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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 resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
anticipatory repudiation
debtor
alternative dispute resolution (ADR)
unilateral contract
2. Property with which the owner has voluntarily parted - with no intention of recovering it.
question of law
deficiency judgment
abandoned property
merger
3. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
junior lienholder
intellectual property
artisan's lien
limited liability limited partnership (LLLP)
4. 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
overdraft
nuncupative will
fee simple
prima facie case
5. 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 -
nuncupative will
offeree
third party beneficiary
exclusionary rule
6. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
piercing the corporate veil
scienter
sales contract
mitigation of damages
7. A person in possession of an instrument payable to bearer or indorsed in blank.
bearer
blue sky laws
smart card
stored-value card
8. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
premium
identification
articles of organization
executor
9. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
embezzlement
risk management
premium
independent contractor
10. Information or processes that give a business an advantage over competitors that do not know the information or processes.
incidental beneficiary
order for relief
trade secret
easement
11. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
execution
corporation
probate
close corporation
12. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
homestead exemption
forgery
information
negotiation
13. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.
life estate
acceleration clause
eminent domain
draft
14. A check - other than a certified check - that is presented for payment more than six months after its date.
past consideration
civil law system
stale check
cross-collateralization
15. 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
implied-in-fact contract
consumer-debtor
whistleblowing
16. 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.
mediation
debtor
gift
consolidation
17. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
docket
securities
bond indenture
perfection
18. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with
fungible goods
incidental beneficiary
tariff
generally accepted auditing standards (GAAS)
19. A trust that is created by will and therefore does not take effect until the death of the testator.
testamentary trust
red herring prospectus
unilateral contract
insurable interest
20. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
actus reus
treaty
after-acquired property
stale check
21. An agreement that creates or provides for a security interest between the debtor and a secured party.
universal defenses
free-writing prospectus
security agreement
cyberterrorist
22. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
burglary
attachment
void contract
contract
23. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.
void contract
judicial review
mitigation of damages
abandoned property
24. 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.
U.S. trustee
integrated contract
void contract
motion to dismiss
25. A person on the board of directors who is also an officer of the corporation.
independent contractor
burglary
per stirpes
inside director
26. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.
periodic tenancy
tenancy at will
anticipatory repudiation
will substitutes
27. A system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.
conveyance
holder
civil law system
emancipation
28. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.
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29. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo
conforming goods
security agreement
equal dignity rule
tangible employment action
30. The substitution - by agreement - of a new contract for an old one - with the rights under the old one being terminated. Typically - novation involves the substitution of a new person who is responsible for the contract and the removal of the origina
moral minimum
novation
e-signature
conveyance
31. A tax on imported goods.
intangible property
counteroffer
tariff
grand jury
32. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.
incidental damages
lease
reaffirmation agreement
interrogatories
33. 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.
course of performance
past consideration
information
mortgage
34. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
inter vivos trust
garnishment
holder in due course (HDC)
intended beneficiary
35. 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.
dishonor
ratification
vesting
will
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.
prima facie case
executor
lessor
I-9 verification
37. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.
periodic tenancy
dividend
unilateral mistake
foreign exchange market
38. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t
gift causa mortis
prospectus
counteroffer
collecting bank
39. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.
rescission
indorsement
securities
identification
40. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
trade secret
gift inter vivos
robbery
adhesion contract
41. 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
bearer instrument
holder in due course (HDC)
commingle
holding company
42. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
imposter
implied warranty of merchantability
objective theory of contracts
universal defenses
43. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm
perfection
after-acquired property
accredited investors
promisee
44. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
browse-wrap terms
sale
signature
workout
45. Joint ownership.
consignment
mortgagee
concurrent ownership
winding up
46. A document by which title to property (usually real property) is passed.
bailee
dissociation
limited liability company (LLC)
deed
47. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.
cross-collateralization
quota
insider trading
generally accepted accounting principles (GAAP)
48. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
partnering agreement
unconscionable contract or clause
identity theft
firm offer
49. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
intermediary bank
e-money
cyberterrorist
petty offense
50. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t
trade name
payee
levy
copyright
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