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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. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
parol evidence rule
taking
fixture
due diligence
2. An agreement that creates or provides for a security interest between the debtor and a secured party.
warranty deed
security agreement
prospectus
appraisal right
3. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
sale
entrapment
preemptive rights
arbitration
4. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.
concurrent jurisdiction
acceptance
mortgagee
course of dealing
5. Land and everything attached to it - such as trees and buildings.
real property
assignment
preferred stock
cross-collateralization
6. A person in possession of an instrument payable to bearer or indorsed in blank.
intermediary bank
ratification
bearer
free-writing prospectus
7. A company whose business activity is holding shares in another company.
penalty
holding company
forgery
complaint
8. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
garnishment
consent
sovereign immunity
merchant
9. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.
shareholder's derivative suit
firm offer
justiciable controversy
charitable trust
10. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
digital cash
tenancy at will
counterclaim
presentment warranties
11. A designation in the United States for a corporation formed in another country but doing business in the United States.
certificate of limited partnership
document of title
alien corporation
constructive discharge
12. A person who receives inside information.
firm offer
limited partner
acceptance
tippee
13. A written instrument giving a creditor an interest in (lien on) the debtor's real property as security for payment of a debt.
information
bond indenture
risk management
mortgage
14. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.
dissociation
holder in due course (HDC)
co-surety
testamentary trust
15. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.
insurance
tangible property
joint and several liability
sale
16. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.
rule of four
alternative dispute resolution (ADR)
personal defenses
warranty deed
17. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.
default judgment
insurance
articles of incorporation
reaffirmation agreement
18. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.
general partner
lease agreement
drawee
limited liability limited partnership (LLLP)
19. The bank on which a check is drawn (the drawee bank).
undisclosed principal
payor bank
promise
wrongful discharge
20. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.
trademark
mislaid property
sales contract
good faith purchaser
21. An action to carry into effect the directions in a court decree or judgment.
transfer warranties
alien corporation
execution
ratification
22. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan
unreasonably dangerous product
third party beneficiary
per stirpes
security agreement
23. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
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24. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.
disparate-impact discrimination
workout
takeover
novation
25. A rule under which a court will not receive into evidence the parties' prior negotiations - prior agreements - or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties' written contract.
comity
parol evidence rule
export
ratification
26. 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.
reply
collateral promise
sexual harassment
installment contract
27. 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.
bylaws
rule of four
financing statement
generally accepted auditing standards (GAAS)
28. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
fee simple absolute
articles of partnership
necessaries
homestead exemption
29. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
search warrant
pass-through entity
SEC Rule 10b-5
confiscation
30. The act of transferring to another all or part of one's rights arising under a contract.
assignment
testamentary trust
sales contract
executed contract
31. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
summary jury trial (SJT)
constructive trust
franchisor
negotiable instrument
32. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau
holder in due course (HDC)
dissolution
letter of credit
license
33. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t
prospectus
voidable contract
expropriation
operating agreement
34. 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.
collective mark
cross-collateralization
winding up
underwriter
35. A person on the board of directors who does not hold a management position at the corporation.
unenforceable contract
informal contract
bounty payment
outside director
36. The act of accepting and giving legal force to an obligation that previously was not enforceable.
informal contract
exclusionary rule
cybersquatting
ratification
37. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
cease-and-desist order
devise
stale check
commercial impracticability
38. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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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.
check
lost property
abandoned property
adverse possession
40. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.
forum-selection clause
writ of execution
emancipation
tenancy at will
41. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.
moral minimum
product liability
robbery
default
42. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
online dispute resolution (ODR)
disparate-impact discrimination
motion to dismiss
seasonably
43. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
proxy
nonpossessory interest
bond
cure
44. 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.
intangible property
defalcation
property
international law
45. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
disclosed principal
promissory note
commingle
payee
46. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
sales contract
devise
acceptor
gift causa mortis
47. Any interest in personal property or fixtures that secures payment or performance of an obligation.
security interest
eviction
reaffirmation agreement
sovereign immunity
48. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.
robbery
privity of contract
right of subrogation
self-defense
49. 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
deficiency judgment
order instrument
obligee
plea bargaining
50. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
discovery
constructive delivery
drawer
bilateral mistake