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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 list of cases entered on a court's calendar and thus scheduled to be heard by the court.
docket
traveler's check
check
valid contract
2. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
executed contract
partially disclosed principal
contractual capacity
cover
3. An agreement that creates or provides for a security interest between the debtor and a secured party.
lost property
categorical imperative
intellectual property
security agreement
4. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.
junior lienholder
arbitration
payee
limited liability limited partnership (LLLP)
5. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
sovereign immunity
pledge
shelter principle
right of subrogation
6. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
exclusive distributorship
consignment
mediation
whistleblowing
7. Implied warranties - made by any person who transfers an instrument for consideration to subsequent transferees and holders who take the instrument in good faith - that (1) the transferor is entitled to enforce the instrument; (2) all signatures are
transfer warranties
trade name
intended beneficiary
pledge
8. A public official authorized to attest to the authenticity of signatures.
consideration
execution
notary public
venture capital
9. Joint ownership.
concurrent ownership
insurance
per stirpes
condition subsequent
10. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
identification
trust
general partner
intended beneficiary
11. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
attachment
spendthrift trust
past consideration
diversity of citizenship
12. 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.
winding up
debtor
accession
mortgagee
13. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
alien corporation
offeror
motion for a new trial
summons
14. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
pleadings
partially disclosed principal
constructive discharge
quitclaim deed
15. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
tender of delivery
scienter
valid contract
binder
16. A person who makes a promise.
voir dire
promisor
small claims court
quitclaim deed
17. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
depositary bank
investment contract
conveyance
proceeds
18. A written - temporary insurance policy.
levy
binder
bond
Federal Reserve System
19. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.
information
inside director
payor bank
international organization
20. Charging an illegal rate of interest.
implied warranty of merchantability
unconscionable contract or clause
force majeure clause
usury
21. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.
accredited investors
merger
summons
secondary boycott
22. One to whom goods are entrusted by a bailor.
bailee
tombstone ad
eminent domain
workers' compensation laws
23. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
license
dividend
tangible employment action
identification
24. 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.
SEC Rule 10b-5
fee simple
sexual harassment
felony
25. 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
estate in property
dishonor
nonpossessory interest
notary public
26. A writ from a higher court asking the lower court for the record of a case.
writ of certiorari
risk
co-surety
promise
27. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
discharge
disparate-impact discrimination
stored-value card
security
28. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.
payor bank
ratification
trade dress
service mark
29. A person on the board of directors who is also an officer of the corporation.
employment at will
general partner
inside director
personal defenses
30. Latin for 'let the master respond.' A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.
respondeat superior
duress
motion for a directed verdict
fixed-term tenancy
31. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of
imposter
presentment
tippee
unreasonably dangerous product
32. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
dumping
collateral promise
negotiation
vesting
33. The term used to designate a person who has an ownership interest in a limited liability company.
member
bequest
special warranty deed
insider trading
34. A principal whose identity is unknown by a third person - and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract.
parent-subsidiary merger
disaffirmance
undisclosed principal
profit
35. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
mutual fund
assignor
articles of incorporation
copyright
36. An agreement whose terms are expressed in a document located inside a box in which goods (usually software) are packaged; sometimes called a shrink-wrap license.
winding up
bailee
tenancy by the entirety
shrink-wrap agreement
37. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
dividend
shrink-wrap agreement
hot-cargo agreement
past consideration
38. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
universal defenses
distribution agreement
choice-of-law clause
condemnation
39. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
taking
dumping
writ of execution
maker
40. The passing of title to property from the seller to the buyer for a price.
bounty payment
outside director
bearer
sale
41. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
copyright
contract
seasonably
offeror
42. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.
necessaries
acceleration clause
union shop
lessee
43. A state statute under which certain types of contracts must be in writing to be enforceable.
Statute of Frauds
domain name
franchisor
restitution
44. Law that pertains to a particular nation (as opposed to international law).
equal dignity rule
national law
trade name
writ of attachment
45. The act of accepting and giving legal force to an obligation that previously was not enforceable.
e-evidence
consequential damages
reaffirmation agreement
ratification
46. 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
delegatee
plea bargaining
sublease
stock
47. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
junior lienholder
parent-subsidiary merger
target corporation
vicarious liability
48. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.
merger
smart card
cram-down provision
litigation
49. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).
nonpossessory interest
investment company
necessaries
alienation
50. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
will substitutes
larceny
rule of four
I-551 Alien Registration Receipt