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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 small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
unilateral contract
nominal damages
choice-of-law clause
trade name
2. 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.
patent
secured transaction
business judgment rule
tender
3. Having left a will at death.
testate
petition in bankruptcy
quorum
exclusive jurisdiction
4. A phase in the litigation process during which the opposing parties may obtain information from each other and from third parties prior to trial.
preferred stock
litigation
discovery
agency
5. A common law security device (retained in Article 9 of the UCC) in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
dividend
attachment
pledge
third party beneficiary
6. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
inter vivos trust
mens rea
financing statement
employment at will
7. A suit brought by a shareholder to enforce a corporate cause of action against a third person.
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8. 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.
garnishment
fixture
shipment contract
anticipatory repudiation
9. A landlord's act of depriving a tenant of possession of the leased premises.
eviction
negotiable instrument
due diligence
presentment
10. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
objective theory of contracts
rescission
discharge
extension clause
11. An out-of-court agreement between a debtor and creditors in which the parties work out a payment plan or schedule under which the debtor's debts can be discharged.
order instrument
workout
eviction
estopped
12. 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.
past consideration
security agreement
agency
negotiable instrument
13. Identifiable characteristics reasonably necessary to the normal operation of a particular business. These characteristics can include gender - national origin - and religion - but not race.
unreasonably dangerous product
bequest
backdating
bona fide occupational qualification (BFOQ)
14. Any bank handling an item for collection - except the payor bank.
sales contract
underwriter
guarantor
collecting bank
15. A condition in a contract that - if not fulfilled - operates to terminate a party's absolute promise to perform.
condition subsequent
certificate of deposit (CD)
covenant not to sue
property
16. In regard to the sale or lease of goods - a property interest in the goods that is sufficiently substantial to permit a party to insure against damage to the goods. In the context of insurance - an interest either in a person's life or well-being tha
insurable interest
seasonably
document of title
business necessity
17. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
tombstone ad
cyberterrorist
preemptive rights
dividend
18. The conduct that occurs under the terms of a particular agreement. Such conduct indicates what the parties to an agreement intended it to mean.
record
course of performance
wrongful discharge
mediation
19. A trust in which the property held by the trustee must be used for a charitable purpose - such as the advancement of health - education - or religion.
charitable trust
parent-subsidiary merger
concurrent conditions
concurrent ownership
20. One designated in a will to receive a gift of real property.
counterclaim
mortgagee
business ethics
devisee
21. A concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong - or desirable or undesirable - a person should evaluate the action in terms of what would happen if everybody
collective mark
categorical imperative
probate
concurrent ownership
22. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
computer crime
consent
constructive discharge
performance
23. The process of resolving a dispute through the court system.
foreign corporation
secondary boycott
litigation
bilateral contract
24. One for whose benefit a promise is made in a contract but who is not a party to the contract.
cybersquatting
holographic will
power of attorney
third party beneficiary
25. 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.
entrapment
underwriter
output contract
bilateral contract
26. 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.
bankruptcy court
mechanic's lien
certification mark
browse-wrap terms
27. 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
justiciable controversy
information return
drawee
risk
28. The legally recognized privilege to protect oneself or one's property against injury by another. The privilege of self-defense usually applies only to acts that are reasonably necessary to protect oneself - one's property - or another person.
limited liability company (LLC)
self-defense
brief
reaffirmation agreement
29. 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).
mailbox rule
consequential damages
personal property
joint tenancy
30. A government official who performs certain administrative tasks that a bankruptcy judge would otherwise have to perform.
justiciable controversy
U.S. trustee
joint tenancy
bailor
31. 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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32. A will written entirely in the signer's handwriting and usually not witnessed.
holographic will
duress
felony
conforming goods
33. 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.
maker
reaffirmation agreement
sale on approval
embezzlement
34. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
dumping
covenant not to compete
closed shop
grand jury
35. All forms of personal property.
dominion
chattel
business necessity
executory contract
36. 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
ratification
identity theft
output contract
37. A Latin term meaning 'by the roots.' In estate law - a method of distributing an intestate's estate so that each heir in a certain class (such as grandchildren) takes the share to which her or his deceased ancestor (such as a mother or father) would
limited partnership
extension clause
retained earnings
per stirpes
38. A required standard of care that certain professionals - such as accountants - must meet to avoid liability for securities violations.
emancipation
due diligence
principle of rights
security interest
39. A third party for whose benefit a contract is formed. An intended beneficiary can sue the promisor if such a contract is breached.
diversity of citizenship
intended beneficiary
payor bank
force majeure clause
40. 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
stock warrant
intestate
forbearance
41. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
business necessity
policy
disclosed principal
fiduciary
42. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
pass-through entity
right of reimbursement
fictitious payee
quorum
43. A court-ordered correction of a written contract so that it reflects the true intentions of the parties.
reformation
arson
holder in due course (HDC)
covenant not to compete
44. Any practice or method of dealing having such regularity of observance in a place - vocation - or trade as to justify an expectation that it will be observed with respect to the transaction in question.
usage of trade
motion for judgment n.o.v.
seniority system
tenancy at sufferance
45. 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.
franchise
covenant not to compete
winding up
actus reus
46. 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
constructive trust
shipment contract
motion for judgment n.o.v.
liquidated debt
47. An express contract in which a third party to a debtor-creditor relationship (the surety) promises to be primarily responsible for the debtor's obligation.
impossibility of performance
delegation of duties
purchase-money security interest (PMSI)
suretyship
48. In a secured transaction - the process by which a secured creditor's interest 'attaches' to the property of another (collateral) and the creditor's security interest becomes enforceable. In the context of judicial liens - a court-ordered seizure and
shareholder's derivative suit
bearer instrument
limited liability limited partnership (LLLP)
attachment
49. 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.
larceny
question of fact
liquidated damages
normal trade relations (NTR) status
50. A person who makes a promise.
workers' compensation laws
condemnation
confusion
promisor