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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. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
cease-and-desist order
record
counterclaim
offeror
2. A clause that allows a payee or other holder of a time instrument to demand payment of the entire amount due - with interest - if a certain event occurs - such as a default in the payment of an installment when due.
bearer instrument
probate
acceleration clause
click-on agreement
3. A court-created doctrine under which a party to a contract will be relieved of her or his duty to perform when the objective purpose for performance no longer exists (due to reasons beyond that party's control).
dissolution
frustration of purpose
alternative dispute resolution (ADR)
general partner
4. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
bailee
discharge
arbitration clause
embezzlement
5. A person to whom an offer is made.
tender
leasehold estate
cease-and-desist order
offeree
6. A check drawn by a bank on itself.
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7. The threshold mental capacity required by law for a party who enters into a contract to be bound by that contract.
contractual capacity
merger
limited partner
quorum
8. The pleading made by a plaintiff alleging wrongdoing on the part of the defendant; the document that - when filed with a court - initiates a lawsuit.
usury
collecting bank
distribution agreement
complaint
9. A debt for which the amount has been ascertained - fixed - agreed on - settled - or exactly determined. If the amount of the debt is in dispute - the debt is considered unliquidated.
tenancy at sufferance
liquidated debt
lease agreement
necessaries
10. A valid contract rendered unenforceable by some statute or law.
unenforceable contract
certificate of deposit (CD)
deposition
risk
11. Under a mortgage agreement - the creditor who takes a security interest in the debtor's property.
mortgagee
plea bargaining
securities
beyond a reasonable doubt
12. A tax on imported goods.
cure
tariff
liquidated damages
disaffirmance
13. 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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14. Statements made by the plaintiff and the defendant in a lawsuit that detail the facts - charges - and defenses involved in the litigation. The complaint and answer are part of the pleadings.
pleadings
principle of rights
presentment warranties
gift
15. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
petty offense
objective theory of contracts
entrapment
exclusive jurisdiction
16. 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.
partially disclosed principal
certificate of deposit (CD)
concurrent conditions
quorum
17. A contract in which the terms of the agreement are stated in words - oral or written.
express contract
insider trading
e-agent
business necessity
18. Under the UCC - a term describing a person who ceases to pay "his [or her] debts in the ordinary course of business or cannot pay his [or her] debts as they become due or is insolvent within the meaning of federal bankruptcy law" [UCC 1-201
insolvent
devisee
online dispute resolution (ODR)
voidable contract
19. The document filed with the appropriate governmental agency - usually the secretary of state - when a business is incorporated. State statutes usually prescribe what kind of information must be contained in the articles of incorporation.
petition in bankruptcy
personal defenses
pleadings
articles of incorporation
20. A negotiable instrument that is payable 'to the order of an identified person' or 'to an identified person or order.'
order instrument
moral minimum
performance
discharge
21. 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
certificate of limited partnership
correspondent bank
accredited investors
diversity of citizenship
22. 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.
security interest
search warrant
lease agreement
justiciable controversy
23. 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
cross-collateralization
output contract
click-on agreement
trade secret
24. The act of accepting and giving legal force to an obligation that previously was not enforceable.
destination contract
indorsement
ratification
formal contract
25. A person on the board of directors who is also an officer of the corporation.
vesting
implied warranty of merchantability
inside director
union shop
26. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
tender of delivery
holding company
stock warrant
forbearance
27. A doctrine under which a party to a contract is relieved of her or his duty to perform when performance becomes objectively impossible or totally impracticable (through no fault of either party).
impossibility of performance
maker
fiduciary
contract
28. Planning that is undertaken to protect one's interest should some event threaten to undermine its security. In the context of insurance - risk management involves transferring certain risks from the insured to the insurance company.
risk management
franchisee
consolidation
emancipation
29. 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.
arbitration
formal contract
robbery
third party beneficiary
30. A network of twelve district banks and related branches located around the country and headed by the Federal Reserve Board of Governors. Most banks in the United States have Federal Reserve accounts.
Federal Reserve System
nuncupative will
rule of four
robbery
31. Any act that is directed against computers and computer parts - that uses computers as instruments of crime - or that involves computers and constitutes abuse.
computer crime
cost-benefit analysis
lost property
consent
32. A holder who acquires a negotiable instrument for value; in good faith; and without notice that the instrument is overdue - that it has been dishonored - that any person has a defense against it or a claim to it - or that the instrument contains unau
employment at will
docket
holder in due course (HDC)
intended beneficiary
33. An implied trust arising from the conduct of the parties. A trust in which a party holds the actual legal title to another's property but only for that person's benefit.
I-551 Alien Registration Receipt
special warranty deed
resulting trust
Totten trust
34. Procedurally - a plaintiff's response to a defendant's answer.
fee simple absolute
reply
garnishment
shareholder's derivative suit
35. One who is appointed by a court to handle the probate (disposition) of a person's estate if that person dies intestate (without a valid will) or if the executor named in the will cannot serve.
proceeds
administrator
investment contract
distributed network
36. 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.
unreasonably dangerous product
question of law
warranty deed
alienation
37. A tax return submitted by a partnership that only reports the income and losses earned by the business. The partnership as an entity does not pay taxes on the income received by the partnership. A partner's profit from the partnership (whether distri
operating agreement
adverse possession
liquidated damages
information return
38. A check that has been accepted in writing by the bank on which it is drawn. Essentially - the bank - by certifying (accepting) the check - promises to pay the check at the time the check is presented.
secured transaction
certified check
assignment
computer crime
39. A card bearing a magnetic strip that holds magnetically encoded data - providing access to stored funds.
implied warranty of habitability
stored-value card
bearer instrument
junior lienholder
40. 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.
mens rea
real property
performance
petition in bankruptcy
41. Various documents that attempt to dispose of an estate in the same or similar manner as a will - such as trusts or life insurance plans.
private equity capital
will substitutes
lost property
intended beneficiary
42. As a noun - a gift of real property by will; as a verb - to make a gift of real property by will.
constructive delivery
devise
testate
homestead exemption
43. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
tender
closed shop
winding up
constructive eviction
44. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
ethical reasoning
charitable trust
disparate-treatment discrimination
complaint
45. 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).
condition subsequent
eviction
document of title
mediation
46. Special damages that compensate for a loss that does not directly or immediately result from the breach (for example - lost profits). For the plaintiff to collect consequential damages - they must have been reasonably foreseeable at the time the brea
right of reimbursement
consideration
consequential damages
indorsement
47. A person to whom an instrument is made payable.
I-9 verification
corporation
payee
covenant not to compete
48. A contract that results when the elements necessary for contract formation (agreement - consideration - legal purpose - and contractual capacity) are present.
valid contract
past consideration
implied warranty of merchantability
financing statement
49. One who works for - and receives payment from - an employer but whose working conditions and methods are not controlled by the employer. An independent contractor is not an employee but may be an agent.
national law
independent contractor
estate in property
comity
50. A contract that has not as yet been fully performed.
presentment
nonpossessory interest
executory contract
appraisal right