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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 mark used by members of a cooperative - association - union - or other organization to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
hacker
collective mark
leasehold estate
mens rea
2. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
premium
cram-down provision
online dispute resolution (ODR)
drawee
3. 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.
articles of incorporation
copyright
exclusive distributorship
dissolution
4. 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.
comity
bounty payment
outside director
lessor
5. An agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires.
requirements contract
perfection
e-signature
obligee
6. A written - temporary insurance policy.
adverse possession
prenuptial agreement
holder
binder
7. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
drawer
identity theft
stock
white-collar crime
8. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
sales contract
course of dealing
malpractice
self-defense
9. 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.
sexual harassment
co-surety
collateral promise
writ of attachment
10. 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.
output contract
transfer warranties
bearer instrument
financing statement
11. 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.
gift inter vivos
policy
sale on approval
civil law system
12. 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
suretyship
distribution agreement
constructive trust
corporate social responsibility
13. A set of policies or procedures affecting the way a corporation is directed or controlled.
mitigation of damages
forum-selection clause
corporate governance
ratification
14. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
prima facie case
constructive discharge
quorum
drawer
15. A trust created by the grantor (settlor) and effective during the grantor's lifetime; a trust not established by a will.
entrustment rule
consumer-debtor
inter vivos trust
necessaries
16. A contract between an employer and an employee in which the terms and conditions of employment are stated.
junior lienholder
employment contract
motion for summary judgment
cyberterrorist
17. The various documents used and developed by an accountant during an audit - such as notes and computations - that make up the work product of an accountant's services to a client.
working papers
valid contract
eminent domain
takeover
18. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
easement
objective theory of contracts
agreement
junior lienholder
19. A term that is used to indicate part or all of a business's name and that is directly related to the business's reputation and goodwill. Trade names are protected under the common law (and under trademark law - if the name is the same as the firm's t
electronic fund transfer (EFT)
insider trading
contractual capacity
trade name
20. 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.
family limited liability partnership (FLLP)
comity
debtor
small claims court
21. A mark used in the sale or the advertising of services to distinguish the services of one person from those of others. Titles - character names - and other distinctive features of radio and television programs may be registered as service marks.
service mark
draft
writ of attachment
fiduciary
22. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
acceptance
per capita
business ethics
limited liability company (LLC)
23. In the context of securities offerings - 'sophisticated' investors - such as banks - insurance companies - investment companies - the issuer's executive officers and directors - and persons whose income or net worth exceeds certain limits.
property
e-agent
accredited investors
fungible goods
24. A contract formed in whole or in part from the conduct of the parties (as opposed to an express contract).
express contract
trade name
implied-in-fact contract
mortgagee
25. A trademark in cyberspace.
rescission
service mark
bylaws
cyber mark
26. A contract having no legal force or binding effect.
eviction
void contract
performance
unilateral mistake
27. A check that is payable on demand - drawn on or payable through a financial institution (bank) - and designated as a traveler's check.
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28. Rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock - equal in percentage to shares already held - before the stock is offered to any outside buyers. Preemptive rights enable shareholders to maintain
duress
preemptive rights
summons
security interest
29. A doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory.
diversity of citizenship
act of state doctrine
express contract
arson
30. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier and tender delivery of the goods at a particular destination. The seller assumes liability for any losses or damage to the goods until they ar
breach of contract
garnishment
destination contract
categorical imperative
31. A person who makes a promise.
petition in bankruptcy
unilateral contract
parent-subsidiary merger
promisor
32. A formal accusation or complaint (without an indictment) issued in certain types of actions (usually criminal actions involving lesser crimes) by a government prosecutor.
business ethics
information
minimum wage
articles of partnership
33. The first bank to receive a check for payment.
stop-payment order
lost property
draft
depositary bank
34. Shares of ownership in a corporation that give the owner of the stock a proportionate interest in the corporation with regard to control - earnings - and net assets. Shares of common stock are lowest in priority with respect to payment of dividends a
incidental damages
common stock
certificate of limited partnership
petty offense
35. A secondary promise that is ancillary (subsidiary) to a principal transaction or primary contractual relationship - such as a promise made by one person to pay the debts of another if the latter fails to perform. A collateral promise normally must be
collateral promise
limited liability company (LLC)
articles of incorporation
taking
36. The act of refraining from an action that one has a legal right to undertake.
promise
short-form merger
forbearance
holographic will
37. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by filing a financing statement with the appropriate governm
forgery
holographic will
installment contract
perfection
38. One who entrusts goods to a bailee.
cure
common stock
answer
bailor
39. In bankruptcy proceedings - property transfers or payments made by the debtor that favor (give preference to) one creditor over others. The bankruptcy trustee is allowed to recover payments made both voluntarily and involuntarily to one creditor in p
contract
defalcation
traveler's check
preference
40. 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.
acceptance
cashier's check
motion for a directed verdict
grand jury
41. Property that is acquired by the debtor after the execution of a security agreement.
after-acquired property
fixed-term tenancy
secondary boycott
merchant
42. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.
member
lien
exclusive distributorship
promissory estoppel
43. 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
incidental beneficiary
negotiation
tippee
discharge
44. In criminal procedure - a rule under which any evidence that is obtained in violation of the accused's constitutional rights guaranteed by the Fourth - Fifth - and Sixth Amendments - as well as any evidence derived from illegally obtained evidence -
exclusionary rule
covenant not to sue
writ of attachment
promise
45. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
default
holographic will
default judgment
minimum wage
46. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
legacy
indictment
confusion
assignment
47. An employer's termination of an employee's employment in violation of the law.
reply
assignee
unconscionable contract or clause
wrongful discharge
48. A person to whom an offer is made.
offeree
right of reimbursement
civil law system
will substitutes
49. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
secondary boycott
target corporation
equal dignity rule
requirements contract
50. State or local laws that prohibit the performance of certain types of commercial activities on Sunday.
blue laws
whistleblowing
record
defalcation