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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. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
motion for summary judgment
limited liability limited partnership (LLLP)
private equity capital
hot-cargo agreement
2. 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.
member
unenforceable contract
promissory note
outside director
3. Goods that conform to contract specifications.
conforming goods
unenforceable contract
stock
commercial impracticability
4. A fictional contract imposed on the parties by a court in the interests of fairness and justice; usually imposed to avoid the unjust enrichment of one party at the expense of another.
inter vivos trust
venture capital
bond indenture
quasi contract
5. A person to whom a promise is made.
obligor
duress
deficiency judgment
promisee
6. 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.
warranty deed
quorum
articles of organization
lease agreement
7. 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.
unconscionable contract or clause
judicial review
stop-payment order
forgery
8. A draft drawn by a drawer ordering the drawee bank or financial institution to pay a certain amount of money to the holder on demand.
consignment
continuation statement
online dispute resolution (ODR)
check
9. A motion requesting the court to grant judgment in favor of the party making the motion on the ground that the jury's verdict against him or her was unreasonable and erroneous.
easement
formal contract
motion for judgment n.o.v.
wrongful discharge
10. A charge by a grand jury that a named person has committed a crime.
investment company
indictment
holding company
sole proprietorship
11. A public official authorized to attest to the authenticity of signatures.
mitigation of damages
notary public
offeree
articles of incorporation
12. 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
due diligence
default judgment
lessee
13. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab
co-surety
voir dire
crime
mechanic's lien
14. A person in possession of an instrument payable to bearer or indorsed in blank.
bearer
Regulation E
implied warranty of fitness for a particular purpose
mailbox rule
15. A person on the board of directors who is also an officer of the corporation.
stock
national law
inside director
lessor
16. One to whom goods are entrusted by a bailor.
insider trading
taking
bailee
life estate
17. Property with which the owner has involuntarily parted and then cannot find or recover.
operating agreement
lessor
lost property
cram-down provision
18. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
debtor
sovereign immunity
incidental damages
crime
19. 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.
contract
express warranty
acceptance
takeover
20. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
premium
discharge
close corporation
motion for summary judgment
21. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
choice-of-language clause
administrator
right of reimbursement
whistleblowing
22. 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.'
bequest
target corporation
beyond a reasonable doubt
blue sky laws
23. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.
output contract
sale
self-defense
unreasonably dangerous product
24. A contract that results when an offer can be accepted only by the offeree's performance.
digital cash
exclusive jurisdiction
unilateral contract
presentment
25. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.
patent
tangible employment action
implied warranty of habitability
contract
26. The transfer of title to land from one person to another by deed; a document (such as a deed) by which an interest in land is transferred from one person to another.
confusion
conveyance
partially disclosed principal
depositary bank
27. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.
conveyance
personal defenses
extension clause
disclosed principal
28. A state statute under which certain types of contracts must be in writing to be enforceable.
Statute of Frauds
tenancy at sufferance
corporate governance
motion for a directed verdict
29. A revocable right or privilege of a person to come onto another person's land. In the context of intellectual property law - an agreement permitting the use of a trademark - copyright - patent - or trade secret for certain limited purposes.
I-551 Alien Registration Receipt
insolvent
contract
license
30. A contract that is formed electronically.
e-contract
levy
complaint
intangible property
31. 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.
Totten trust
fee simple absolute
articles of organization
employment discrimination
32. A company whose business activity is holding shares in another company.
normal trade relations (NTR) status
holding company
bailment
covenant not to sue
33. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
reformation
search warrant
blue laws
consent
34. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
protected class
penalty
act of state doctrine
nuncupative will
35. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
lessor
copyright
defalcation
retained earnings
36. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
peer-to-peer (P2P) networking
novation
justiciable controversy
real property
37. 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.
certified check
sublease
stock certificate
unconscionable contract or clause
38. 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.
course of performance
liquidated debt
overdraft
merchant
39. The legal avoidance - or setting aside - of a contractual obligation.
cease-and-desist order
winding up
output contract
disaffirmance
40. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
entrapment
eviction
securities
maker
41. Commonly referred to as a 'green card -' the I-551 Alien Registration Receipt is proof that a foreign-born individual is lawfully admitted for permanent residence in the United States. Persons seeking employment can prove to prospective employers tha
nominal damages
petition in bankruptcy
I-551 Alien Registration Receipt
fungible goods
42. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.
equal dignity rule
limited liability company (LLC)
due diligence
preemptive rights
43. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
bounty payment
target corporation
contract
U.S. trustee
44. One for whose benefit a promise is made in a contract but who is not a party to the contract.
adverse possession
insurable interest
express warranty
third party beneficiary
45. 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.
export
offeree
lease
prenuptial agreement
46. A state court of limited jurisdiction that conducts proceedings relating to the settlement of a deceased person's estate.
litigation
contractual capacity
market-share liability
probate court
47. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).
alienation
fiduciary
offeree
assignment
48. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.
arbitration
cover
fictitious payee
docket
49. 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.
fee simple
motion for a directed verdict
bequest
voir dire
50. 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
negotiation
bankruptcy court
employment discrimination
dissolution