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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 rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
workers' compensation laws
cyber crime
mitigation of damages
suretyship
2. The process of taking private property for public use through the government's power of eminent domain.
spendthrift trust
condemnation
writ of execution
seniority system
3. 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.
risk management
choice-of-language clause
secured party
quota
4. A party who transfers (assigns) his or her rights under a contract to another party (called the assignee).
secured transaction
business necessity
U.S. trustee
assignor
5. A person appointed by a testator in a will to see that her or his will is administered appropriately.
accord and satisfaction
nominal damages
Regulation E
executor
6. 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.
unconscionable contract or clause
transfer warranties
discovery
output contract
7. 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.
answer
parol evidence rule
seniority system
choice-of-language clause
8. Terms and conditions of use that are presented to an Internet user at the time certain products - such as software - are being downloaded but that need not be agreed to (by clicking 'I agree -' for example) before the user is able to install or use t
quota
smart card
guarantor
browse-wrap terms
9. Any bank to which an item is transferred in the course of collection - except the depositary or payor bank.
blue sky laws
will
intermediary bank
vesting
10. 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
proceeds
peer-to-peer (P2P) networking
nuncupative will
11. Property that is acquired by the debtor after the execution of a security agreement.
mislaid property
money laundering
family limited liability partnership (FLLP)
after-acquired property
12. An agreement to substitute a contractual obligation for some other type of legal action based on a valid claim.
covenant not to sue
negotiation
intestacy laws
legatee
13. A contract between the issuer of a bond and the bondholder.
fee simple
bond indenture
eviction
agreement
14. A doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied.
malpractice
partially disclosed principal
sovereign immunity
abandoned property
15. A state statute under which certain types of contracts must be in writing to be enforceable.
lessee
equal dignity rule
Statute of Frauds
sovereign immunity
16. 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.
abandoned property
information
winding up
assignment
17. 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
express contract
insurable interest
browse-wrap terms
tenancy at sufferance
18. The document that is filed with a bankruptcy court to initiate bankruptcy proceedings. The official forms required for a petition in bankruptcy must be completed accurately - sworn to under oath - and signed by the debtor.
certified check
bailee
close corporation
petition in bankruptcy
19. A state law providing that employees may not be required to join a union as a condition of retaining employment.
smart card
scienter
right-to-work law
will substitutes
20. Information or processes that give a business an advantage over competitors that do not know the information or processes.
copyright
burglary
concurrent ownership
trade secret
21. 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
warranty deed
minimum wage
arson
abandoned property
22. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.
signature
condition subsequent
misdemeanor
floating lien
23. A transaction in which an owner of goods (the consignor) delivers the goods to another (the consignee) for the consignee to sell. The consignee pays the consignor only for the goods that are sold by the consignee.
partnership
discharge
consignment
sublease
24. 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
discharge
red herring prospectus
check
suretyship
25. A situation in which the personal property of one person (a bailor) is entrusted to another (a bailee) - who is obligated to return the bailed property to the bailor or dispose of it as directed.
business necessity
bailment
offeree
certification mark
26. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
distributed network
fee simple
discharge
legatee
27. A person who makes a promise.
probate court
promisor
civil law system
bailor
28. A set of rules issued by the Federal Reserve System's Board of Governors to protect users of electronic fund transfer systems.
preferred creditor
Regulation E
liquidated damages
duress
29. A qualification - provision - or clause in a contractual agreement - the occurrence or nonoccurrence of which creates - suspends - or terminates the obligations of the contracting parties.
burglary
impossibility of performance
intangible property
condition
30. 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.
delegation of duties
premium
impossibility of performance
shipment contract
31. 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).
emancipation
joint tenancy
Federal Reserve System
after-acquired property
32. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
limited liability limited partnership (LLLP)
defalcation
mechanic's lien
franchise
33. A trust created by the deposit of a person's own funds in his or her own name as a trustee for another. It is a tentative trust - revocable at will until the depositor dies or completes the gift in his or her lifetime by some unequivocal act or decla
Totten trust
lien
concurrent ownership
universal defenses
34. Shares of stock issued by a corporation for which the corporation receives - as payment - less than the stated value of the shares.
watered stock
intended beneficiary
holding company
intermediary bank
35. One to whom an obligation is owed.
ethics
proxy
constructive eviction
obligee
36. A series of written questions for which written answers are prepared by a party to a lawsuit - usually with the assistance of the party's attorney - and then signed under oath.
interrogatories
retained earnings
Regulation E
after-acquired property
37. A person who receives inside information.
disparate-impact discrimination
bylaws
ethical reasoning
tippee
38. An encumbrance on a property to satisfy a debt or protect a claim for payment of a debt.
stale check
formal contract
lien
debtor in possession (DIP)
39. Generally - stock certificates - bonds - notes - debentures - warrants - or other documents given as evidence of an ownership interest in a corporation or as a promise of repayment by a corporation.
stock certificate
securities
lost property
motion for judgment n.o.v.
40. A court's grant of assistance to a complainant. In bankruptcy proceedings - the order relieves the debtor of the immediate obligation to pay the debts listed in the bankruptcy petition.
forum-selection clause
order for relief
e-signature
piercing the corporate veil
41. A crime
shelter principle
felony
moral minimum
limited liability limited partnership (LLLP)
42. A trust that is created by will and therefore does not take effect until the death of the testator.
actus reus
investment contract
testamentary trust
information
43. 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.
watered stock
periodic tenancy
tenancy by the entirety
concurrent conditions
44. A certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation.
arson
disparate-impact discrimination
conveyance
stock certificate
45. An agreement in which employers voluntarily agree with unions not to handle - use - or deal in other employers' goods that were not produced by union employees; a type of secondary boycott explicitly prohibited by the Labor-Management Reporting and D
cross-collateralization
intended beneficiary
hot-cargo agreement
unenforceable contract
46. In a limited partnership - a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
charitable trust
shareholder's derivative suit
general partner
fee simple absolute
47. The severance of the relationship between a partner and a partnership when the partner ceases to be associated with the carrying on of the partnership business.
dissociation
bond indenture
constructive delivery
ethics
48. A contractual promise of one party to refrain from conducting business similar to that of another party for a certain period of time and within a specified geographic area. Courts commonly enforce such covenants if they are reasonable in terms of tim
payor bank
covenant not to compete
binder
seniority system
49. An agreement by two or more persons to carry on - as co-owners - a business for profit.
free-writing prospectus
maker
security
partnership
50. 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.
usury
discharge
interrogatories
anticipatory repudiation
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