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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 security interest in proceeds - after-acquired property - or collateral subject to future advances by the secured party (or all three); a security interest in collateral that is retained even when the collateral changes in character - classificatio
artisan's lien
award
floating lien
forum-selection clause
2. Falsely reporting income that has been obtained through criminal activity as income obtained through a legitimate business enterprise
treaty
underwriter
money laundering
quasi contract
3. 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.
concurrent conditions
protected class
debtor
concurrent ownership
4. The document filed with a designated state official by which a limited liability company is formed.
articles of organization
international organization
retained earnings
shipment contract
5. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha
counterclaim
insurable interest
charitable trust
securities
6. A lease executed by the lessee of real estate to a third person - conveying the same interest that the lessee enjoys but for a shorter term than that held by the lessee.
guarantor
constructive delivery
sublease
unenforceable contract
7. 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
apparent authority
bailment
bilateral mistake
express contract
8. 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
lessee
imposter
fee simple absolute
duress
9. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim
outside director
affirmative action
covenant not to compete
lost property
10. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
security
concurrent ownership
market-share liability
correspondent bank
11. One who makes and executes a will.
risk management
mediation
testator
dissolution
12. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.
business necessity
tenancy by the entirety
accredited investors
delegatee
13. A type of limited liability partnership owned by family members or fiduciaries of family members.
motion to dismiss
family limited liability partnership (FLLP)
disparate-treatment discrimination
appraisal right
14. Under the UCC - a remedy that allows the buyer or lessee - on the seller's or lessor's breach - to purchase goods from another seller or lessor and substitute them for the goods due under the contract. If the cost of cover exceeds the cost of the con
unreasonably dangerous product
testamentary trust
cover
presentment
15. A government's taking of a privately owned business or personal property without a proper public purpose or an award of just compensation.
shrink-wrap agreement
indictment
holographic will
confiscation
16. 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.
discharge
rule of four
discovery
probate court
17. In a given state - a corporation that does business in - and is organized under the law of - that state.
mortgagor
check
limited liability limited partnership (LLLP)
domestic corporation
18. Property that cannot be seen or touched but exists only conceptually - such as corporate stocks and bonds - patents and copyrights - and ordinary contract rights. Article 2 of the UCC does not govern intangible property.
motion for a directed verdict
intangible property
dividend
cyberterrorist
19. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
inter vivos trust
signature
stock warrant
constructive delivery
20. A statutory lien on the real property of another - created to ensure payment for work performed and materials furnished in the repair or improvement of real property - such as a building.
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21. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
exclusive jurisdiction
U.S. trustee
petition in bankruptcy
license
22. 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.
free-writing prospectus
adverse possession
cyber mark
anticipatory repudiation
23. The process of proving and validating a will and settling all matters pertaining to an estate.
default
eminent domain
probate
constructive trust
24. A merger of companies in which one company (the parent corporation) owns most of the stock of the other corporation (the subsidiary corporation). A parent-subsidiary merger (short-form merger) can use a simplified procedure when the parent corporatio
parent-subsidiary merger
justiciable controversy
workers' compensation laws
standing to sue
25. Ownership rights in property - including the right to possess and control the property.
dominion
generally accepted accounting principles (GAAP)
intellectual property
Federal Reserve System
26. 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
exclusive jurisdiction
alien corporation
informal contract
27. A document prepared by a secured creditor and filed with the appropriate state or local official - to give notice to the public that the creditor has a security interest in collateral belonging to the debtor named in the statement. Financing statemen
periodic tenancy
consideration
financing statement
summary jury trial (SJT)
28. Joint ownership.
export
concurrent ownership
workers' compensation laws
tenancy in common
29. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.
disaffirmance
sexual harassment
will
fee simple absolute
30. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
universal defenses
covenant not to sue
nuncupative will
exculpatory clause
31. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
tender offer
unilateral mistake
adhesion contract
output contract
32. An agreement that arises when a buyer - engaging in a transaction on a computer - indicates assent to be bound by the terms of an offer by clicking on a button that says - for example - 'I agree'; sometimes referred to as a click-on license or a clic
testator
click-on agreement
holder in due course (HDC)
void contract
33. 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.
intellectual property
negotiation
bilateral mistake
target corporation
34. The principle that the holder of a negotiable instrument who cannot qualify as a holder in due course (HDC) - but who derives his or her title through an HDC - acquires the rights of an HDC.
shelter principle
distribution agreement
execution
stock certificate
35. 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
forum-selection clause
voir dire
insolvent
employment discrimination
36. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
spendthrift trust
order instrument
counteroffer
arbitration clause
37. 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.
arbitration
domestic corporation
acceptance
easement
38. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
order instrument
deed
record
implied warranty of merchantability
39. The act of accepting and giving legal force to an obligation that previously was not enforceable.
notary public
ratification
commingle
adverse possession
40. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
long arm statute
payor bank
employment discrimination
collecting bank
41. A person on the board of directors who does not hold a management position at the corporation.
destination contract
intended beneficiary
outside director
online dispute resolution (ODR)
42. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.
eminent domain
felony
cyber mark
fiduciary
43. State laws that regulate the offering and sale of securities.
blue sky laws
Statute of Frauds
mortgagee
bona fide occupational qualification (BFOQ)
44. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
intestacy laws
cashier's check
alternative dispute resolution (ADR)
depositary bank
45. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.
mortgagor
blue laws
commingle
promisee
46. 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.
dumping
prima facie case
maker
lease agreement
47. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
debtor
export
signature
implied warranty of habitability
48. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.
bearer instrument
per capita
protected class
anticipatory repudiation
49. 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
business judgment rule
consignment
legacy
50. 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
condemnation
writ of certiorari
liquidated damages
writ of execution