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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. 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
promisee
self-incrimination
underwriter
foreign corporation
2. Any bank handling an item for collection - except the payor bank.
risk management
incidental damages
installment contract
collecting bank
3. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
bounty payment
generally accepted accounting principles (GAAP)
past consideration
distribution agreement
4. The geographic district in which a legal action is tried and from which the jury is selected.
venue
affirmative action
collateral
arson
5. 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
self-defense
insurable interest
venue
6. Prepaid funds recorded on a computer or a card (such as a smart card or a stored-value card).
dividend
e-money
usage of trade
charitable trust
7. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.
novation
working papers
indorsement
standing to sue
8. 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.
information
concurrent conditions
testate
requirements 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
award
third party beneficiary
employment contract
trade name
10. Property that is acquired by the debtor after the execution of a security agreement.
piercing the corporate veil
purchase-money security interest (PMSI)
inter vivos trust
after-acquired property
11. 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.
executor
purchase-money security interest (PMSI)
past consideration
writ of attachment
12. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
fictitious payee
negotiation
disaffirmance
writ of execution
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
counteroffer
insolvent
petty offense
corporation
14. 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.
discharge
national law
limited liability company (LLC)
mailbox rule
15. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
agreement
implied warranty of fitness for a particular purpose
member
drawer
16. Classes of stock that have priority over common stock as to both payment of dividends and distribution of assets on the corporation's dissolution.
tombstone ad
preferred stock
common stock
I-551 Alien Registration Receipt
17. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
ratification
dissociation
stored-value card
articles of partnership
18. 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
holder in due course (HDC)
continuation statement
right of contribution
treaty
19. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.
life estate
real property
overdraft
creditors' composition agreement
20. A document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.
rescission
summons
peer-to-peer (P2P) networking
binder
21. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
preemptive rights
jurisdiction
presentment warranties
fee simple absolute
22. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted
reformation
power of attorney
bond
objective theory of contracts
23. A crime
felony
merger
information return
disparate-treatment discrimination
24. 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.
identity theft
federal question
pleadings
probate
25. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.
check
articles of incorporation
bounty payment
bilateral mistake
26. 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.
sale on approval
testator
lost property
computer crime
27. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
holder
deed
shipment contract
investment company
28. State laws that regulate the offering and sale of securities.
security agreement
indorsement
promise
blue sky laws
29. The process of proving and validating a will and settling all matters pertaining to an estate.
probate
disaffirmance
testate
lease
30. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
acceptance
confusion
secured transaction
output contract
31. 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
penalty
fee simple absolute
summary jury trial (SJT)
alienation
32. 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
winding up
ratification
summary jury trial (SJT)
constructive delivery
33. 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.
execution
choice-of-language clause
felony
grand jury
34. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
winding up
franchisor
exculpatory clause
past consideration
35. Voluntary agreement to a proposition or an act of another; a concurrence of wills.
answer
mortgage
consent
summons
36. A negotiable instrument is dishonored when payment or acceptance of the instrument - whichever is required - is refused even though the instrument is presented in a timely and proper manner.
respondeat superior
stock options
limited partnership
dishonor
37. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
whistleblowing
promise
delegation of duties
check
38. 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.
justiciable controversy
digital cash
special warranty deed
acceptance
39. 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
franchise
federal question
certificate of deposit (CD)
40. 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 -
e-evidence
bailment
franchise
exclusionary rule
41. Moral principles and values applied to social behavior.
ethics
deed
eminent domain
privity of contract
42. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
implied-in-fact contract
holographic will
choice-of-language clause
intangible property
43. 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
novation
reply
information return
lost property
44. The basic document filed with a designated state official by which a limited partnership is formed.
assignment
resulting trust
forum-selection clause
certificate of limited partnership
45. An agreement that can be enforced in court; formed by two or more competent parties who agree - for consideration - to perform or to refrain from performing some legal act now or in the future.
collateral promise
agency
workers' compensation laws
contract
46. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
incidental beneficiary
financing statement
execution
disparate-impact discrimination
47. The act of refraining from an action that one has a legal right to undertake.
insurable interest
promise
forbearance
emancipation
48. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
cease-and-desist order
installment contract
bailee
takeover
49. One who - by use of the mails - Internet - telephone - or personal appearance - induces a maker or drawer to issue an instrument in the name of an impersonated payee. Indorsements by imposters are treated as authorized indorsements under Article 3 of
imposter
exculpatory clause
business necessity
sale or return
50. Procedurally - a defendant's response to the plaintiff's complaint.
alienation
judicial review
burglary
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