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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 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.
integrated contract
expropriation
codicil
incidental damages
2. The principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect.
cyberterrorist
quota
comity
profit
3. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
mitigation of damages
international law
lessor
ethical reasoning
4. A certificate that evidences a corporate (or government) debt. It is a security that involves no ownership interest in the issuing entity.
export
e-evidence
foreign corporation
bond
5. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.
risk
larceny
liquidation
secondary boycott
6. 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.
mirror image rule
burglary
conforming goods
interrogatories
7. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
secured party
mislaid property
personal defenses
limited liability company (LLC)
8. A type of limited liability partnership owned by family members or fiduciaries of family members.
family limited liability partnership (FLLP)
delegator
dividend
signature
9. An act that takes place before the contract is made and that ordinarily - by itself - cannot be consideration for a later promise to pay for the act.
limited partnership
past consideration
interrogatories
working papers
10. A distributorship in which the seller and the distributor of the seller's products agree that the distributor will distribute only the seller's products.
bailee
liquidated debt
exclusive distributorship
complaint
11. Generally - the value given in return for a promise; involves two elements
promisor
insolvent
target corporation
consideration
12. Legally protected rights and interests in anything with an ascertainable value that is subject to ownership.
Federal Reserve System
security
equal dignity rule
property
13. A warranty that goods being sold or leased are reasonably fit for the general purpose for which they are sold or leased - are properly packaged and labeled - and are of proper quality. The warranty automatically arises in every sale or lease of goods
implied warranty of merchantability
moral minimum
business ethics
exculpatory clause
14. 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.
assignment
right of contribution
stored-value card
motion for judgment n.o.v.
15. A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults. Thus - a guarantor's liability is secondary.
frustration of purpose
dissolution
guarantor
answer
16. Jurisdiction that exists when two different courts have the power to hear a case. For example - some cases can be heard in a federal or a state court.
market-share liability
perfection
concurrent jurisdiction
due diligence
17. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
floating lien
digital cash
intended beneficiary
cram-down provision
18. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
universal defenses
discovery
normal trade relations (NTR) status
traveler's check
19. A theory under which the intent to form a contract will be judged by outward - objective facts (what the party said when entering into the contract - how the party acted or appeared - and the circumstances surrounding the transaction) as interpreted
holder
objective theory of contracts
mortgagee
Federal Reserve System
20. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
executed contract
condition subsequent
entrapment
franchisor
21. 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.'
beyond a reasonable doubt
delegation of duties
limited partner
bankruptcy court
22. The joint ownership of property by a husband and wife. Neither party can transfer her or his interest in the property without the consent of the other.
special warranty deed
contractual capacity
tenancy by the entirety
offeree
23. In a sale of goods - the express designation of the goods provided for in the contract.
identification
incidental damages
utilitarianism
deposition
24. Having left a will at death.
testate
dishonor
export
deposition
25. 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
output contract
e-contract
traveler's check
click-on agreement
26. Any arrangement in which the owner of a trademark - trade name - or copyright licenses another to use that trademark - trade name - or copyright in the selling of goods or services.
frustration of purpose
franchise
accession
proxy
27. 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.
good faith purchaser
check
dissociation
tangible property
28. A contract between an employer and an employee in which the terms and conditions of employment are stated.
employment contract
adverse possession
petition in bankruptcy
charitable trust
29. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.
codicil
watered stock
insolvent
articles of incorporation
30. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.
accession
constructive trust
certificate of deposit (CD)
mislaid property
31. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
letter of credit
integrated contract
insurance
e-contract
32. Barred - impeded - or precluded.
rule of four
hot-cargo agreement
release
estopped
33. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201
contract
insolvent
rule of four
universal defenses
34. An agreement by two or more persons to carry on - as co-owners - a business for profit.
litigation
partnership
co-surety
certification mark
35. A set limit on the amount of goods that can be imported.
implied warranty of merchantability
double jeopardy
floating lien
quota
36. An oral will (often called a deathbed will ) made before witnesses; usually limited to transfers of personal property.
implied warranty of merchantability
nuncupative will
security agreement
e-money
37. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
Regulation E
identity theft
justiciable controversy
sale
38. A contract that by law requires a specific form - such as being executed under seal - for its validity.
bylaws
formal contract
brief
predominant-factor test
39. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
writ of attachment
hacker
bearer instrument
surety
40. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
payor bank
acceptance
distributed network
appraisal right
41. 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.
indorsement
tenancy in common
shipment contract
eviction
42. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib
nonpossessory interest
profit
limited partner
fixture
43. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with
blue laws
fungible goods
assignor
right of contribution
44. 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.
SEC Rule 10b-5
testate
stock
actus reus
45. A warranty that goods sold or leased are fit for a particular purpose. The warranty arises when any seller or lessor knows the particular purpose for which a buyer or lessee will use the goods and knows that the buyer or lessee is relying on the skil
personal defenses
good faith purchaser
implied warranty of fitness for a particular purpose
promissory note
46. Charging an illegal rate of interest.
usury
red herring prospectus
guarantor
independent contractor
47. 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
taking
appraisal right
distributed network
48. A public official authorized to attest to the authenticity of signatures.
patent
notary public
perfection
after-acquired property
49. A contract that is formed electronically.
generally accepted auditing standards (GAAS)
complaint
foreign exchange market
e-contract
50. 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.
Statute of Frauds
embezzlement
merchant
letter of credit
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