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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. One licensing another (the franchisee) to use the owner's trademark - trade name - or copyright in the selling of goods or services.
cross-collateralization
franchisor
money laundering
creditors' composition agreement
2. A written - temporary insurance policy.
binder
closed shop
alternative dispute resolution (ADR)
franchise
3. The selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market.
impossibility of performance
dumping
e-evidence
restitution
4. 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.
incidental damages
profit
self-defense
mitigation of damages
5. A termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave.
eviction
watered stock
constructive discharge
foreign exchange market
6. A rule requiring a plaintiff to do whatever is reasonable to minimize the damages caused by the defendant.
summons
information
mitigation of damages
lessee
7. 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.
tender
collective mark
acceptance
grand jury
8. A person who receives inside information.
tippee
petition in bankruptcy
family limited liability partnership (FLLP)
respondeat superior
9. Generally - a stock certificate - bond - note - debenture - warrant - or other document or record evidencing an ownership interest in a corporation or a promise to repay a corporation's debt.
information
complaint
security
purchase-money security interest (PMSI)
10. An act equivalent to the actual - physical delivery of property that cannot be physically delivered because of difficulty or impossibility. For example - the transfer of a key to a safe constructively delivers the contents of the safe.
will substitutes
liquidated damages
constructive delivery
shrink-wrap agreement
11. The taking of private property by the government for public use. The government may not take private property for public use without 'just compensation.'
intangible property
taking
gift
will
12. A legally recognized authority that can certify the validity of digital signatures.
accession
bailee
cybernotary
past consideration
13. One who entrusts goods to a bailee.
promisee
bailor
international law
proxy
14. An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.
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15. A preliminary prospectus that can be distributed to potential investors after the registration statement (for a securities offering) has been filed with the Securities and Exchange Commission. The name derives from the red legend printed across the p
output contract
security interest
self-incrimination
red herring prospectus
16. 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).
discharge
shipment contract
insider trading
frustration of purpose
17. 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.
condemnation
contractual capacity
winding up
motion for judgment n.o.v.
18. A clause in a contract that provides that - in the event of a dispute - the parties will submit the dispute to arbitration rather than litigate the dispute in court.
merger
arbitration clause
moral minimum
conforming goods
19. A payee on a negotiable instrument whom the maker or drawer does not intend to have an interest in the instrument. Indorsements by fictitious payees are treated as authorized indorsements under Article 3 of the UCC.
fictitious payee
accord and satisfaction
debtor
stock options
20. 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.
estopped
accord and satisfaction
workout
corporate social responsibility
21. 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.
common stock
arbitration
letter of credit
sexual harassment
22. 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.
check
cost-benefit analysis
penalty
moral minimum
23. In contract law - the fulfillment of one's duties arising under a contract with another; the normal way of discharging one's contractual obligations.
periodic tenancy
performance
private equity capital
administrator
24. One to whom goods are entrusted by a bailor.
nuncupative will
pledge
bailee
drawee
25. 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.
patent
stock
treaty
emancipation
26. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
stock warrant
course of dealing
forgery
moral minimum
27. Any membership group that operates across national borders. These organizations can be governmental organizations - such as the United Nations - or nongovernmental organizations (NGOs) - such as the Red Cross.
member
constructive delivery
international organization
spendthrift trust
28. 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.
robbery
course of dealing
presentment warranties
certified check
29. The number of members of a decision-making body that must be present before business may be transacted.
overdraft
quorum
bona fide occupational qualification (BFOQ)
junior lienholder
30. The corporation to be acquired in a corporate takeover; a corporation whose shareholders receive a tender offer.
complaint
promissory note
target corporation
award
31. One who owes an obligation to another.
obligor
securities
entrapment
summary jury trial (SJT)
32. The obtaining of funds by legal process through the seizure and sale of nonsecured property - usually done after a writ of execution has been issued.
levy
treaty
stock
motion for judgment n.o.v.
33. 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
answer
consent
consequential damages
exclusive distributorship
34. A form of eviction that occurs when a landlord fails to perform adequately any of the duties (such as providing heat in the winter) required by the lease - thereby making the tenant's further use and enjoyment of the property exceedingly difficult or
constructive eviction
collecting bank
workout
winding up
35. The document filed with a designated state official by which a limited liability company is formed.
articles of organization
stop-payment order
anticipatory repudiation
reaffirmation agreement
36. A designation in the United States for a corporation formed in another country but doing business in the United States.
alien corporation
mortgage
rule of four
garnishment
37. A set of governing rules adopted by a corporation or other association.
bylaws
promissory estoppel
penalty
reformation
38. A lesser crime than a felony - punishable by a fine or incarceration in jail for up to one year.
forgery
acceptance
misdemeanor
counterclaim
39. The giving of testimony that may subject the testifier to criminal prosecution. The Fifth Amendment to the Constitution protects against self-incrimination by providing that no person 'shall be compelled in any criminal case to be a witness against h
counterclaim
bearer instrument
self-incrimination
corporate social responsibility
40. An amount - stipulated in a contract - that the parties to the contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.
easement
click-on agreement
liquidated damages
limited partnership
41. Property with which the owner has voluntarily parted - with no intention of recovering it.
option contract
tenancy by the entirety
assignor
abandoned property
42. Goods that are alike by physical nature - by agreement - or by trade usage (for example - wheat - oil - and wine that are identical in type and quality). When owners of fungible goods hold the goods as tenants in common - title and risk can pass with
limited liability company (LLC)
payor bank
fungible goods
trust
43. The portion of a corporation's profits that has not been paid out as dividends to shareholders.
venture capital
retained earnings
maker
lease
44. Voluntary agreement to a proposition or an act of another; a concurrence of wills.
concurrent conditions
consent
entrapment
duress
45. A contractual clause that states that a certain amount of monetary damages will be paid in the event of a future default or breach of contract. The damages are a punishment for a default and not a measure of compensation for the contract's breach. Th
utilitarianism
overdraft
fee simple
penalty
46. The relationship that exists between the promisor and the promisee of a contract.
hacker
certified check
privity of contract
deed
47. In the context of bankruptcy - a creditor who has received a preferential transfer from a debtor.
release
question of law
award
preferred creditor
48. Procedurally - a defendant's response to the plaintiff's complaint.
answer
estate in property
conforming goods
drawee
49. A nonpossessory right to use another's property in a manner established by either express or implied agreement.
easement
dishonor
bilateral mistake
emancipation
50. Conditions that must occur or be performed at the same time; they are mutually dependent. No obligations arise until these conditions are simultaneously performed.
partnership
burglary
artisan's lien
concurrent conditions