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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. In bankruptcy proceedings - the suspension of virtually all litigation and other action by creditors against the debtor or the debtor's property. The stay is effective the moment the debtor files a petition in bankruptcy.
implied warranty of habitability
sovereign immunity
shelter principle
automatic stay
2. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
promisee
e-agent
investment company
patent
3. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo
good faith purchaser
life estate
corporate social responsibility
tangible employment action
4. 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.
order for relief
partnership
ethical reasoning
rescission
5. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.
SEC Rule 10b-5
partially disclosed principal
arbitration clause
bond
6. In a sale of goods - the express designation of the goods provided for in the contract.
seniority system
identification
international law
consequential damages
7. One to whom goods are entrusted by a bailor.
sexual harassment
per capita
executor
bailee
8. A public official authorized to attest to the authenticity of signatures.
notary public
SEC Rule 10b-5
mailbox rule
sexual harassment
9. 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).
lease
power of attorney
motion for judgment on the pleadings
fee simple absolute
10. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
revocation
property
emancipation
whistleblowing
11. A corporation whose shareholders are limited to a small group of persons - often including only family members.
felony
record
close corporation
insurable interest
12. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
liquidated debt
indictment
offeror
vicarious liability
13. A seller's or lessor's oral or written promise or affirmation of fact - ancillary to an underlying sales or lease agreement - as to the quality - description - or performance of the goods being sold or leased.
robbery
condition precedent
express warranty
stored-value card
14. 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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15. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.
reaffirmation agreement
alien corporation
corporation
emancipation
16. The act of accepting and giving legal force to an obligation that previously was not enforceable.
ratification
click-on agreement
novation
limited partner
17. 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.
inside director
per stirpes
bond indenture
fee simple absolute
18. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
counterclaim
negotiation
pledge
stock warrant
19. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
implied-in-fact contract
secured party
information return
after-acquired property
20. A gift of personal property by will (from the verb to bequeath).
bequest
specific performance
S corporation
normal trade relations (NTR) status
21. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
presentment
condition subsequent
void contract
white-collar crime
22. The act of stealing another's identifying information
debtor
identity theft
predominant-factor test
will
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.
cease-and-desist order
disclosed principal
record
undisclosed principal
24. The process of transferring land out of one's possession (thus 'alienating' the land from oneself).
consideration
alienation
forum-selection clause
articles of partnership
25. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.
nominal damages
e-agent
workout
output contract
26. In a jury trial - a motion for the judge to take the decision out of the hands of the jury and to direct a verdict for the party who filed the motion on the ground that the other party has not produced sufficient evidence to support her or his claim.
prenuptial agreement
motion for a directed verdict
stop-payment order
watered stock
27. A firm that requires union membership by its workers as a condition of employment. The closed shop was made illegal by the Labor-Management Relations Act of 1947.
accession
requirements contract
closed shop
course of dealing
28. A person appointed by a testator in a will to see that her or his will is administered appropriately.
executor
discharge
delegatee
concurrent jurisdiction
29. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
right of contribution
ratification
incidental beneficiary
drawee
30. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
stale check
easement
tenancy by the entirety
product liability
31. 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.
normal trade relations (NTR) status
promise
cram-down provision
security
32. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
dissolution
guarantor
dividend
franchise
33. One who makes and executes a will.
testator
bylaws
agency
ethical reasoning
34. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
intangible property
working papers
exclusive distributorship
exclusive jurisdiction
35. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
novation
online dispute resolution (ODR)
disclosed principal
partnership
36. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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37. A hybrid form of business organization that is used mainly by professionals who normally do business in a partnership. Like a partnership - an LLP is a pass-through entity for tax purposes - but the personal liability of the partners is limited.
choice-of-law clause
draft
limited liability partnership (LLP)
takeover
38. A contract having no legal force or binding effect.
browse-wrap terms
unilateral mistake
void contract
collateral promise
39. A written contract that constitutes the final expression of the parties' agreement. If a contract is integrated - evidence extraneous to the contract that contradicts or alters the meaning of the contract in any way is inadmissible.
articles of partnership
voidable contract
mens rea
integrated contract
40. A bank in which another bank has an account (and vice versa) for the purpose of facilitating fund transfers.
periodic tenancy
award
check
correspondent bank
41. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
cost-benefit analysis
after-acquired property
bilateral contract
dissolution
42. 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.
cyber crime
output contract
act of state doctrine
Totten trust
43. Capital (funds and other assets) provided by professional - outside investors (venture capitalists - usually groups of wealthy investors and investment banks) to start new business ventures.
smart card
express contract
writ of attachment
venture capital
44. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
mitigation of damages
summons
intermediary bank
sublease
45. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
community property
cyberterrorist
motion for a directed verdict
peer-to-peer (P2P) networking
46. An order by a bank customer to his or her bank not to pay or certify a certain check.
bona fide occupational qualification (BFOQ)
stop-payment order
target corporation
estate in property
47. A contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship.
collateral
quasi contract
condemnation
distribution agreement
48. A contract that is formed electronically.
e-contract
frustration of purpose
preference
delegation of duties
49. The right of a co-surety who pays more than her or his proportionate share on a debtor's default to recover the excess paid from other co-sureties.
right of contribution
ratification
moral minimum
preferred creditor
50. A purchaser who buys without notice of any circumstance that would cause a person of ordinary prudence to inquire as to whether the seller has valid title to the goods being sold.
alienation
tariff
long arm statute
good faith purchaser