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Test your basic knowledge |
Business Law Fundamentals
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Subjects
:
law
,
business-law
Instructions:
Answer 50 questions in 15 minutes.
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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 tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri
petition in bankruptcy
information return
frustration of purpose
product liability
2. A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.
commercial impracticability
collective mark
assignee
sovereign immunity
3. Any voluntary transfer of property made without consideration - past or present.
felony
extension clause
gift
forbearance
4. Having left a will at death.
consignment
collateral promise
testate
judicial review
5. An equitable trust that is imposed in the interests of fairness and justice when someone wrongfully holds legal title to property. A court may require the owner to hold the property in trust for the person or persons who should rightfully own the pro
counterclaim
constructive trust
codicil
attachment
6. A type of contract that arises when a promise is given in exchange for a return promise.
corporate governance
bilateral contract
firm offer
transfer warranties
7. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.
condition
premium
stock
adverse possession
8. Ethics in a business context; a consensus as to what constitutes right or wrong behavior in the world of business and the application of moral principles to situations that arise in a business setting.
bona fide occupational qualification (BFOQ)
money laundering
business ethics
trade dress
9. An employee's disclosure to government authorities - upper-level managers - or the press that the employer is engaged in unsafe or illegal activities.
nonpossessory interest
whistleblowing
protected class
fixed-term tenancy
10. Professional misconduct or unreasonable lack of skill; the failure of a professional to use the skills and learning common to the average reputable members of the profession or the skills and learning the professional claims to possess - resulting in
malpractice
contract
distribution agreement
cashier's check
11. An order by a bank customer to his or her bank not to pay or certify a certain check.
product liability
mortgagee
comity
stop-payment order
12. The right of a dissenting shareholder - who objects to an extraordinary transaction of the corporation (such as a merger or a consolidation) - to have his or her shares appraised and to be paid the fair value of those shares by the corporation.
intangible property
long arm statute
appraisal right
offer
13. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.
creditors' composition agreement
codicil
indictment
notary public
14. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
union shop
e-agent
hot-cargo agreement
corporate social responsibility
15. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.
reaffirmation agreement
limited liability limited partnership (LLLP)
charitable trust
defalcation
16. A gift of personal property by will (from the verb to bequeath).
traveler's check
bequest
vicarious liability
objective theory of contracts
17. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
cease-and-desist order
copyright
employment discrimination
discharge
18. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.
voir dire
misdemeanor
docket
motion for a new trial
19. 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).
federal question
online dispute resolution (ODR)
question of fact
personal defenses
20. A contractual and statutory process in which two or more corporations join to become a completely new corporation. The original corporations cease to exist - and the new corporation acquires all their assets and liabilities.
condition subsequent
tariff
complaint
consolidation
21. The term used to designate a person who has an ownership interest in a limited liability company.
petition in bankruptcy
articles of organization
member
discharge
22. 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.
acceleration clause
condition precedent
generally accepted auditing standards (GAAS)
promissory note
23. A meeting of two or more minds in regard to the terms of a contract; usually broken down into two events
gift causa mortis
dishonor
secured transaction
agreement
24. 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.
promisor
free-writing prospectus
concurrent ownership
e-money
25. The use of an asset that is not the subject of a loan to collateralize that loan.
promissory estoppel
cross-collateralization
hacker
disaffirmance
26. The second of two stages in the termination of a partnership or corporation. Once the firm is dissolved - it continues to exist legally until the process of winding up all business affairs (collecting and distributing the firm's assets) is complete.
cover
winding up
computer crime
comity
27. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
fixed-term tenancy
joint tenancy
identity theft
dumping
28. 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
mitigation of damages
identification
utilitarianism
e-money
29. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
leasehold estate
self-incrimination
stop-payment order
forgery
30. 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.
complaint
sale on approval
interrogatories
business necessity
31. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
intended beneficiary
articles of partnership
consignment
probable cause
32. A person who transfers the right to the possession and use of goods to another in exchange for rental payments.
insider trading
cease-and-desist order
lessor
valid contract
33. A deed in which the grantor warrants only that the grantor or seller held good title during his or her ownership of the property and does not warrant that there were no defects of title when the property was held by previous owners.
stock
nonpossessory interest
special warranty deed
defalcation
34. A clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract.
cyber crime
garnishment
order for relief
choice-of-law clause
35. 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.
forum-selection clause
sexual harassment
personal property
interrogatories
36. A contract that has not as yet been fully performed.
risk
principle of rights
order for relief
executory contract
37. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
lease agreement
bilateral contract
Regulation E
implied warranty of habitability
38. A type of limited liability partnership owned by family members or fiduciaries of family members.
bankruptcy court
frustration of purpose
family limited liability partnership (FLLP)
actus reus
39. In a given state - a corporation that does business in - and is organized under the law of - that state.
workers' compensation laws
probate
domestic corporation
acceptor
40. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
constructive discharge
lease agreement
anticipatory repudiation
working papers
41. A corporation whose shareholders are limited to a small group of persons - often including only family members.
close corporation
franchise
good faith purchaser
family limited liability partnership (FLLP)
42. The legal liability of manufacturers - sellers - and lessors of goods to consumers - users - and bystanders for injuries or damages that are caused by the goods.
penalty
condition precedent
product liability
intended beneficiary
43. 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
hot-cargo agreement
choice-of-language clause
acceptance
ultra vires
44. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
requirements contract
trust
ethical reasoning
garnishment
45. A check - other than a certified check - that is presented for payment more than six months after its date.
stale check
creditors' composition agreement
bond
execution
46. A contract that by law requires a specific form - such as being executed under seal - for its validity.
binder
member
backdating
formal contract
47. In partnership law - a doctrine under which a plaintiff may sue - and collect a judgment from - all of the partners together (jointly) or one or more of the partners separately (severally - or individually). This is true even if one of the partners s
utilitarianism
blue laws
delegation of duties
joint and several liability
48. 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
legacy
attachment
writ of certiorari
mislaid property
49. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
administrator
franchisor
check
maker
50. 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.
workout
adhesion contract
revocation
question of fact
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