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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 contract that is formed electronically.
actus reus
principle of rights
e-contract
partially disclosed principal
2. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop
estate in property
disaffirmance
incidental damages
entrustment rule
3. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
easement
sales contract
corporation
quitclaim deed
4. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea
bankruptcy court
consequential damages
alien corporation
entrustment rule
5. 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.
mailbox rule
co-surety
docket
attachment
6. 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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7. A test courts use to determine whether a contract is primarily for the sale of goods or for the sale of services.
predominant-factor test
depositary bank
merger
union shop
8. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.
private equity capital
shelter principle
inside director
collateral
9. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.
overdraft
arbitration clause
delegation of duties
ultra vires
10. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
continuation statement
corporate governance
premium
market-share liability
11. 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.
anticipatory repudiation
garnishment
acceleration clause
emancipation
12. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
minimum wage
short-form merger
protected class
prenuptial agreement
13. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
stock warrant
categorical imperative
intended beneficiary
shareholder's derivative suit
14. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.
certificate of deposit (CD)
performance
taking
choice-of-language clause
15. One to whom an obligation is owed.
obligee
standing to sue
quitclaim deed
investment company
16. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
affirmative action
offeree
surety
piercing the corporate veil
17. 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
domain name
vicarious liability
unilateral contract
pass-through entity
18. The number of members of a decision-making body that must be present before business may be transacted.
bailee
quorum
forgery
market-share liability
19. 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.'
e-signature
past consideration
notary public
collateral
20. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.
venture capital
valid contract
treaty
life estate
21. The act of transferring to another all or part of one's rights arising under a contract.
information return
assignment
constructive eviction
close corporation
22. In a given state - a corporation that does business in - and is organized under the law of - that state.
performance
right of subrogation
domestic corporation
perfection
23. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
motion to dismiss
secured party
installment contract
money laundering
24. A person in possession of an instrument payable to bearer or indorsed in blank.
mutual fund
bearer
petition in bankruptcy
spendthrift trust
25. A question that pertains to the U.S. Constitution - acts of Congress - or treaties. A federal question provides a basis for federal jurisdiction.
mislaid property
cybersquatting
drawer
federal question
26. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.
agency
standing to sue
short-form merger
larceny
27. Authority that is only apparent - not real. In agency law - a person may be deemed to have had the power to act as an agent for another party if the other party's manifestations to a third party led the third party to believe that an agency existed w
defalcation
apparent authority
consent
reaffirmation agreement
28. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
copyright
document of title
obligee
digital cash
29. 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).
premium
penalty
continuation statement
impossibility of performance
30. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
whistleblowing
preference
counterclaim
underwriter
31. A judgment entered by a court against a defendant who has failed to appear in court to answer or defend against the plaintiff's claim.
insolvent
certificate of limited partnership
force majeure clause
default judgment
32. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.
tangible employment action
lease agreement
option contract
probable cause
33. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.
articles of partnership
trade dress
unilateral mistake
right of contribution
34. A writ from a higher court asking the lower court for the record of a case.
corporate governance
writ of certiorari
parent-subsidiary merger
continuation statement
35. 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.
output contract
void contract
personal property
revocation
36. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
vesting
plea bargaining
security interest
forgery
37. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.
intermediary bank
bailment
breach of contract
pleadings
38. 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.
record
deposition
I-9 verification
foreign corporation
39. 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
consumer-debtor
motion for a directed verdict
debtor in possession (DIP)
self-incrimination
40. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
bilateral mistake
union shop
petition in bankruptcy
incidental damages
41. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
self-incrimination
arson
power of attorney
liquidated debt
42. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means
arson
alienation
nominal damages
holding company
43. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only
profit
collateral
partially disclosed principal
tenancy at sufferance
44. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
employment at will
mortgage
domain name
blue sky laws
45. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
drawer
limited liability company (LLC)
security
necessaries
46. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.
fee simple
outside director
preferred stock
normal trade relations (NTR) status
47. 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.
tariff
corporation
levy
preference
48. Property resulting from intellectual - creative processes.
intellectual property
quitclaim deed
license
per capita
49. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
corporate social responsibility
condition precedent
dissolution
special warranty deed
50. A person who is engaged in the purchase and sale of goods. Under the UCC - a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods bein
estopped
default judgment
creditors' composition agreement
merchant