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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. As defined by the Uniform Electronic Transactions Act - 'an electronic sound - symbol - or process attached to or logically associated with a record and executed or adopted by a person with the intent to sign the record.'
concurrent ownership
peer-to-peer (P2P) networking
e-signature
negotiable instrument
2. A significant change in employment status - such as a change brought about by firing or failing to promote an employee - reassigning the employee to a position with significantly different responsibilities - or effecting a significant change in emplo
probate court
delegation of duties
e-contract
tangible employment action
3. The right of a party who tenders nonconforming performance to correct that performance within the contract period [UCC 2-508(1)].
check
course of dealing
identification
cure
4. An agreement between a debtor and a creditor in which the debtor voluntarily agrees to pay - or reaffirm - a debt dischargeable in bankruptcy. To be enforceable - the agreement must be made before the debtor is granted a discharge.
free-writing prospectus
reaffirmation agreement
product liability
per stirpes
5. The legal avoidance - or setting aside - of a contractual obligation.
secured party
disaffirmance
outside director
security interest
6. In insurance law - the insurer - or the one assuming a risk in return for the payment of a premium.
discharge
diversity of citizenship
underwriter
right-to-work law
7. The process of proving and validating a will and settling all matters pertaining to an estate.
tender of delivery
inter vivos trust
probate
tenancy by the entirety
8. A principal whose identity is unknown by a third party - but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract.
deed
resulting trust
partially disclosed principal
guarantor
9. A contractual and statutory process in which one corporation (the surviving corporation) acquires all of the assets and liabilities of another corporation (the merged corporation). The shareholders of the merged corporation either are paid for their
merger
revocation
acceptance
negotiable instrument
10. The relationship that exists between the promisor and the promisee of a contract.
protected class
motion for judgment n.o.v.
long arm statute
privity of contract
11. A mark used by one or more persons - other than the owner - to certify the region - materials - mode of manufacture - quality - or other characteristic of specific goods or services.
vesting
certification mark
frustration of purpose
robbery
12. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
inside director
adhesion contract
default
parol evidence rule
13. An agreement by two or more persons to carry on - as co-owners - a business for profit.
fixed-term tenancy
partnership
motion for judgment on the pleadings
piercing the corporate veil
14. Legal responsibility placed on one person for the acts of another; indirect liability imposed on a supervisory party (such as an employer) for the actions of a subordinate (such as an employee) because of the relationship between the two parties.
stored-value card
short-form merger
restitution
vicarious liability
15. A set of governing rules adopted by a corporation or other association.
arson
penalty
bylaws
bankruptcy court
16. Charging an illegal rate of interest.
delegation of duties
dissolution
usury
backdating
17. A person who uses one computer to break into another. Professional computer programmers refer to such persons as 'crackers.'
liquidated damages
misdemeanor
acceptance
hacker
18. 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.
business ethics
unconscionable contract or clause
lease agreement
constructive eviction
19. A signed writing (record) that contains an unconditional promise or order to pay an exact sum on demand or at an exact future time to a specific person or order - or to bearer.
mailbox rule
jurisdiction
moral minimum
negotiable instrument
20. The fraudulent making or altering of any writing in a way that changes the legal rights and liabilities of another.
forgery
respondeat superior
deficiency judgment
notary public
21. Information or processes that give a business an advantage over competitors that do not know the information or processes.
proxy
trade secret
devise
life estate
22. 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
bailor
franchise
parent-subsidiary merger
common stock
23. The wrongful taking and carrying away of another person's personal property with the intent to permanently deprive the owner of the property. Some states classify larceny as either grand or petit - depending on the property's value.
revocation
larceny
firm offer
alienation
24. A set limit on the amount of goods that can be imported.
quota
seasonably
bilateral contract
accession
25. The list of cases entered on a court's calendar and thus scheduled to be heard by the court.
letter of credit
negotiation
docket
per capita
26. Any voluntary transfer of property made without consideration - past or present.
bankruptcy court
gift
sovereign immunity
devise
27. 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
co-surety
peer-to-peer (P2P) networking
collateral promise
quota
28. 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.
warranty deed
consideration
execution
tenancy by the entirety
29. 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.
security
notary public
bequest
check
30. A firm that requires all workers - once employed - to become union members within a specified period of time as a condition of their continued employment.
union shop
per stirpes
civil law system
employment at will
31. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
executor
distributed network
preferred stock
covenant not to compete
32. A valid contract rendered unenforceable by some statute or law.
choice-of-language clause
I-9 verification
information return
unenforceable contract
33. A type of limited liability partnership owned by family members or fiduciaries of family members.
corporation
family limited liability partnership (FLLP)
undisclosed principal
computer crime
34. A method of settling disputes outside of court by using the services of a neutral third party - who acts as a communicating agent between the parties and assists them in negotiating a settlement.
mediation
indictment
delegation of duties
shipment contract
35. 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.
winding up
member
debtor in possession (DIP)
incidental damages
36. Occurs when an individual adds value to personal property by the use of either labor or materials. In some situations - a person may acquire ownership rights in another's property through accession.
sale on approval
accession
levy
delegatee
37. The lowest wage - either by government regulation or union contract - that an employer may pay an hourly worker.
articles of incorporation
moral minimum
minimum wage
license
38. In corporate law - a written agreement between a stockholder and another party in which the stockholder authorizes the other party to vote the stockholder's shares in a certain manner.
proxy
incidental damages
piercing the corporate veil
merchant
39. A motion requesting the court to enter a judgment without proceeding to trial. The motion can be based on evidence outside the pleadings and will be granted only if no facts are in dispute.
motion for summary judgment
market-share liability
informal contract
protected class
40. 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.
dividend
ratification
lost property
brief
41. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
condition subsequent
record
SEC Rule 10b-5
prima facie case
42. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
installment contract
payor bank
online dispute resolution (ODR)
sexual harassment
43. Any transaction in which the payment of a debt is guaranteed - or secured - by personal property owned by the debtor or in which the debtor has a legal interest.
motion for summary judgment
objective theory of contracts
secured transaction
peer-to-peer (P2P) networking
44. 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.
business judgment rule
predominant-factor test
blue laws
preferred creditor
45. 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.
probable cause
consumer-debtor
question of law
fiduciary
46. A case in which the plaintiff has produced sufficient evidence of his or her claim that the case can go to a jury; a case in which the evidence compels a decision for the plaintiff if the defendant produces no affirmative defense or evidence to dispr
lessee
prima facie case
purchase-money security interest (PMSI)
tenancy at will
47. Any interest in personal property or fixtures that secures payment or performance of an obligation.
liquidated damages
misdemeanor
security interest
overdraft
48. A form of employment discrimination that results when an employer intentionally discriminates against employees who are members of protected classes.
special warranty deed
limited partner
disparate-treatment discrimination
bailee
49. Funds contained on computer software - in the form of secure programs stored on microchips and on other computer devices.
appraisal right
digital cash
cashier's check
hot-cargo agreement
50. State statutes establishing an administrative procedure for compensating workers' injuries that arise out of
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