SUBJECTS
|
BROWSE
|
CAREER CENTER
|
POPULAR
|
JOIN
|
LOGIN
Business Skills
|
Soft Skills
|
Basic Literacy
|
Certifications
About
|
Help
|
Privacy
|
Terms
|
Email
Search
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. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
constructive eviction
constructive discharge
piercing the corporate veil
hot-cargo agreement
2. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
probate court
disclosed principal
tariff
crime
3. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
incidental beneficiary
parent-subsidiary merger
performance
implied-in-fact contract
4. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.
Federal Reserve System
assignor
patent
probate
5. 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
chattel
discharge
implied-in-fact contract
bankruptcy court
6. A contract that has been completely performed by both parties.
perfection
executed contract
deposition
homestead exemption
7. 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.
will
long arm statute
sale on approval
incidental damages
8. 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
course of dealing
executor
penalty
disclosed principal
9. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.
cybersquatting
license
binder
cashier's check
10. An action to carry into effect the directions in a court decree or judgment.
adverse possession
limited liability partnership (LLP)
indictment
execution
11. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi
nonpossessory interest
eminent domain
utilitarianism
mutual fund
12. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
surety
agreement
administrator
stored-value card
13. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part
consignment
right-to-work law
nonpossessory interest
domain name
14. An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.
shareholder's derivative suit
per capita
delegatee
output contract
15. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.
third party beneficiary
concurrent jurisdiction
click-on agreement
federal question
16. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.
appraisal right
payor bank
lessor
summons
17. The geographic district in which a legal action is tried and from which the jury is selected.
sale or return
venue
certified check
distributed network
18. 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.
payee
good faith purchaser
collective mark
collateral promise
19. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.
presentment warranties
debtor
close corporation
after-acquired property
20. A contract or clause that is void on the basis of public policy because one party - as a result of disproportionate bargaining power - is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party.
articles of incorporation
smart card
unconscionable contract or clause
condition precedent
21. 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.
trust
liquidated damages
general partner
small claims court
22. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.
limited liability partnership (LLP)
property
corporate governance
cease-and-desist order
23. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
motion to dismiss
gift inter vivos
wrongful discharge
limited liability limited partnership (LLLP)
24. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
foreign exchange market
intended beneficiary
record
corporation
25. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
consequential damages
easement
limited liability company (LLC)
moral minimum
26. 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.
periodic tenancy
risk
bailee
continuation statement
27. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
attachment
limited liability company (LLC)
member
mailbox rule
28. 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.
order instrument
cram-down provision
beyond a reasonable doubt
family limited liability partnership (FLLP)
29. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
hacker
void contract
binder
long arm statute
30. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
consideration
adhesion contract
fictitious payee
revocation
31. The act of transferring to another all or part of one's duties arising under a contract.
tippee
lease agreement
delegation of duties
duress
32. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
sales contract
question of fact
assignor
secondary boycott
33. A crime
felony
actus reus
tangible property
cyber mark
34. Ownership rights in property - including the right to possess and control the property.
e-agent
tangible property
installment contract
dominion
35. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
blue sky laws
investment company
bona fide occupational qualification (BFOQ)
unconscionable contract or clause
36. A person on the board of directors who is also an officer of the corporation.
international organization
justiciable controversy
usage of trade
inside director
37. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
trade secret
diversity of citizenship
restitution
dividend
38. Having left a will at death.
international law
purchase-money security interest (PMSI)
testate
winding up
39. Procedurally - a defendant's response to the plaintiff's complaint.
unilateral contract
right of reimbursement
answer
limited partner
40. Property with which the owner has voluntarily parted - with no intention of recovering it.
tenancy by the entirety
abandoned property
adhesion contract
debtor
41. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
investment company
answer
will
risk management
42. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
private equity capital
target corporation
conforming goods
levy
43. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s
e-evidence
foreign corporation
joint and several liability
mechanic's lien
44. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
execution
cyberterrorist
takeover
question of law
45. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib
stored-value card
limited partner
constructive discharge
restitution
46. 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.
prenuptial agreement
motion for a new trial
integrated contract
entrapment
47. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
Warning
: Invalid argument supplied for foreach() in
/var/www/html/basicversity.com/show_quiz.php
on line
183
48. 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
fixture
novation
identification
franchise
49. The term used to designate a person who has an ownership interest in a limited liability company.
member
question of fact
dishonor
e-evidence
50. 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.
notary public
check
justiciable controversy
agreement