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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. In a given state - a corporation that does business in the state without being incorporated therein.
debtor
garnishment
foreign corporation
cybernotary
2. Any type of written - electronic - or graphic offer that describes the issuing corporation or its securities and includes a legend indicating that the investor can obtain the prospectus at the SEC's Web site.
free-writing prospectus
incidental beneficiary
concurrent ownership
voir dire
3. A worldwide system in which foreign currencies are bought and sold.
foreign exchange market
trust
sole proprietorship
voidable contract
4. A gift of personal property under a will.
writ of certiorari
writ of attachment
legacy
wrongful discharge
5. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.
drawer
per capita
right-to-work law
mortgagee
6. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.
patent
holder
bounty payment
testator
7. 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.
bounty payment
confiscation
complaint
disparate-treatment discrimination
8. An employer's termination of an employee's employment in violation of the law.
wrongful discharge
acceleration clause
grand jury
common stock
9. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
business judgment rule
e-money
security
assignee
10. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
discharge
general partner
whistleblowing
independent contractor
11. 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.
employment discrimination
mailbox rule
nonpossessory interest
minimum wage
12. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
copyright
dissociation
forum-selection clause
respondeat superior
13. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.
trade name
draft
gift inter vivos
lease agreement
14. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
incidental beneficiary
treaty
Federal Reserve System
warranty deed
15. A pleading in which a defendant asserts that the plaintiff's claim fails to state a cause of action (that is - has no basis in law) or that there are other grounds on which a suit should be dismissed. Although the defendant normally is the party requ
plea bargaining
estate in property
domain name
motion to dismiss
16. 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
robbery
novation
intestacy laws
e-evidence
17. One for whose benefit a promise is made in a contract but who is not a party to the contract.
exclusionary rule
third party beneficiary
commingle
tender offer
18. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.
license
franchise
estopped
smart card
19. Any interest in personal property or fixtures that secures payment or performance of an obligation.
condemnation
notary public
estate in property
security interest
20. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
force majeure clause
sale or return
red herring prospectus
indorsement
21. A contract between the issuer of a bond and the bondholder.
bond indenture
quorum
employment at will
insurance
22. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
extension clause
writ of execution
secured party
closed shop
23. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.
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24. 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.
generally accepted auditing standards (GAAS)
consent
maker
securities
25. Procedurally - a plaintiff's response to a defendant's answer.
revocation
unconscionable contract or clause
reply
sales contract
26. The act of transferring to another all or part of one's rights arising under a contract.
default
dissolution
revocation
assignment
27. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
search warrant
sublease
vesting
bilateral mistake
28. 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.
operating agreement
letter of credit
privity of contract
dissolution
29. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
co-surety
assignee
sales contract
incidental damages
30. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
plea bargaining
Totten trust
discovery
incidental damages
31. 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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32. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
legacy
devise
entrapment
docket
33. 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.
fixed-term tenancy
discovery
tangible property
Totten trust
34. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
deposition
unenforceable contract
correspondent bank
payee
35. A written - temporary insurance policy.
exclusionary rule
search warrant
per capita
binder
36. A trust created to protect the beneficiary from spending all the funds to which she or he is entitled. Only a certain portion of the total amount is given to the beneficiary at any one time - and most states prohibit creditors from attaching assets o
recording statutes
consumer-debtor
spendthrift trust
policy
37. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.
power of attorney
e-evidence
charitable trust
course of performance
38. 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.
unreasonably dangerous product
motion for a new trial
replevin
consignment
39. The act of stealing another's identifying information
identity theft
disparate-treatment discrimination
mortgage
executor
40. A contract in which the terms of the agreement are stated in words - oral or written.
binder
negotiation
express contract
joint and several liability
41. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
member
intermediary bank
constructive trust
long arm statute
42. An interest either in a person's life or well-being or in property that is sufficiently substantial that insuring against injury to (or the death of) the person or against damage to the property does not amount to a mere wagering (betting) contract.
minimum wage
insurable interest
bailee
blue laws
43. The first bank to receive a check for payment.
depositary bank
blue laws
disparate-treatment discrimination
liquidation
44. 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.
intestate
collective mark
executor
brief
45. Under Article 9 of the UCC - whatever is received when collateral is sold or otherwise disposed of - such as by exchange.
pleadings
mortgagor
proceeds
self-defense
46. In real property law - the right to enter onto and remove things from the property of another (for example - the right to enter onto a person's land and remove sand and gravel).
profit
appraisal right
warranty deed
payee
47. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
constructive eviction
abandoned property
fee simple absolute
premium
48. Property with which the owner has voluntarily parted and then cannot find or recover.
executor
mislaid property
e-agent
implied warranty of fitness for a particular purpose
49. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
destination contract
international organization
unconscionable contract or clause
whistleblowing
50. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
agreement
release
affirmative action
covenant not to sue