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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 system of law derived from that of the Roman Empire and based on a code rather than case law; the predominant system of law in the nations of continental Europe and the nations that were once their colonies.
civil law system
jurisdiction
bearer
certificate of limited partnership
2. 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
motion for judgment n.o.v.
SEC Rule 10b-5
dishonor
life estate
3. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
automatic stay
dissociation
penalty
partnering agreement
4. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.
accession
Statute of Frauds
product liability
search warrant
5. The law that governs relations among nations. National laws - customs - treaties - and international conferences and organizations are generally considered to be the most important sources of international law.
bilateral mistake
cram-down provision
winding up
international law
6. 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.
ultra vires
devisee
tangible property
presentment
7. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
bona fide occupational qualification (BFOQ)
frustration of purpose
identification
bailee
8. An estate in realty held by a tenant under a lease. In every leasehold estate - the tenant has a qualified right to possess and/or use the land.
leasehold estate
protected class
right of reimbursement
security agreement
9. An employer's termination of an employee's employment in violation of the law.
right-to-work law
forgery
risk
wrongful discharge
10. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
small claims court
tenancy at will
docket
replevin
11. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
consequential damages
presentment warranties
void contract
e-signature
12. The act of accepting and giving legal force to an obligation that previously was not enforceable.
ratification
bailee
intended beneficiary
security
13. Moral principles and values applied to social behavior.
moral minimum
ultra vires
free-writing prospectus
ethics
14. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
mitigation of damages
cost-benefit analysis
insurable interest
alternative dispute resolution (ADR)
15. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
will substitutes
U.S. trustee
surety
franchisor
16. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.
product liability
agency
intestate
tombstone ad
17. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha
insider trading
profit
joint and several liability
I-551 Alien Registration Receipt
18. A designation in the United States for a corporation formed in another country but doing business in the United States.
rescission
delegator
condition subsequent
alien corporation
19. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
burglary
insider trading
reply
franchisee
20. In a limited liability company - an agreement in which the members set forth the details of how the business will be managed and operated. State statutes typically give the members wide latitude in deciding for themselves the rules that will govern t
identity theft
piercing the corporate veil
expropriation
operating agreement
21. 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.
eminent domain
disparate-treatment discrimination
restitution
incidental beneficiary
22. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.
testate
execution
proxy
traveler's check
23. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.
member
accredited investors
sale on approval
tenancy in common
24. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
clearinghouse
deficiency judgment
workers' compensation laws
devisee
25. A charge by a grand jury that a named person has committed a crime.
motion for a new trial
tender
tariff
indictment
26. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.
lessor
diversity of citizenship
embezzlement
collateral promise
27. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
cashier's check
installment contract
fee simple absolute
contractual capacity
28. A person to whom an instrument is made payable.
working papers
easement
discovery
payee
29. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).
independent contractor
deed
trust
security
30. A worldwide system in which foreign currencies are bought and sold.
seasonably
foreign exchange market
revocation
voidable contract
31. Any voluntary transfer of property made without consideration - past or present.
gift
limited partnership
correspondent bank
consumer-debtor
32. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
devisee
watered stock
e-signature
minimum wage
33. A certificate that evidences a corporate (or government) debt. It is a security that involves no ownership interest in the issuing entity.
bond
good faith purchaser
warranty deed
generally accepted auditing standards (GAAS)
34. 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
preferred stock
small claims court
utilitarianism
presentment warranties
35. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.
click-on agreement
past consideration
unilateral mistake
market-share liability
36. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -
codicil
exclusionary rule
joint and several liability
rescission
37. The passing of title to property from the seller to the buyer for a price.
sale
red herring prospectus
close corporation
mortgagor
38. A joint surety; a person who assumes liability jointly with another surety for the payment of an obligation.
venue
franchisor
tombstone ad
co-surety
39. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.
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40. Knowledge by the misrepresenting party that material facts have been falsely represented or omitted with an intent to deceive.
condition
shipment contract
scienter
specific performance
41. 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.
justiciable controversy
comity
collateral
gift causa mortis
42. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.
good faith purchaser
seasonably
executor
trade secret
43. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
condemnation
agency
financing statement
attachment
44. A defense to allegations of employment discrimination in which the employer demonstrates that an employment practice that discriminates against members of a protected class is related to job performance.
bylaws
business necessity
general partner
motion for judgment on the pleadings
45. A provision in a contract stipulating that certain unforeseen events
personal property
force majeure clause
presentment
employment discrimination
46. 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.
negotiation
rule of four
attachment
unconscionable contract or clause
47. An action to carry into effect the directions in a court decree or judgment.
impossibility of performance
stock warrant
articles of partnership
execution
48. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
overdraft
identification
Totten trust
check
49. 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.
lease
insider trading
suretyship
free-writing prospectus
50. 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
short-form merger
sublease
community property
articles of organization