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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. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.
diversity of citizenship
fictitious payee
bylaws
course of performance
2. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.
mailbox rule
transfer warranties
writ of execution
debtor in possession (DIP)
3. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
resulting trust
agreement
anticipatory repudiation
franchisee
4. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
writ of execution
tender
secondary boycott
negotiable instrument
5. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
limited partnership
fungible goods
dissolution
international organization
6. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
condition subsequent
deed
dividend
estopped
7. Property with which the owner has voluntarily parted - with no intention of recovering it.
motion for judgment n.o.v.
assignee
abandoned property
right of contribution
8. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the
target corporation
short-form merger
smart card
investment company
9. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.
seasonably
complaint
certificate of deposit (CD)
information return
10. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
federal question
business judgment rule
motion for judgment n.o.v.
justiciable controversy
11. A trademark in cyberspace.
corporation
cyber mark
executory contract
bequest
12. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.
per stirpes
traveler's check
investment contract
license
13. Property that is acquired by the debtor after the execution of a security agreement.
after-acquired property
reformation
arbitration
bankruptcy court
14. A designation in the United States for a corporation formed in another country but doing business in the United States.
self-defense
insider trading
alien corporation
intangible property
15. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
stored-value card
good faith purchaser
will
consolidation
16. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o
franchisee
necessaries
discharge
dissolution
17. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
bond indenture
distributed network
domain name
blue sky laws
18. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th
pass-through entity
financing statement
floating lien
discharge
19. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.
standing to sue
emancipation
judicial review
disparate-impact discrimination
20. A charge by a grand jury that a named person has committed a crime.
articles of incorporation
preference
indictment
bounty payment
21. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
digital cash
condition subsequent
crime
money laundering
22. Evidence that consists of computer-generated or electronically recorded information - including e-mail - voice mail - spreadsheets - word-processing documents - and other data.
double jeopardy
treaty
recording statutes
e-evidence
23. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th
cybernotary
penalty
vicarious liability
tender offer
24. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
discharge
comity
motion for summary judgment
chattel
25. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
holographic will
international organization
order instrument
promise
26. 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.
homestead exemption
offeror
rule of four
mirror image rule
27. A person on the board of directors who is also an officer of the corporation.
acceptance
bequest
inside director
Totten trust
28. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio
closed shop
motion for a new trial
parent-subsidiary merger
correspondent bank
29. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
adverse possession
information
correspondent bank
intestacy laws
30. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
administrator
right of subrogation
liquidated debt
reply
31. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
market-share liability
articles of incorporation
shelter principle
collective mark
32. The geographic district in which a legal action is tried and from which the jury is selected.
deficiency judgment
principle of rights
reaffirmation agreement
venue
33. 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.
nonpossessory interest
watered stock
felony
vicarious liability
34. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
automatic stay
private equity capital
closed shop
burglary
35. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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36. In the context of real property - an interest in land that does not include any right to possess the property.
nonpossessory interest
exclusive jurisdiction
concurrent ownership
bounty payment
37. An employer's termination of an employee's employment in violation of the law.
SEC Rule 10b-5
wrongful discharge
attachment
execution
38. Necessities required for life - such as food - shelter - clothing - and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status.
order instrument
necessaries
arson
charitable trust
39. A person to whom an instrument is made payable.
minimum wage
payee
stock warrant
pleadings
40. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
acceptor
check
lessor
burglary
41. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
due diligence
wrongful discharge
stock certificate
cram-down provision
42. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.
levy
pledge
co-surety
perfection
43. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv
community property
minimum wage
entrustment rule
tender of delivery
44. 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.
usury
dishonor
Federal Reserve System
integrated contract
45. 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.
prima facie case
winding up
per capita
intellectual property
46. One designated in a will to receive a gift of real property.
devisee
voir dire
Statute of Frauds
negotiation
47. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
garnishment
computer crime
bona fide occupational qualification (BFOQ)
categorical imperative
48. 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.'
replevin
course of performance
per stirpes
beyond a reasonable doubt
49. 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.
cyber mark
consolidation
accredited investors
small claims court
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.
bailee
appraisal right
arbitration clause
bond indenture