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. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
clearinghouse
identity theft
stock certificate
act of state doctrine
2. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
bailment
inter vivos trust
whistleblowing
eviction
3. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
legatee
condition precedent
bilateral contract
limited partnership
4. A close business corporation that has met certain requirements set out in the Internal Revenue Code and thus qualifies for special income tax treatment. Essentially - an S corporation is taxed the same as a partnership - but its owners enjoy the priv
docket
e-signature
third party beneficiary
S corporation
5. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
digital cash
quorum
taking
franchisee
6. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.
vicarious liability
Regulation E
express warranty
insolvent
7. A type of limited liability partnership owned by family members or fiduciaries of family members.
beyond a reasonable doubt
parent-subsidiary merger
family limited liability partnership (FLLP)
acceptance
8. 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.
express contract
leasehold estate
taking
lessor
9. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
deficiency judgment
offeror
probate court
intestacy laws
10. 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
financing statement
probable cause
exclusionary rule
e-signature
11. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.
personal property
obligor
installment contract
employment discrimination
12. 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.
insider trading
grand jury
resulting trust
pleadings
13. 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
petty offense
execution
limited partner
obligee
14. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
underwriter
constructive delivery
pass-through entity
revocation
15. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.
devise
formal contract
petition in bankruptcy
secondary boycott
16. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
double jeopardy
disparate-impact discrimination
ultra vires
condition precedent
17. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
condition precedent
e-money
service mark
stored-value card
18. A legal entity formed in compliance with statutory requirements that is distinct from its shareholder-owners.
dominion
corporation
concurrent conditions
collateral
19. A type of tenancy that either party can terminate without notice; usually arises when a tenant who has been under a tenancy for years retains possession - with the landlord's consent - after the tenancy for years has terminated.
consideration
affirmative action
tenancy at will
member
20. 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.
lost property
union shop
third party beneficiary
indictment
21. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.
mislaid property
life estate
justiciable controversy
promissory note
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.
e-evidence
standing to sue
prenuptial agreement
limited liability partnership (LLP)
23. Any voluntary transfer of property made without consideration - past or present.
cyber crime
motion for a new trial
misdemeanor
gift
24. A legally recognized authority that can certify the validity of digital signatures.
cyber mark
cross-collateralization
sovereign immunity
cybernotary
25. 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).
constructive eviction
due diligence
impossibility of performance
general partner
26. One who makes and executes a will.
cyber crime
right-to-work law
summons
testator
27. 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.
usury
cram-down provision
continuation statement
fee simple
28. A contract that does not require a specified form or formality to be valid.
community property
informal contract
independent contractor
bailee
29. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p
commercial impracticability
presentment warranties
franchise
eminent domain
30. An order by a bank customer to his or her bank not to pay or certify a certain check.
vesting
disparate-treatment discrimination
stop-payment order
cashier's check
31. 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.
limited liability company (LLC)
discovery
payee
levy
32. 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 -
sale on approval
summary jury trial (SJT)
exclusionary rule
bequest
33. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
blue laws
warranty deed
voir dire
novation
34. 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.
limited liability limited partnership (LLLP)
choice-of-law clause
overdraft
incidental beneficiary
35. 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.
legatee
destination contract
purchase-money security interest (PMSI)
intended beneficiary
36. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
after-acquired property
online dispute resolution (ODR)
anticipatory repudiation
insurance
37. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
preemptive rights
acceptor
motion for a new trial
condition
38. A person on the board of directors who is also an officer of the corporation.
collecting bank
notary public
generally accepted accounting principles (GAAP)
inside director
39. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.
mortgagor
lease
cease-and-desist order
debtor in possession (DIP)
40. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
confusion
workers' compensation laws
emancipation
mutual fund
41. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
jurisdiction
search warrant
standing to sue
usury
42. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p
legacy
red herring prospectus
mirror image rule
judicial review
43. An absolute form of property ownership entitling the property owner to use - possess - or dispose of the property as he or she chooses during his or her lifetime. On death - the interest in the property descends to the owner's heirs.
forgery
cure
intestacy laws
fee simple
44. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
adverse possession
minimum wage
whistleblowing
fee simple
45. The act of transferring to another all or part of one's rights arising under a contract.
usury
assignment
mechanic's lien
domestic corporation
46. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
motion for summary judgment
mortgagee
draft
concurrent ownership
47. A person in possession of an instrument payable to bearer or indorsed in blank.
domain name
bearer
debtor in possession (DIP)
lien
48. One to whom an obligation is owed.
obligee
attachment
blue sky laws
writ of execution
49. Land and everything attached to it - such as trees and buildings.
undisclosed principal
sale on approval
real property
after-acquired property
50. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.
exclusionary rule
electronic fund transfer (EFT)
alienation
administrator