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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. The act of accepting and giving legal force to an obligation that previously was not enforceable.
good faith purchaser
co-surety
ratification
takeover
2. 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.
per stirpes
sale on approval
free-writing prospectus
mortgagor
3. Implied warranties - made by any person who presents an instrument for payment or acceptance - that (1) the person obtaining payment or acceptance is entitled to enforce the instrument or is authorized to obtain payment or acceptance on behalf of a p
ethics
probable cause
presentment warranties
destination contract
4. 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
nonpossessory interest
fungible goods
negotiation
stock warrant
5. The act of refraining from an action that one has a legal right to undertake.
spendthrift trust
secured transaction
forbearance
domain name
6. A type of limited partnership in which the liability of all of the partners - including general partners - is limited to the amount of their investments.
holder
nuncupative will
entrustment rule
limited liability limited partnership (LLLP)
7. 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 -
interrogatories
exclusionary rule
implied warranty of merchantability
incidental damages
8. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
power of attorney
right of reimbursement
warranty deed
international law
9. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
holding company
incidental damages
equal dignity rule
target corporation
10. An old French phrase meaning 'to speak the truth.' In legal terms - it refers to the process in which the attorneys question prospective jurors to learn about their backgrounds - attitudes - biases - and other characteristics that may affect their ab
guarantor
voir dire
liquidation
adhesion contract
11. Statutes that allow deeds - mortgages - and other real property transactions to be recorded so as to provide notice to future purchasers or creditors of an existing claim on the property.
chattel
partnering agreement
proxy
recording statutes
12. 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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13. A contract having no legal force or binding effect.
void contract
outside director
shelter principle
constructive trust
14. A status granted in an international treaty by a provision stating that the citizens of the contracting nations may enjoy the privileges accorded by either party to citizens of its NTR nations. Generally - this status is designed to establish equalit
normal trade relations (NTR) status
executed contract
sublease
anticipatory repudiation
15. Under Article 9 of the UCC - any party who owes payment or performance of a secured obligation - whether or not the party actually owns or has rights in the collateral.
license
tenancy in common
codicil
debtor
16. A controversy that is not hypothetical or academic but real and substantial; a requirement that must be satisfied before a court will hear a case.
justiciable controversy
pass-through entity
stock warrant
nonpossessory interest
17. An offer to purchase made by one company directly to the shareholders of another (target) company; sometimes referred to as a takeover bid.
tender offer
quitclaim deed
trade secret
counteroffer
18. 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.
e-evidence
negotiable instrument
implied warranty of habitability
stock
19. Defenses that can be used to avoid payment to an ordinary holder of a negotiable instrument but not a holder in due course (HDC) or a holder with the rights of an HDC.
close corporation
limited liability partnership (LLP)
personal defenses
accredited investors
20. The image and overall appearance of a product
corporation
venture capital
trade dress
commingle
21. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
cyberterrorist
consignment
clearinghouse
execution
22. A revocable right or privilege of a person to come onto another person's land.
felony
corporate social responsibility
license
consent
23. In regard to minors - the act of being freed from parental control; occurs when a child's parent or legal guardian relinquishes the legal right to exercise control over the child or when a minor who leaves home to support himself or herself.
pass-through entity
good faith purchaser
emancipation
unilateral contract
24. The simplest form of business organization - in which the owner is the business. The owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
award
sole proprietorship
limited partner
execution
25. The party that is ordered to pay a draft or check. With a check - a bank or a financial institution is always the drawee.
drawee
promissory estoppel
condemnation
treaty
26. 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
incidental beneficiary
tenancy at sufferance
levy
franchisor
27. A party to whom the rights under a contract are transferred - or assigned.
formal contract
draft
intermediary bank
assignee
28. A reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation at hand.
litigation
preferred stock
ethical reasoning
installment contract
29. A worldwide system in which foreign currencies are bought and sold.
foreign exchange market
lien
summons
search warrant
30. 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.
preemptive rights
bona fide occupational qualification (BFOQ)
cram-down provision
check
31. A gift of personal property under a will.
informal contract
probate
cyberterrorist
legacy
32. 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
assignee
employment at will
motion for a new trial
33. 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.
incidental damages
personal defenses
certification mark
question of law
34. 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.
stored-value card
disparate-impact discrimination
purchase-money security interest (PMSI)
eminent domain
35. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
unconscionable contract or clause
electronic fund transfer (EFT)
arbitration
browse-wrap terms
36. One designated in a will to receive a gift of real property.
order for relief
license
defalcation
devisee
37. The basic document filed with a designated state official by which a limited partnership is formed.
certificate of limited partnership
secondary boycott
per stirpes
abandoned property
38. 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
consideration
generally accepted accounting principles (GAAP)
covenant not to compete
life estate
39. 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.
resulting trust
close corporation
bounty payment
collective mark
40. 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
testator
business ethics
civil law system
41. An ownership interest in land in which the owner has the greatest possible aggregation of rights - privileges - and power. Ownership in fee simple absolute is limited absolutely to a person and her or his heirs.
cross-collateralization
petty offense
promissory estoppel
fee simple absolute
42. Drawee that is legally obligated to pay an instrument when it is presented later for payment.
confusion
disparate-impact discrimination
payor bank
acceptor
43. An approach to ethical reasoning that evaluates behavior in light of the consequences of that behavior for those who will be affected by it - rather than on the basis of any absolute ethical or moral values. In utilitarian reasoning - a 'good' decisi
cybernotary
forgery
merchant
utilitarianism
44. An instrument directing what is to be done with the testator's property on his or her death - made by the testator and revocable during his or her lifetime. No interests in the testator's property pass until the testator dies.
stock options
will
mislaid property
legacy
45. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.
petty offense
mutual fund
tender
privity of contract
46. A crime committed on the Internet.
cyber crime
condition precedent
offeror
confusion
47. In product liability law - a product that is defective to the point of threatening a consumer's health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dan
rule of four
property
unreasonably dangerous product
probate
48. Damages awarded to compensate for reasonable expenses that are directly incurred because of a breach of contract
domain name
incidental damages
browse-wrap terms
online dispute resolution (ODR)
49. A Latin term meaning 'per person.' In the law governing estate distribution - a method of distributing the property of an intestate's estate so that each heir in a certain class (such as grandchildren) receives an equal share.
choice-of-law clause
shrink-wrap agreement
acceptance
per capita
50. Procedurally - a defendant's response to the plaintiff's complaint.
answer
partially disclosed principal
financing statement
limited liability company (LLC)