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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. A merger between a subsidiary corporation and a parent corporation that owns at least 90 percent of the outstanding shares of each class of stock issued by the subsidiary corporation. Short-form mergers can be accomplished without the approval of the
short-form merger
depositary bank
proxy
Regulation E
2. The act of forcefully and unlawfully taking personal property of any value from another. Force or intimidation is usually necessary for an act of theft to be considered robbery.
common stock
liquidated damages
robbery
sale on approval
3. The goods and services that domestic firms sell to buyers located in other countries.
takeover
export
default
unconscionable contract or clause
4. The unlawful entry or breaking into a building with the intent to commit a felony (or any crime - in some states).
venue
due diligence
burglary
restitution
5. 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.
identification
business ethics
personal defenses
implied warranty
6. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
real property
articles of partnership
perfection
bona fide occupational qualification (BFOQ)
7. A group of citizens called to decide - after hearing the state's evidence - whether a reasonable basis (probable cause) exists for believing that a crime has been committed and that a trial ought to be held.
past consideration
protected class
holding company
grand jury
8. Within a specified time period or - if no period is specified - within a reasonable time.
copyright
default
tangible employment action
seasonably
9. A government grant that gives an inventor the exclusive right or privilege to make - use - or sell his or her invention for a limited time period.
petition in bankruptcy
patent
quasi contract
disclosed principal
10. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.
holder in due course (HDC)
usage of trade
vesting
motion for a directed verdict
11. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
small claims court
incidental damages
watered stock
e-contract
12. The intentional burning of another's dwelling. Some statutes have expanded this to include any real property regardless of ownership and the destruction of property by other means
bylaws
arson
assignor
delegatee
13. An action to recover identified goods in the hands of a party who is wrongfully withholding them from the other party. Under the UCC - this remedy is usually available only if the buyer or lessee is unable to cover.
replevin
domain name
guarantor
winding up
14. 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
guarantor
contractual capacity
franchisee
click-on agreement
15. 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
equal dignity rule
traveler's check
mailbox rule
joint and several liability
16. 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.
disaffirmance
sale on approval
exclusionary rule
actus reus
17. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.
express warranty
U.S. trustee
award
standing to sue
18. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.
forum-selection clause
drawee
vesting
tender offer
19. 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).
will
general partner
Regulation E
joint tenancy
20. Treating employees or job applicants unequally on the basis of race - color - national origin - religion - gender - age - or disability; prohibited by federal statutes.
collecting bank
cross-collateralization
employment discrimination
delegation of duties
21. One designated in a will to receive a gift of personal property.
release
legatee
piercing the corporate veil
lease
22. A writ from a higher court asking the lower court for the record of a case.
indictment
writ of certiorari
promisee
lease
23. A court's order - issued prior to a trial to collect a debt - directing the sheriff or other public officer to seize nonexempt property of the debtor. If the creditor prevails at trial - the seized property can be sold to satisfy the judgment.
draft
dumping
trust
writ of attachment
24. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
cyber crime
bearer instrument
license
acceptor
25. A rule under which a court will not receive into evidence the parties' prior negotiations - prior agreements - or contemporaneous oral agreements if that evidence contradicts or varies the terms of the parties' written contract.
parol evidence rule
express contract
firm offer
due diligence
26. A charge by a grand jury that a named person has committed a crime.
abandoned property
bilateral contract
indictment
covenant not to compete
27. 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.
docket
mirror image rule
probate court
winding up
28. The act of stealing another's identifying information
question of law
identity theft
nominal damages
spendthrift trust
29. A partnership consisting of one or more general partners (who manage the business and are liable to the full extent of their personal assets for debts of the partnership) and one or more limited partners (who contribute only assets and are liable onl
limited partnership
standing to sue
reaffirmation agreement
consumer-debtor
30. 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.
insider trading
identification
free-writing prospectus
unconscionable contract or clause
31. The power of a government to take land from private citizens for public use on the payment of just compensation.
preferred stock
assignor
eminent domain
debtor in possession (DIP)
32. A rule that immunizes corporate management from liability for actions that result in corporate losses or damages if the actions are undertaken in good faith and are within both the power of the corporation and the authority of management to make.
insurance
lessee
export
business judgment rule
33. A contract having no legal force or binding effect.
legacy
promisor
void contract
jurisdiction
34. An action to carry into effect the directions in a court decree or judgment.
mailbox rule
bearer instrument
collective mark
execution
35. 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
prospectus
stale check
deposition
attachment
36. A contract in which one party forfeits the right to pursue a legal claim against the other party.
writ of execution
release
employment discrimination
consequential damages
37. A contract between an employer and an employee in which the terms and conditions of employment are stated.
abandoned property
correspondent bank
employment contract
dissolution
38. Under the UCC - a contract that requires or authorizes delivery in two or more separate lots to be accepted and paid for separately.
presentment warranties
installment contract
venue
Totten trust
39. The use of an asset that is not the subject of a loan to collateralize that loan.
accord and satisfaction
disparate-impact discrimination
cross-collateralization
security agreement
40. 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.
motion for a directed verdict
mediation
dissolution
usury
41. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
nominal damages
tenancy by the entirety
articles of incorporation
covenant not to compete
42. 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.
certification mark
output contract
tariff
incidental damages
43. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
docket
insider trading
life estate
bilateral contract
44. In regard to the lease of goods - an agreement in which one person (the lessor) agrees to transfer the right to the possession and use of property to another person (the lessee) in exchange for rental payments.
liquidated debt
lease agreement
recording statutes
junior lienholder
45. A check drawn by a bank on itself.
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46. The termination of an obligation. In contract law - discharge occurs when the parties have fully performed their contractual obligations or when other events occur that release the parties from performance. In bankruptcy proceedings - discharge is th
executed contract
devisee
corporation
discharge
47. 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.
motion for judgment n.o.v.
choice-of-law clause
right of contribution
generally accepted accounting principles (GAAP)
48. Under the Uniform Commercial Code Section 2-403(2) - a rule stating that if goods are entrusted to a merchant who deals in goods of that kind - the merchant has the power to transfer those goods and all rights to them to a buyer in the ordinary cours
tenancy by the entirety
discharge
mechanic's lien
entrustment rule
49. An individual whose debts are primarily consumer debts (debts for purchases made primarily for personal - family - or household use).
per capita
dumping
consumer-debtor
dishonor
50. The requirement that an individual must have a sufficient stake in a controversy before he or she can bring a lawsuit. The plaintiff must demonstrate that he or she has been either injured or threatened with injury.
prospectus
bequest
impossibility of performance
standing to sue