in property
holographic will
consumer-debtor
17. 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).
browse-wrap terms
intangible property
frustration of purpose
quitclaim deed
18. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
promisee
concurrent ownership
incidental beneficiary
fungible goods
19. 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
probate court
document of title
cover
policy
20. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
cease-and-desist order
exculpatory clause
cram-down provision
disparate-treatment discrimination
21. 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
conveyance
shrink-wrap agreement
interrogatories
apparent authority
22. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
frustration of purpose
deficiency judgment
categorical imperative
answer
23. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.
stock
junior lienholder
sale or return
assignor
24. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.
extension clause
certificate of deposit (CD)
e-contract
preference
25. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
digital cash
motion for summary judgment
lost property
continuation statement
26. 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.
certified check
fiduciary
foreign corporation
rescission
27. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.
joint and several liability
lien
protected class
stale check
28. 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
operating agreement
discharge
mortgage
expropriation
29. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
cease-and-desist order
secondary boycott
smart card
premium
30. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.
past consideration
money laundering
summary jury trial (SJT)
pledge
31. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
clearinghouse
anticipatory repudiation
recording statutes
vicarious liability
32. 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.
counteroffer
sale on approval
motion for judgment n.o.v.
probate court
33. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.
larceny
eminent domain
imposter
conforming goods
34. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
general partner
alienation
fee simple absolute
performance
35. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
joint and several liability
forbearance
presentment warranties
intermediary bank
36. 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.
foreign corporation
sale
financing statement
I-9 verification
37. A crime
course of performance
offeror
joint tenancy
felony
38. A check - other than a certified check - that is presented for payment more than six months after its date.
voir dire
payee
breach of contract
stale check
39. 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.
normal trade relations (NTR) status
installment contract
charitable trust
deposition
40. The process of taking private property for public use through the government's power of eminent domain.
dishonor
gift inter vivos
condemnation
national law
41. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.
international law
merchant
inside director
gift inter vivos
42. Property that is movable; any property that is not real property.
dissociation
cease-and-desist order
apparent authority
personal property
43. One who entrusts goods to a bailee.
due diligence
valid contract
bailor
e-signature
44. The seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation.
expropriation
appraisal right
performance
crime
45. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
order instrument
investment company
breach of contract
sole proprietorship
46. The term used to designate a person who has an ownership interest in a limited liability company.
liquidated debt
collective mark
partnering agreement
member
47. 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
destination contract
petition in bankruptcy
venue
order instrument
48. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.
execution
cover
sale or return
integrated contract
49. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.
generally accepted accounting principles (GAAP)
standing to sue
smart card
intended beneficiary
50. The passing of title to property from the seller to the buyer for a price.
real property
sale
life estate
piercing the corporate veil