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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 acquisition of title to real property by occupying it openly - without the consent of the owner - for a period of time specified by a state statute. The occupation must be actual - open - notorious - exclusive - and in opposition to all others -
liquidated damages
concurrent conditions
adverse possession
stock
2. A paper exchanged in the regular course of business that evidences the right to possession of goods (for example - a bill of lading or a warehouse receipt).
dividend
emancipation
document of title
check
3. In bankruptcy proceedings - all of the debtor's interests in property currently held - wherever located - together with certain jointly owned property - property transferred in transactions voidable by the trustee - proceeds and profits from the prop
estate in property
depositary bank
discovery
bailee
4. One who makes and executes a will.
predominant-factor test
contractual capacity
testator
promissory estoppel
5. A decision-making technique that involves weighing the costs of a given action against the benefits of that action.
contract
cost-benefit analysis
piercing the corporate veil
employment at will
6. 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.
concurrent jurisdiction
proceeds
e-evidence
holder
7. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
adhesion contract
crime
constructive delivery
per capita
8. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
family limited liability partnership (FLLP)
installment contract
domain name
acceptor
9. A public official authorized to attest to the authenticity of signatures.
notary public
frustration of purpose
cashier's check
larceny
10. 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
devisee
fixed-term tenancy
administrator
11. Reasonable grounds for believing that a person should be arrested or searched.
life estate
lease agreement
probable cause
categorical imperative
12. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.
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13. 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
stock options
family limited liability partnership (FLLP)
breach of contract
attachment
14. A distinctive mark - motto - device - or emblem that a manufacturer stamps - prints - or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known. Once a trademark is established (under the
trademark
bearer instrument
defalcation
dishonor
15. In a given state - a corporation that does business in the state without being incorporated therein.
foreign corporation
accredited investors
bequest
actus reus
16. The act of refraining from an action that one has a legal right to undertake.
forbearance
piercing the corporate veil
resulting trust
domain name
17. 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.
trade secret
mirror image rule
order instrument
winding up
18. The joint ownership of property by two or more co-owners in which each co-owner owns an undivided portion of the property. On the death of one of the joint tenants - his or her interest automatically passes to the surviving joint tenant(s).
counteroffer
joint tenancy
emancipation
consequential damages
19. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or
collective mark
cashier's check
constructive eviction
consequential damages
20. A person on the board of directors who is also an officer of the corporation.
copyright
inside director
bona fide occupational qualification (BFOQ)
eviction
21. A written document - required by securities laws - that describes the security being sold - the financial operations of the issuing corporation - and the investment or risk attaching to the security. It is designed to provide sufficient information t
unconscionable contract or clause
articles of partnership
prospectus
force majeure clause
22. Property that has physical existence and can be distinguished by the senses of touch or sight. A car is tangible property; a patent right is intangible property.
liquidation
cyber crime
tangible property
general partner
23. 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).
embezzlement
defalcation
power of attorney
property
24. A charge by a grand jury that a named person has committed a crime.
bailee
indictment
usage of trade
fixture
25. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
cyber crime
default judgment
payor bank
long arm statute
26. 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.
treaty
void contract
petition in bankruptcy
conveyance
27. 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.
breach of contract
stale check
reply
fee simple absolute
28. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'
delegator
implied warranty of habitability
bearer instrument
franchise
29. A formal legal document prepared by a party's attorney and submitted to an appellate court when a case is appealed - which outlines the facts and issues of the case that are in dispute.
acceptor
brief
property
white-collar crime
30. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody
categorical imperative
risk management
risk
SEC Rule 10b-5
31. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
mortgage
assignor
holder in due course (HDC)
certified check
32. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p
writ of attachment
stock options
bona fide occupational qualification (BFOQ)
presentment warranties
33. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
condition precedent
online dispute resolution (ODR)
malpractice
entrapment
34. 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.
corporate social responsibility
security interest
revocation
specific performance
35. A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).
bona fide occupational qualification (BFOQ)
negotiation
garnishment
usage of trade
36. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.
traveler's check
copyright
standing to sue
personal defenses
37. A writ from a higher court asking the lower court for the record of a case.
novation
promissory estoppel
writ of certiorari
piercing the corporate veil
38. 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.
levy
mutual fund
check
workout
39. A statement that - if filed within six months prior to the expiration date of the original financing statement - continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued
actus reus
distributed network
sovereign immunity
continuation statement
40. A thing that was once personal property but has become attached to real property in such a way that it takes on the characteristics of real property and becomes part of that real property.
limited partnership
arbitration clause
counteroffer
fixture
41. In criminal law - the least serious kind of criminal offense - such as a traffic or building-code violation.
petty offense
contractual capacity
dissolution
sale or return
42. Property with which the owner has voluntarily parted - with no intention of recovering it.
estopped
standing to sue
floating lien
abandoned property
43. A gift made during one's lifetime and not in contemplation of imminent death - in contrast to a gift causa mortis.
dissolution
principle of rights
bankruptcy court
gift inter vivos
44. An equity (ownership) interest in a corporation - measured in units of shares.
voir dire
stock
free-writing prospectus
domestic corporation
45. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p
lost property
motion for judgment n.o.v.
red herring prospectus
deposition
46. A type of tenancy under which a tenant who - after rightfully being in possession of leased premises - continues (wrongfully) to occupy the property after the lease has terminated. The tenant has no rights to possess the property and occupies it only
export
acceptor
tenancy at sufferance
interrogatories
47. 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.
negotiable instrument
acceptance
partnership
security
48. An assertion or action by a party indicating that he or she will not perform an obligation that the party is contractually obligated to perform at a future time.
check
anticipatory repudiation
power of attorney
collateral promise
49. 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.
bilateral mistake
outside director
sale on approval
homestead exemption
50. 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.
negotiation
clearinghouse
arson
cram-down provision