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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. A party to whom the rights under a contract are transferred - or assigned.
garnishment
assignee
question of fact
security interest
2. Under a mortgage agreement - the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.
mortgagor
legacy
bylaws
online dispute resolution (ODR)
3. The resolution of disputes in ways other than those involved in the traditional judicial process. Negotiation - mediation - and arbitration are forms of ADR.
lease
alternative dispute resolution (ADR)
motion to dismiss
Totten trust
4. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
void contract
check
bylaws
actus reus
5. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
concurrent conditions
adhesion contract
dissolution
e-money
6. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.
entrapment
Federal Reserve System
misdemeanor
constructive discharge
7. 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.
sale on approval
ethics
member
profit
8. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
dumping
act of state doctrine
debtor in possession (DIP)
testator
9. A set of policies or procedures affecting the way a corporation is directed or controlled.
signature
corporate governance
financing statement
sole proprietorship
10. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
closed shop
destination contract
payee
valid contract
11. The relationship that exists between the promisor and the promisee of a contract.
privity of contract
condition precedent
debtor
continuation statement
12. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
commercial impracticability
confusion
docket
foreign corporation
13. A trademark in cyberspace.
intermediary bank
cyber mark
generally accepted auditing standards (GAAS)
financing statement
14. In Chapter 11 bankruptcy proceedings - a debtor who is allowed to continue in possession of the estate in property (the business) and to continue business operations.
automatic stay
debtor in possession (DIP)
generally accepted accounting principles (GAAP)
prima facie case
15. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
e-contract
record
clearinghouse
hacker
16. In international law - a formal written agreement negotiated between two nations or among several nations. In the United States - all treaties must be approved by the Senate.
identification
treaty
promissory estoppel
patent
17. Within a specified time period or - if no period is specified - within a reasonable time.
cyber mark
closed shop
seasonably
white-collar crime
18. A designation in the United States for a corporation formed in another country but doing business in the United States.
implied warranty
alien corporation
spendthrift trust
arbitration clause
19. One who owes an obligation to another.
past consideration
obligor
acceptor
covenant not to compete
20. One for whose benefit a promise is made in a contract but who is not a party to the contract.
presentment
third party beneficiary
small claims court
consignment
21. A system or place where banks exchange checks and drafts drawn on each other and settle daily balances.
clearinghouse
collateral promise
articles of incorporation
motion to dismiss
22. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.
mens rea
integrated contract
legacy
articles of incorporation
23. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
merchant
revocation
cease-and-desist order
interrogatories
24. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
closed shop
acceptor
choice-of-law clause
adhesion contract
25. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
generally accepted accounting principles (GAAP)
assignment
judicial review
inter vivos trust
26. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
surety
concurrent ownership
petition in bankruptcy
payee
27. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit
operating agreement
quota
per stirpes
normal trade relations (NTR) status
28. A group of persons protected by specific laws because of the group's defining characteristics. Under laws prohibiting employment discrimination - these characteristics include race - color - religion - national origin - gender - age - and disability.
normal trade relations (NTR) status
testator
protected class
presentment warranties
29. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
constructive trust
release
agreement
alternative dispute resolution (ADR)
30. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.
fiduciary
undisclosed principal
order for relief
indorsement
31. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
recording statutes
informal contract
preemptive rights
expropriation
32. In a lawsuit - an issue involving the application or interpretation of a law. Only a judge - not a jury - can rule on questions of law.
question of law
money laundering
consignment
commercial impracticability
33. Goods that conform to contract specifications.
forgery
white-collar crime
conforming goods
extension clause
34. A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
general partner
concurrent ownership
limited liability company (LLC)
per capita
35. An agreement made before marriage that defines each partner's ownership rights in the other partner's property. Prenuptial agreements must be in writing to be enforceable.
ethical reasoning
rescission
short-form merger
prenuptial agreement
36. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
insurable interest
assignor
crime
inter vivos trust
37. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.
shipment contract
litigation
bond
reformation
38. A contract that has been completely performed by both parties.
executed contract
risk
winding up
insurable interest
39. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would
larceny
per stirpes
certificate of limited partnership
shipment contract
40. A crime committed on the Internet.
cyber crime
apparent authority
writ of execution
petition in bankruptcy
41. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.
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42. 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
quorum
principle of rights
motion for a directed verdict
actus reus
43. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.
tombstone ad
check
arbitration
mislaid property
44. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.
drawee
will
partially disclosed principal
misdemeanor
45. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.
letter of credit
output contract
hacker
fee simple
46. 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).
shelter principle
impossibility of performance
counterclaim
winding up
47. A revocable right or privilege of a person to come onto another person's land.
tombstone ad
proceeds
offeror
license
48. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
bailment
foreign corporation
nominal damages
self-incrimination
49. In contract law - the withdrawal of an offer by an offeror. Unless the offer is irrevocable - it can be revoked at any time prior to acceptance without liability.
utilitarianism
debtor
concurrent ownership
revocation
50. 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.
domain name
check
cybersquatting
affirmative action