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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 regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.
emancipation
rule of four
trade name
writ of attachment
2. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
forgery
tangible property
stored-value card
motion for judgment on the pleadings
3. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.
risk management
levy
certificate of deposit (CD)
incidental damages
4. A state statute under which certain types of contracts must be in writing to be enforceable.
Statute of Frauds
unreasonably dangerous product
notary public
necessaries
5. 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
administrator
interrogatories
trade name
reformation
6. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.
watered stock
contract
taking
e-contract
7. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.
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8. 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.
necessaries
electronic fund transfer (EFT)
pleadings
executed contract
9. A deed in which the grantor warrants only that the grantor or seller held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.
limited partnership
general partner
special warranty deed
intangible property
10. The testimony of a party to a lawsuit or a witness taken under oath before a trial.
arbitration clause
deposition
interrogatories
e-contract
11. A written agreement that sets forth each partner's rights and obligations with respect to the partnership.
articles of partnership
computer crime
indictment
dissolution
12. The sale of all of the nonexempt assets of a debtor and the distribution of the proceeds to the debtor's creditors. Chapter 7 of the Bankruptcy Code provides for liquidation bankruptcy proceedings.
liquidation
specific performance
lien
investment company
13. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
partially disclosed principal
nuncupative will
self-incrimination
federal question
14. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
fee simple absolute
conforming goods
bylaws
third party beneficiary
15. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.
sale on approval
lost property
disparate-treatment discrimination
levy
16. Having left a will at death.
condition subsequent
discovery
testate
counterclaim
17. One designated in a will to receive a gift of real property.
working papers
backdating
bounty payment
devisee
18. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).
international organization
probable cause
impossibility of performance
shareholder's derivative suit
19. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.
motion for judgment n.o.v.
debtor
specific performance
respondeat superior
20. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
emancipation
mens rea
performance
legatee
21. The process of resolving a dispute through the court system.
agreement
check
copyright
litigation
22. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.
ratification
course of dealing
petition in bankruptcy
corporate governance
23. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
concurrent jurisdiction
mechanic's lien
international organization
alternative dispute resolution (ADR)
24. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
offeror
constructive eviction
disclosed principal
blue laws
25. 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
purchase-money security interest (PMSI)
search warrant
tender of delivery
motion for judgment on the pleadings
26. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
stale check
private equity capital
actus reus
signature
27. 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
holder in due course (HDC)
mortgagor
beyond a reasonable doubt
smart card
28. A contract in which one party forfeits the right to pursue a legal claim against the other party.
traveler's check
release
integrated contract
mutual fund
29. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha
venue
cashier's check
insurable interest
negotiation
30. A contract that is formed electronically.
unilateral mistake
forbearance
periodic tenancy
e-contract
31. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil
voidable contract
S corporation
implied warranty of fitness for a particular purpose
writ of certiorari
32. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
concurrent jurisdiction
treaty
bona fide occupational qualification (BFOQ)
stored-value card
33. A contract under which the offeror cannot revoke the offer for a stipulated time period. During this period - the offeree can accept or reject the offer without fear that the offer will be made to another person. The offeree must give consideration f
mortgage
option contract
preferred creditor
offeror
34. 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.
charitable trust
estopped
international organization
administrator
35. 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.
estate in property
money laundering
free-writing prospectus
petty offense
36. 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
joint tenancy
parent-subsidiary merger
Totten trust
unilateral contract
37. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
unconscionable contract or clause
probate
secured party
partially disclosed principal
38. Land and everything attached to it - such as trees and buildings.
real property
ethics
power of attorney
Federal Reserve System
39. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
certificate of limited partnership
cease-and-desist order
distributed network
whistleblowing
40. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
rescission
consequential damages
mailbox rule
Regulation E
41. A promise or commitment to perform or refrain from performing some specified act in the future.
offer
reaffirmation agreement
covenant not to compete
stored-value card
42. A person on the board of directors who does not hold a management position at the corporation.
execution
co-surety
whistleblowing
outside director
43. 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.
proxy
restitution
accord and satisfaction
sovereign immunity
44. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.
risk management
respondeat superior
intangible property
bailee
45. A motion by either party to a lawsuit at the close of the pleadings requesting the court to decide the issue solely on the pleadings without proceeding to trial. The motion will be granted only if no facts are in dispute.
indictment
risk
motion for judgment on the pleadings
offeree
46. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201
whistleblowing
property
offer
insolvent
47. 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.
stock
dividend
incidental beneficiary
adhesion contract
48. The creation of an absolute or unconditional right or power.
tangible property
preemptive rights
risk
vesting
49. A landlord's act of depriving a tenant of possession of the leased premises.
disaffirmance
eviction
family limited liability partnership (FLLP)
discharge
50. A person who makes an offer.
requirements contract
Statute of Frauds
cybernotary
offeror