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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. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
minimum wage
voir dire
fee simple absolute
garnishment
2. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
white-collar crime
inter vivos trust
attachment
beyond a reasonable doubt
3. A common law rule that requires that the terms of the offeree's acceptance adhere exactly to the terms of the offeror's offer for a valid contract to be formed.
complaint
motion for a directed verdict
mirror image rule
floating lien
4. A trust that is created by will and therefore does not take effect until the death of the testator.
stock certificate
award
testamentary trust
tippee
5. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
brief
cure
offer
whistleblowing
6. An order granted by a public authority - such as a judge - that authorizes law enforcement personnel to search a particular premise or property.
underwriter
search warrant
duress
alienation
7. A motion asserting that the trial was so fundamentally flawed (because of error - newly discovered evidence - prejudice - or another reason) that a new trial is necessary to prevent a miscarriage of justice.
motion for a new trial
alien corporation
ratification
undisclosed principal
8. A will written entirely in the signer's handwriting and usually not witnessed.
cyber crime
holographic will
stop-payment order
bearer
9. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours
entrustment rule
maker
joint tenancy
certificate of deposit (CD)
10. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
license
merger
limited liability company (LLC)
taking
11. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
equal dignity rule
forum-selection clause
personal property
will
12. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
distribution agreement
mitigation of damages
felony
brief
13. 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
constructive eviction
unreasonably dangerous product
secondary boycott
14. 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.
dissociation
mechanic's lien
limited partner
discharge
15. Charging an illegal rate of interest.
usury
sexual harassment
past consideration
member
16. State statutes that specify how property will be distributed when a person dies intestate (without a valid will); also called statutes of descent and distribution.
intestacy laws
ratification
past consideration
power of attorney
17. A type of tenancy under which property is leased for a specified period of time - such as a month - a year - or a period of years; also called a tenancy for years.
grand jury
self-incrimination
offer
fixed-term tenancy
18. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
surety
risk management
intestate
alien corporation
19. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
certified check
stored-value card
attachment
preference
20. A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal).
takeover
complaint
rule of four
agency
21. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.
gift inter vivos
acceptor
complaint
duress
22. A type of conditional sale in which the buyer may take the goods on a trial basis. The sale becomes absolute only when the buyer approves of (or is satisfied with) the goods being sold.
docket
sale on approval
agency
fictitious payee
23. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
mutual fund
securities
cease-and-desist order
record
24. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
extension clause
affirmative action
performance
cybernotary
25. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
unconscionable contract or clause
wrongful discharge
premium
document of title
26. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means
specific performance
judicial review
corporate governance
arson
27. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
forum-selection clause
investment company
indorsement
preference
28. An equitable remedy under which a person is restored to his or her original position prior to loss or injury - or placed in the position he or she would have been in had the breach not occurred.
past consideration
restitution
tenancy in common
insider trading
29. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.
gift inter vivos
investment contract
U.S. trustee
negotiable instrument
30. Co-ownership of property in which each party owns an undivided interest that passes to her or his heirs at death.
proxy
accord and satisfaction
tenancy in common
defalcation
31. 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.
trade dress
lost property
retained earnings
e-agent
32. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.
information
mitigation of damages
prospectus
limited liability partnership (LLP)
33. A corporation whose shareholders are limited to a small group of persons - often including only family members.
close corporation
ratification
cram-down provision
certified check
34. A prediction concerning potential loss based on known and unknown factors.
smart card
legatee
risk
abandoned property
35. The act of transferring to another all or part of one's rights arising under a contract.
product liability
assignment
secured party
covenant not to sue
36. A theory of sharing liability among all firms that manufactured and distributed a particular product during a certain period of time. This form of liability sharing is used only in some jurisdictions and only when the true source of the harmful produ
whistleblowing
market-share liability
collateral promise
charitable trust
37. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.
business judgment rule
tombstone ad
foreign corporation
blue laws
38. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.
destination contract
homestead exemption
usury
suretyship
39. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
investment company
alienation
brief
levy
40. A clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms.
implied warranty of fitness for a particular purpose
e-contract
tender of delivery
choice-of-language clause
41. One for whose benefit a promise is made in a contract but who is not a party to the contract.
third party beneficiary
wrongful discharge
payor bank
forum-selection clause
42. A method of settling disputes - used in many federal courts - in which a trial is held - but the jury's verdict is not binding. The verdict acts only as a guide to both sides in reaching an agreement during the mandatory negotiations that immediately
summary jury trial (SJT)
entrustment rule
cram-down provision
testator
43. The document filed with a designated state official by which a limited liability company is formed.
articles of organization
agency
estopped
personal defenses
44. A legally recognized authority that can certify the validity of digital signatures.
policy
general partner
cybernotary
express warranty
45. A written document - which is usually notarized - authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).
categorical imperative
power of attorney
franchise
generally accepted accounting principles (GAAP)
46. In a sale of goods - the express designation of the goods provided for in the contract.
counterclaim
identification
SEC Rule 10b-5
motion to dismiss
47. 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
U.S. trustee
estate in property
click-on agreement
quota
48. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
cure
international law
comity
free-writing prospectus
49. One who makes and executes a will.
lease
intended beneficiary
testator
forbearance
50. In a lawsuit - an issue that involves only disputed facts - and not what the law is on a given point. Questions of fact are decided by the jury in a jury trial (by the judge if there is no jury).
question of fact
intestacy laws
delegation of duties
stale check