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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 relationship that exists between the promisor and the promisee of a contract.
privity of contract
breach of contract
product liability
piercing the corporate veil
2. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract
outside director
incidental damages
bailment
deposition
3. 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
probate
tenancy at sufferance
copyright
4. A written supplement or modification to a will. A codicil must be executed with the same formalities as a will.
codicil
fictitious payee
accession
identity theft
5. A company that acts on behalf of many smaller shareholders/owners by buying a large portfolio of securities and professionally managing that portfolio.
self-defense
identity theft
arbitration clause
investment company
6. 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
Regulation E
promisor
sole proprietorship
implied warranty of fitness for a particular purpose
7. A process in which parties attempt to settle their dispute informally - with or without attorneys to represent them. In the context of negotiable instruments - the transfer of an instrument in such form that the transferee (the person to whom the ins
holder in due course (HDC)
right of subrogation
insolvent
negotiation
8. A deed in which the grantor assures (warrants to) the grantee that the grantor has title to the property conveyed in the deed - that there are no encumbrances on the property other than what the grantor has represented - and that the grantee will enj
tenancy at sufferance
stored-value card
warranty deed
insurance
9. 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.
easement
constructive eviction
promissory note
parent-subsidiary merger
10. The act of registering a domain name that is the same as - or confusingly similar to - the trademark of another and then offering to sell that domain name back to the trademark owner.
corporate social responsibility
cybersquatting
federal question
universal defenses
11. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
watered stock
double jeopardy
assignment
voidable contract
12. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
holding company
shareholder's derivative suit
distributed network
reaffirmation agreement
13. A signature placed on an instrument for the purpose of transferring one's ownership rights in the instrument.
indorsement
act of state doctrine
white-collar crime
right of reimbursement
14. A trademark in cyberspace.
mechanic's lien
defalcation
per capita
cyber mark
15. An agreement between a seller and a buyer who frequently do business with each other concerning the terms and conditions that will apply to all subsequently formed electronic contracts.
alienation
expropriation
partnering agreement
firm offer
16. 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.
mortgagee
free-writing prospectus
condition precedent
diversity of citizenship
17. A provision of the Bankruptcy Code that allows a court to confirm a debtor's Chapter 11 reorganization plan even though only one class of creditors has accepted it.
cyberterrorist
cram-down provision
short-form merger
estate in property
18. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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19. The exclusive right of an author or originator of a literary or artistic production (including computer programs) to publish - print - or sell that production for a statutory period of time.
bilateral mistake
mortgage
taking
copyright
20. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
unconscionable contract or clause
nominal damages
community property
requirements contract
21. A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
deficiency judgment
money laundering
normal trade relations (NTR) status
risk management
22. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr
adhesion contract
emancipation
prima facie case
good faith purchaser
23. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part
domain name
stored-value card
usury
certified check
24. 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
normal trade relations (NTR) status
tangible employment action
bequest
usage of trade
25. Necessities required for life - such as food - shelter - clothing - and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status.
necessaries
payee
close corporation
codicil
26. A note issued by a bank in which the bank acknowledges the receipt of funds from a party and promises to repay that amount - with interest - to the party on a certain date.
consent
bailor
certificate of deposit (CD)
codicil
27. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
restitution
e-signature
malpractice
emancipation
28. An agreement that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
holder
stock options
security interest
comity
29. A claim made by a defendant in a civil lawsuit against the plaintiff. In effect - the defendant is suing the plaintiff.
counterclaim
union shop
objective theory of contracts
traveler's check
30. Reasonable grounds for believing that a person should be arrested or searched.
depositary bank
disclosed principal
payor bank
probable cause
31. 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.
surety
motion for judgment n.o.v.
sexual harassment
letter of credit
32. 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.
winding up
incidental damages
cram-down provision
close corporation
33. As a noun - a person having a duty created by his or her undertaking to act primarily for another's benefit in matters connected with the undertaking. As an adjective - a relationship founded on trust and confidence.
beyond a reasonable doubt
cover
fiduciary
delegation of duties
34. 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
bequest
hacker
fungible goods
execution
35. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
commercial impracticability
cost-benefit analysis
cybernotary
alienation
36. 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
sovereign immunity
mailbox rule
traveler's check
37. The sale of all of the nonexempt assets of a debtor and the distribution of the proceeds to the debtor's creditors. Chapter 7 of the Bankruptcy Code provides for liquidation bankruptcy proceedings.
U.S. trustee
payee
liquidation
good faith purchaser
38. A designation in the United States for a corporation formed in another country but doing business in the United States.
alien corporation
payee
docket
standing to sue
39. The goods and services that domestic firms sell to buyers located in other countries.
forgery
bona fide occupational qualification (BFOQ)
export
motion to dismiss
40. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
pledge
personal property
negotiation
Regulation E
41. A corporation whose shareholders are limited to a small group of persons - often including only family members.
warranty deed
obligor
close corporation
license
42. A contract having no legal force or binding effect.
signature
certificate of deposit (CD)
warranty deed
void contract
43. 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.
choice-of-language clause
stop-payment order
express contract
brief
44. 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.
fixed-term tenancy
stock warrant
integrated contract
consumer-debtor
45. A distribution to corporate shareholders of corporate profits or income - disbursed in proportion to the number of shares held.
business judgment rule
assignor
dividend
nonpossessory interest
46. Under Article III - Section 2 - of the U.S. Constitution - a basis for federal district court jurisdiction over a lawsuit between (1) citizens of different states - (2) a foreign country and citizens of a state or of different states - or (3) citizen
diversity of citizenship
devise
lease
double jeopardy
47. 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
promisor
discharge
voir dire
48. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
cyberterrorist
trade dress
information
voidable contract
49. An agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces.
probate court
output contract
taking
concurrent jurisdiction
50. A party who transfers (delegates) her or his obligations under a contract to another party (called the delegatee).
delegator
implied warranty of merchantability
generally accepted auditing standards (GAAS)
hacker