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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. 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.
incidental beneficiary
inside director
security
artisan's lien
2. 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.
dissolution
per stirpes
workout
bailment
3. 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
consequential damages
piercing the corporate veil
misdemeanor
power of attorney
4. A company whose business activity is holding shares in another company.
whistleblowing
reaffirmation agreement
holding company
accession
5. The image and overall appearance of a product
e-evidence
disclosed principal
binder
trade dress
6. 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.
bilateral mistake
holographic will
domestic corporation
document of title
7. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
alternative dispute resolution (ADR)
homestead exemption
crime
identity theft
8. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
tender
e-agent
close corporation
underwriter
9. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
tombstone ad
binder
docket
cyber crime
10. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv
risk management
collective mark
tender of delivery
cybernotary
11. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
partnering agreement
white-collar crime
plea bargaining
blue sky laws
12. The principle that human beings have certain fundamental rights (to life - freedom - and the pursuit of happiness - for example). Those who adhere to this 'rights theory' believe that a key factor in determining whether a business decision is ethical
shrink-wrap agreement
writ of execution
license
principle of rights
13. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
question of fact
default judgment
U.S. trustee
cyberterrorist
14. Any instrument drawn on a drawee that orders the drawee to pay a certain sum of money - usually to a third party (the payee) - on demand or at a definite future time.
delegatee
draft
proxy
undisclosed principal
15. 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
consumer-debtor
insurable interest
secured party
treaty
16. An action to carry into effect the directions in a court decree or judgment.
nuncupative will
tenancy at will
extension clause
execution
17. The process by which a court decides on the constitutionality of legislative enactments and actions of the executive branch.
litigation
distributed network
judicial review
condition subsequent
18. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.
U.S. trustee
constructive delivery
takeover
preemptive rights
19. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).
joint tenancy
grand jury
member
domain name
20. A written - temporary insurance policy.
preference
intermediary bank
purchase-money security interest (PMSI)
binder
21. An arrangement in which title to property is held by one person (a trustee) for the benefit of another (a beneficiary).
exculpatory clause
delegation of duties
performance
trust
22. A remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties - by the parties' conduct - or by court decree.
domain name
tender
rescission
risk
23. A form of concurrent ownership of property in which each spouse technically owns an undivided one-half interest in property acquired during the marriage.
promise
collateral
international organization
community property
24. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.
hot-cargo agreement
certified check
sales contract
dissolution
25. A Latin term meaning 'beyond the powers'; in corporate law - acts of a corporation that are beyond its express and implied powers to undertake.
I-551 Alien Registration Receipt
mens rea
ultra vires
complaint
26. The act of accepting and giving legal force to an obligation that previously was not enforceable.
ratification
testator
consolidation
alternative dispute resolution (ADR)
27. One for whose benefit a promise is made in a contract but who is not a party to the contract.
standing to sue
third party beneficiary
constructive discharge
signature
28. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
replevin
I-551 Alien Registration Receipt
course of dealing
takeover
29. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
consignment
estate in property
exclusive distributorship
negotiation
30. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
nuncupative will
export
garnishment
assignment
31. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
Totten trust
transfer warranties
business judgment rule
electronic fund transfer (EFT)
32. The legal avoidance - or setting aside - of a contractual obligation.
implied-in-fact contract
tenancy at sufferance
mutual fund
disaffirmance
33. A card containing a microprocessor that permits storage of funds via security programming - can communicate with other computers - and does not require online authorization for fund transfers.
smart card
actus reus
indorsement
bailment
34. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
express contract
petty offense
premium
forbearance
35. The formal disbanding of a partnership or a corporation. It can take place by (1) acts of the partners or - in a corporation - acts of the shareholders and board of directors; (2) the subsequent illegality of the firm's business; (3) the expiration o
dissolution
bailment
extension clause
reformation
36. An equitable remedy requiring exactly the performance that was specified; usually granted only when monetary damages would be an inadequate remedy and the subject matter of the contract is unique.
secondary boycott
winding up
export
specific performance
37. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
probate court
insolvent
agreement
special warranty deed
38. 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.
target corporation
rule of four
accredited investors
merger
39. 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
condition precedent
backdating
seasonably
40. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
attachment
tender
predominant-factor test
bond
41. Procedurally - a defendant's response to the plaintiff's complaint.
holder
answer
petition in bankruptcy
limited liability company (LLC)
42. Barred - impeded - or precluded.
estopped
lessee
executor
collateral promise
43. One who makes and executes a will.
execution
holding company
testator
Totten trust
44. A contract that by law requires a specific form - such as being executed under seal - for its validity.
testamentary trust
equal dignity rule
formal contract
reformation
45. A clause that releases a contractual party from liability in the event of monetary or physical injury - no matter who is at fault.
incidental damages
exculpatory clause
online dispute resolution (ODR)
U.S. trustee
46. One designated in a will to receive a gift of real property.
peer-to-peer (P2P) networking
exclusionary rule
course of performance
devisee
47. 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
blue sky laws
shareholder's derivative suit
writ of execution
inter vivos trust
48. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
continuation statement
letter of credit
takeover
promise
49. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.
dumping
adverse possession
promissory note
comity
50. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain
preemptive rights
commingle
tenancy in common
jurisdiction
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