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Test your basic knowledge |
Business Law Fundamentals
Start Test
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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. 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.
arbitration clause
legatee
shipment contract
collateral promise
2. The number of members of a decision-making body that must be present before business may be transacted.
hot-cargo agreement
holder in due course (HDC)
petition in bankruptcy
quorum
3. The first bank to receive a check for payment.
depositary bank
sales contract
bailor
duress
4. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
sovereign immunity
bilateral contract
dumping
merger
5. The passing of title to property from the seller to the buyer for a price.
implied warranty of habitability
sale
short-form merger
obligee
6. A contract or clause that is void on the basis of public policy because one party - as a result of disproportionate bargaining power - is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party.
unconscionable contract or clause
discovery
identity theft
SEC Rule 10b-5
7. 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.
check
restitution
usury
junior lienholder
8. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
lien
small claims court
limited liability company (LLC)
union shop
9. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately
gift
summary jury trial (SJT)
draft
garnishment
10. A thing that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.
order instrument
fixture
Federal Reserve System
backdating
11. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
nonpossessory interest
judicial review
reformation
unilateral mistake
12. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
right of subrogation
will
probate court
stock certificate
13. The process of resolving a dispute through the court system.
probable cause
litigation
implied warranty
operating agreement
14. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
depositary bank
nonpossessory interest
distributed network
transfer warranties
15. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
proceeds
ethical reasoning
extension clause
counterclaim
16. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
delegation of duties
mailbox rule
mirror image rule
periodic tenancy
17. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
cure
liquidated damages
intermediary bank
artisan's lien
18. The act of accepting and giving legal force to an obligation that previously was not enforceable.
estate in property
member
ratification
warranty deed
19. A rule of the Securities and Exchange Commission that makes it unlawful - in connection with the purchase or sale of any security - to make any untrue statement of a material fact or to omit a material fact if such omission causes the statement to be
fiduciary
constructive discharge
SEC Rule 10b-5
property
20. A person who receives inside information.
deposition
co-surety
tippee
insurable interest
21. 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.
union shop
robbery
bounty payment
disaffirmance
22. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
nominal damages
voidable contract
condition
tippee
23. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.
unenforceable contract
cybersquatting
limited liability limited partnership (LLLP)
tenancy at will
24. A check drawn by a bank on itself.
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25. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
stock certificate
justiciable controversy
prospectus
consequential damages
26. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.
motion for a directed verdict
obligor
homestead exemption
order instrument
27. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody
e-contract
categorical imperative
bequest
consequential damages
28. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.
comity
maker
U.S. trustee
homestead exemption
29. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
secured party
rule of four
consent
delegator
30. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.
codicil
garnishment
Totten trust
normal trade relations (NTR) status
31. 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.
cram-down provision
disparate-impact discrimination
cyber crime
appraisal right
32. A valid contract rendered unenforceable by some statute or law.
unenforceable contract
minimum wage
performance
indorsement
33. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
corporation
confiscation
writ of certiorari
tenancy at sufferance
34. A promise or commitment to perform or refrain from performing some specified act in the future.
seasonably
offer
e-money
motion for judgment on the pleadings
35. A trademark in cyberspace.
cyber mark
respondeat superior
shelter principle
alien corporation
36. 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.
prenuptial agreement
right of contribution
hot-cargo agreement
actus reus
37. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
workout
intermediary bank
takeover
shelter principle
38. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.
intestacy laws
mortgage
corporate social responsibility
blue sky laws
39. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
constructive discharge
mislaid property
frustration of purpose
bailee
40. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
white-collar crime
quasi contract
real property
agreement
41. Having left a will at death.
after-acquired property
testate
binder
summary jury trial (SJT)
42. 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
prospectus
levy
Regulation E
risk management
43. 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.
automatic stay
family limited liability partnership (FLLP)
artisan's lien
after-acquired property
44. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'
generally accepted accounting principles (GAAP)
beyond a reasonable doubt
ultra vires
wrongful discharge
45. Standards concerning an auditor's professional qualities and the judgment exercised by him or her in the performance of an audit and report. The source of the standards is the American Institute of Certified Public Accountants.
proceeds
constructive trust
generally accepted auditing standards (GAAS)
motion to dismiss
46. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.
expropriation
utilitarianism
SEC Rule 10b-5
suretyship
47. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.
mediation
member
periodic tenancy
letter of credit
48. A union's refusal to work for - purchase from - or handle the products of a secondary employer - with whom the union has no dispute - in order to force that employer to stop doing business with the primary employer - with whom the union has a labor d
secondary boycott
voir dire
blue sky laws
articles of organization
49. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.
seasonably
fiduciary
insider trading
lease
50. A contract that does not require a specified form or formality to be valid.
domain name
will substitutes
right of subrogation
informal contract
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