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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. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
undisclosed principal
digital cash
act of state doctrine
unreasonably dangerous product
2. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.
vesting
double jeopardy
writ of attachment
categorical imperative
3. A person in possession of an instrument payable to bearer or indorsed in blank.
sale
Totten trust
bearer
warranty deed
4. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
revocation
minimum wage
order instrument
anticipatory repudiation
5. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
act of state doctrine
testate
emancipation
holding company
6. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
exclusive jurisdiction
click-on agreement
mitigation of damages
execution
7. Law that pertains to a particular nation (as opposed to international law).
workout
creditors' composition agreement
national law
I-551 Alien Registration Receipt
8. 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
click-on agreement
equal dignity rule
bearer
bankruptcy court
9. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
e-agent
assignee
lost property
requirements contract
10. 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.
exclusionary rule
docket
requirements contract
security interest
11. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or
motion for judgment on the pleadings
tippee
condemnation
constructive eviction
12. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.
lessor
taking
accord and satisfaction
identification
13. 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.
firm offer
license
normal trade relations (NTR) status
acceptance
14. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
deed
computer crime
garnishment
question of fact
15. Latin for 'let the master respond.' A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment.
condition
confiscation
respondeat superior
small claims court
16. One receiving a license to use another's (the franchisor's) trademark - trade name - or copyright in the sale of goods and services.
bearer instrument
patent
franchisee
bequest
17. 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
question of law
promissory note
objective theory of contracts
good faith purchaser
18. A prediction concerning potential loss based on known and unknown factors.
assignment
valid contract
securities
risk
19. 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.
traveler's check
risk
petition in bankruptcy
confiscation
20. State laws that regulate the offering and sale of securities.
prenuptial agreement
general partner
order instrument
blue sky laws
21. Any bank handling an item for collection - except the payor bank.
collecting bank
reply
power of attorney
presentment
22. 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.
cross-collateralization
mailbox rule
abandoned property
promise
23. Private equity capital is a financing method by which a company sells equity in an existing business to a private or institutional investor.
bond
holographic will
private equity capital
depositary bank
24. Goods that conform to contract specifications.
valid contract
fiduciary
money laundering
conforming goods
25. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
condition
takeover
forgery
working papers
26. 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
condition
privity of contract
cover
order for relief
27. 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
prima facie case
certificate of deposit (CD)
risk management
limited partner
28. The party that initiates a draft (such as a check) - thereby ordering the drawee to pay.
tangible employment action
limited liability limited partnership (LLLP)
drawer
judicial review
29. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
piercing the corporate veil
clearinghouse
condition precedent
presentment warranties
30. A contract or clause that is void on the basis of public policy because one party - as a result of disproportionate bargaining power - is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party.
predominant-factor test
workers' compensation laws
unconscionable contract or clause
bond
31. A writ from a higher court asking the lower court for the record of a case.
writ of certiorari
patent
securities
shrink-wrap agreement
32. 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.
fee simple absolute
will
search warrant
merchant
33. 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
proceeds
formal contract
presentment warranties
lost property
34. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
purchase-money security interest (PMSI)
burglary
voidable contract
certified check
35. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
expropriation
seniority system
quitclaim deed
certification mark
36. A person on the board of directors who does not hold a management position at the corporation.
trade secret
unenforceable contract
easement
outside director
37. The number of members of a decision-making body that must be present before business may be transacted.
delegatee
cybersquatting
computer crime
quorum
38. A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.
spendthrift trust
sovereign immunity
insurance
common stock
39. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.
mailbox rule
constructive trust
dissociation
implied warranty of merchantability
40. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi
debtor
stored-value card
utilitarianism
exclusive distributorship
41. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).
promissory note
employment discrimination
domestic corporation
document of title
42. A mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
collective mark
trade dress
embezzlement
express contract
43. All costs resulting from a breach of contract - including all reasonable expenses incurred because of the breach.
independent contractor
alienation
payor bank
incidental damages
44. In the employment context - the demanding of sexual favors in return for job promotions or other benefits - or language or conduct that is so sexually offensive that it creates a hostile working environment.
consignment
sale on approval
sexual harassment
discharge
45. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
discovery
felony
employment discrimination
mortgagor
46. A check - other than a certified check - that is presented for payment more than six months after its date.
executory contract
tangible employment action
hacker
stale check
47. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
shrink-wrap agreement
limited liability partnership (LLP)
payee
valid contract
48. 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.
stock warrant
premium
merger
free-writing prospectus
49. The act of transferring to another all or part of one's duties arising under a contract.
delegation of duties
insolvent
binder
signature
50. The standard of proof used in criminal cases. If there is any reasonable doubt that a criminal defendant committed the crime with which she or he has been charged - then the verdict must be 'not guilty.'
beyond a reasonable doubt
forum-selection clause
petition in bankruptcy
bond