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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. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
blue laws
sales contract
right of subrogation
fee simple absolute
2. 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.
sale on approval
check
lessee
indictment
3. 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).
principle of rights
impossibility of performance
hacker
docket
4. The goods and services that domestic firms sell to buyers located in other countries.
export
acceptance
order for relief
secured transaction
5. The act of accepting and giving legal force to an obligation that previously was not enforceable.
ratification
firm offer
writ of certiorari
browse-wrap terms
6. Joint ownership.
force majeure clause
concurrent ownership
destination contract
attachment
7. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.
common stock
bilateral contract
replevin
service mark
8. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.
generally accepted accounting principles (GAAP)
assignor
restitution
personal property
9. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
delegatee
tender offer
duress
crime
10. A public official authorized to attest to the authenticity of signatures.
bearer instrument
notary public
consolidation
promisee
11. The relationship that exists between the promisor and the promisee of a contract.
cost-benefit analysis
privity of contract
holder
quorum
12. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.
nuncupative will
equal dignity rule
insurance
negotiation
13. The legal avoidance - or setting aside - of a contractual obligation.
copyright
probate court
disaffirmance
insurable interest
14. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).
continuation statement
document of title
bailee
writ of certiorari
15. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
incidental damages
corporate social responsibility
suretyship
petty offense
16. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.
utilitarianism
limited liability partnership (LLP)
corporation
junior lienholder
17. The basic document filed with a designated state official by which a limited partnership is formed.
trade secret
certificate of limited partnership
defalcation
default judgment
18. 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.
express warranty
secured party
disclosed principal
collective mark
19. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
mortgagee
alien corporation
agreement
privity of contract
20. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
liquidated debt
employment at will
default
pass-through entity
21. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
due diligence
affirmative action
intermediary bank
minimum wage
22. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.
ultra vires
stock certificate
implied warranty of merchantability
automatic stay
23. A person appointed by a testator in a will to see that her or his will is administered appropriately.
mediation
per capita
executor
stored-value card
24. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
forgery
special warranty deed
franchisor
attachment
25. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
distribution agreement
bounty payment
dissolution
sublease
26. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -
exclusionary rule
mislaid property
writ of certiorari
trade name
27. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
taking
intended beneficiary
investment contract
investment company
28. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a
brief
Federal Reserve System
consignment
plea bargaining
29. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
conveyance
correspondent bank
holographic will
accredited investors
30. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.
mitigation of damages
anticipatory repudiation
duress
negotiable instrument
31. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
delegator
signature
garnishment
categorical imperative
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.
franchise
red herring prospectus
legatee
security agreement
33. A person to whom an offer is made.
confusion
offeree
U.S. trustee
generally accepted accounting principles (GAAP)
34. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
certification mark
consumer-debtor
forgery
seasonably
35. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.
seniority system
federal question
fee simple
course of performance
36. 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
nominal damages
probate court
malpractice
arbitration
37. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
limited partner
binder
corporation
defalcation
38. A charge by a grand jury that a named person has committed a crime.
course of dealing
past consideration
insolvent
indictment
39. Property with which the owner has voluntarily parted and then cannot find or recover.
e-signature
implied warranty of merchantability
information
mislaid property
40. A contract having no legal force or binding effect.
lease agreement
property
void contract
objective theory of contracts
41. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.
investment company
express warranty
prenuptial agreement
dissolution
42. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
dumping
continuation statement
winding up
comity
43. 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.
entrustment rule
acceptance
special warranty deed
equal dignity rule
44. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
securities
hot-cargo agreement
preferred stock
plea bargaining
45. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
confiscation
electronic fund transfer (EFT)
arson
constructive trust
46. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only
resulting trust
anticipatory repudiation
tenancy at sufferance
family limited liability partnership (FLLP)
47. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.
business judgment rule
blue laws
risk
proceeds
48. One who promises to pay a fixed amount of money to the holder of a promissory note or a certificate of deposit (CD).
maker
stop-payment order
underwriter
gift
49. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.
counterclaim
inter vivos trust
choice-of-law clause
secondary boycott
50. 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.
dissolution
U.S. trustee
award
arbitration clause