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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. Under Article 9 of the UCC - the property subject to a security interest - including accounts and chattel paper that have been sold.
insurable interest
collective mark
collateral
intellectual property
2. 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.
insurable interest
charitable trust
traveler's check
Federal Reserve System
3. 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.
inside director
covenant not to compete
cram-down provision
chattel
4. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
lessor
shrink-wrap agreement
offeror
confusion
5. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
ultra vires
conveyance
incidental damages
hacker
6. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
digital cash
U.S. trustee
attachment
mens rea
7. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
pleadings
self-defense
lost property
fixed-term tenancy
8. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued
continuation statement
life estate
patent
profit
9. 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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10. Any voluntary transfer of property made without consideration - past or present.
choice-of-language clause
gift
default judgment
tenancy in common
11. 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
eminent domain
commercial impracticability
objective theory of contracts
grand jury
12. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
electronic fund transfer (EFT)
award
offer
copyright
13. 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.
depositary bank
ratification
emancipation
exclusive jurisdiction
14. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
sexual harassment
restitution
replevin
requirements contract
15. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
limited partner
frustration of purpose
business ethics
acceptance
16. Law that pertains to a particular nation (as opposed to international law).
national law
disclosed principal
legatee
assignor
17. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
garnishment
incidental beneficiary
plea bargaining
discharge
18. A worldwide system in which foreign currencies are bought and sold.
replevin
felony
dissolution
foreign exchange market
19. 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
option contract
security
assignor
20. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
insider trading
parol evidence rule
per stirpes
unenforceable contract
21. A gift of personal property by will (from the verb to bequeath).
trade dress
mortgage
bequest
obligee
22. 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.
life estate
dishonor
cashier's check
check
23. The bank on which a check is drawn (the drawee bank).
payor bank
implied warranty
mortgage
duress
24. A type of conditional sale in which title and possession pass from the seller to the buyer - but the buyer retains the option to return the goods during a specified period even though the goods conform to the contract.
output contract
mechanic's lien
cybersquatting
sale or return
25. 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.
prenuptial agreement
export
right of reimbursement
proxy
26. In a given state - a corporation that does business in the state without being incorporated therein.
confiscation
entrustment rule
foreign corporation
normal trade relations (NTR) status
27. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
constructive discharge
proceeds
unenforceable contract
community property
28. 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.
preemptive rights
business necessity
information return
executory contract
29. In regard to employment relationships - a system in which those who have worked longest for the employer are first in line for promotions - salary increases - and other benefits. They are also the last to be laid off if the workforce must be reduced.
seniority system
testate
cost-benefit analysis
act of state doctrine
30. The authority of a court to hear and decide a specific case.
jurisdiction
petition in bankruptcy
depositary bank
unenforceable contract
31. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
categorical imperative
condemnation
exclusive jurisdiction
due diligence
32. A corporation whose shareholders are limited to a small group of persons - often including only family members.
ethical reasoning
close corporation
real property
prima facie case
33. Property with which the owner has voluntarily parted - with no intention of recovering it.
abandoned property
warranty deed
securities
motion to dismiss
34. 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.
purchase-money security interest (PMSI)
ethics
secured party
securities
35. The use of an asset that is not the subject of a loan to collateralize that loan.
securities
export
mortgagee
cross-collateralization
36. A person to whom an instrument is made payable.
dissolution
payee
sale
blue sky laws
37. Property that is movable; any property that is not real property.
attachment
legacy
cross-collateralization
personal property
38. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
obligor
voidable contract
defalcation
pledge
39. 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.
novation
leasehold estate
delegation of duties
dissociation
40. Mistake that occurs when one party to a contract is mistaken as to a material fact; the contract normally is enforceable.
implied warranty
right-to-work law
right of subrogation
unilateral mistake
41. A court's order - issued after a judgment has been entered against a debtor - directing the sheriff to seize (levy) and sell any of the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment - accrued
writ of execution
motion for judgment n.o.v.
consideration
target corporation
42. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
default
abandoned property
sale or return
S corporation
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
sale
insurance
collecting bank
tenancy at sufferance
44. Generally - the value given in return for a promise; involves two elements
conforming goods
consideration
partially disclosed principal
expropriation
45. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
cyber mark
equal dignity rule
computer crime
artisan's lien
46. A deed intended to pass any title - interest - or claim that the grantor may have in the property without warranting that such title is valid. A quitclaim deed offers the least amount of protection against defects in the title.
discharge
quitclaim deed
alien corporation
hacker
47. 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.
power of attorney
acceptance
check
taking
48. 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
self-incrimination
export
attachment
adverse possession
49. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
hot-cargo agreement
merger
cybersquatting
signature
50. 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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