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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 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
affirmative action
community property
unreasonably dangerous product
2. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
comity
e-agent
fiduciary
implied-in-fact contract
3. 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.
emancipation
incidental beneficiary
correspondent bank
privity of contract
4. The acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -
mailbox rule
perfection
incidental beneficiary
adverse possession
5. Procedurally - a plaintiff's response to a defendant's answer.
promissory estoppel
reply
alienation
articles of incorporation
6. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
self-defense
alien corporation
disparate-impact discrimination
minimum wage
7. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.
corporate social responsibility
bond indenture
acceleration clause
option contract
8. In a given state - a corporation that does business in - and is organized under the law of - that state.
traveler's check
sexual harassment
domestic corporation
unenforceable contract
9. 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
investment contract
trade name
choice-of-law clause
sovereign immunity
10. State laws that regulate the offering and sale of securities.
blue sky laws
peer-to-peer (P2P) networking
express warranty
pledge
11. 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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12. A check drawn by a bank on itself.
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13. 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
junior lienholder
insolvent
testate
tariff
14. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.
affirmative action
bylaws
discharge
information
15. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
objective theory of contracts
alternative dispute resolution (ADR)
counteroffer
scienter
16. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the
testamentary trust
trademark
commercial impracticability
moral minimum
17. 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.
venue
utilitarianism
consequential damages
intangible property
18. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.
parent-subsidiary merger
conveyance
guarantor
after-acquired property
19. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
embezzlement
firm offer
cyberterrorist
financing statement
20. The first bank to receive a check for payment.
blue sky laws
depositary bank
liquidated damages
disparate-impact discrimination
21. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
peer-to-peer (P2P) networking
exclusive distributorship
computer crime
estate in property
22. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
obligor
entrapment
universal defenses
implied warranty of fitness for a particular purpose
23. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.
cyber mark
condition precedent
act of state doctrine
periodic tenancy
24. 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
delegatee
sale
dissolution
I-551 Alien Registration Receipt
25. A doctrine under which a party may be excused from performing a contract when (1) a contingency occurs - (2) the contingency's occurrence makes performance impracticable - and (3) the nonoccurrence of the contingency was a basic assumption on which t
consolidation
community property
commercial impracticability
mortgagor
26. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.
shrink-wrap agreement
summary jury trial (SJT)
special warranty deed
writ of attachment
27. 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.
tenancy at sufferance
accord and satisfaction
prenuptial agreement
probable cause
28. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
copyright
stock warrant
bona fide occupational qualification (BFOQ)
money laundering
29. 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
exclusionary rule
retained earnings
stock options
30. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
click-on agreement
signature
bilateral mistake
distribution agreement
31. 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.
bond
respondeat superior
shelter principle
small claims court
32. One to whom goods are entrusted by a bailor.
bailee
mechanic's lien
I-551 Alien Registration Receipt
bailor
33. 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.
tenancy at will
predominant-factor test
sexual harassment
forbearance
34. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours
entrustment rule
easement
Statute of Frauds
bailee
35. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p
disparate-impact discrimination
presentment warranties
S corporation
sale on approval
36. Generally - the value given in return for a promise; involves two elements
sole proprietorship
continuation statement
impossibility of performance
consideration
37. 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
motion for a new trial
summary jury trial (SJT)
stock certificate
creditors' composition agreement
38. The act of transferring to another all or part of one's rights arising under a contract.
outside director
reaffirmation agreement
certification mark
assignment
39. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
underwriter
conforming goods
premium
bond
40. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
choice-of-law clause
insider trading
crime
tenancy at will
41. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
easement
sole proprietorship
articles of partnership
secondary boycott
42. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).
ethics
insider trading
trust
respondeat superior
43. The process of proving and validating a will and settling all matters pertaining to an estate.
probate
intended beneficiary
attachment
holographic will
44. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
electronic fund transfer (EFT)
lessor
cure
debtor in possession (DIP)
45. 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.
online dispute resolution (ODR)
liquidated debt
vicarious liability
award
46. A certificate that evidences a corporate (or government) debt. It is a security that involves no ownership interest in the issuing entity.
bond
wrongful discharge
arson
replevin
47. A contract having no legal force or binding effect.
sexual harassment
warranty deed
past consideration
void contract
48. 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
execution
limited partnership
export
devise
49. 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.
browse-wrap terms
sale on approval
charitable trust
equal dignity rule
50. Within a specified time period or - if no period is specified - within a reasonable time.
search warrant
bona fide occupational qualification (BFOQ)
perfection
seasonably