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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 document informing a defendant that a legal action has been commenced against him or her and that the defendant must appear in court on a certain date to answer the plaintiff's complaint.
course of dealing
lessor
summons
disparate-treatment discrimination
2. 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
business necessity
closed shop
sublease
3. A corporation whose shareholders are limited to a small group of persons - often including only family members.
option contract
will substitutes
business ethics
close corporation
4. An equity (ownership) interest in a corporation - measured in units of shares.
real property
stock
retained earnings
insurable interest
5. 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.
covenant not to compete
duress
Federal Reserve System
bond indenture
6. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
e-money
license
motion for judgment on the pleadings
moral minimum
7. Procedurally - a defendant's response to the plaintiff's complaint.
answer
incidental damages
beyond a reasonable doubt
information
8. 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.
tender offer
fictitious payee
rescission
fee simple absolute
9. The geographic district in which a legal action is tried and from which the jury is selected.
Regulation E
venue
general partner
pledge
10. 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.
security agreement
legatee
vicarious liability
inter vivos trust
11. A contract in which - for a stipulated consideration - one party agrees to compensate the other for loss on a specific subject by a specified peril.
corporate governance
peer-to-peer (P2P) networking
insurance
right of contribution
12. The acquisition of control over a corporation through the purchase of a substantial number of the voting shares of the corporation.
takeover
fixture
resulting trust
mitigation of damages
13. In a limited partnership - a partner who contributes capital to the partnership but has no right to participate in the management and operation of the business. The limited partner assumes no liability for partnership debts beyond the capital contrib
holographic will
limited partner
merchant
act of state doctrine
14. A check - other than a certified check - that is presented for payment more than six months after its date.
affirmative action
homestead exemption
stale check
tangible property
15. A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual.
e-agent
bona fide occupational qualification (BFOQ)
implied warranty of habitability
award
16. The legal right of a person to be restored - repaid - or indemnified for costs - expenses - or losses incurred or expended on behalf of another.
online dispute resolution (ODR)
creditors' composition agreement
recording statutes
right of reimbursement
17. A common law doctrine under which either party may terminate an employment relationship at any time for any reason - unless a contract specifies otherwise.
implied warranty of habitability
ethical reasoning
mortgagor
employment at will
18. In insurance law - the price paid by the insured for insurance protection for a specified period of time.
cease-and-desist order
dividend
premium
defalcation
19. An assertion that something either will or will not happen in the future.
stop-payment order
unconscionable contract or clause
promise
contract
20. A transfer of funds with the use of an electronic terminal - a telephone - a computer - or magnetic tape.
agreement
electronic fund transfer (EFT)
private equity capital
intestate
21. In most states - a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing.
legatee
equal dignity rule
objective theory of contracts
securities
22. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
lost property
brief
search warrant
disclosed principal
23. A person to whom a promise is made.
respondeat superior
promisee
objective theory of contracts
litigation
24. 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.
mediation
self-defense
workers' compensation laws
fiduciary
25. Under the Uniform Commercial Code - a seller's or lessor's act of placing conforming goods at the disposal of the buyer or lessee and giving the buyer or lessor whatever notification is reasonably necessary to enable the buyer or lessee to take deliv
disaffirmance
tender of delivery
devise
anticipatory repudiation
26. A party to whom contractual obligations are transferred - or delegated.
intermediary bank
delegatee
reply
mortgagee
27. Necessities required for life - such as food - shelter - clothing - and medical attention; may include whatever is believed to be necessary to maintain a person's standard of living or financial and social status.
cyber mark
will
misdemeanor
necessaries
28. Jurisdiction that exists when a case can be heard only in a particular court or type of court.
motion for judgment on the pleadings
digital cash
testate
exclusive jurisdiction
29. A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.
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30. A person on the board of directors who is also an officer of the corporation.
treaty
dissociation
docket
inside director
31. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
nuncupative will
computer crime
destination contract
default
32. A contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price.
limited liability partnership (LLP)
parol evidence rule
sales contract
due diligence
33. Any voluntary transfer of property made without consideration - past or present.
misdemeanor
bilateral mistake
information
gift
34. An offeree's response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
shrink-wrap agreement
negotiation
parol evidence rule
counteroffer
35. A wrong against society proclaimed in a statute and - if committed - punishable by society through fines and/or imprisonment
limited partner
imposter
charitable trust
crime
36. The document filed with a designated state official by which a limited liability company is formed.
articles of organization
pleadings
real property
robbery
37. A common means of settling a disputed claim - whereby a debtor offers to pay a lesser amount than the creditor purports is owed. The creditor's acceptance of the offer creates an accord (agreement) - and when the accord is executed - satisfaction occ
seasonably
accord and satisfaction
power of attorney
lessee
38. A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain 'minimum contacts' with that state for the statute to apply.
right-to-work law
long arm statute
corporation
incidental damages
39. Under Article 2A of the UCC - a transfer of the right to possess and use goods for a period of time in exchange for payment.
U.S. trustee
shareholder's derivative suit
sale on approval
lease
40. 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.
preferred stock
levy
preferred creditor
suretyship
41. A writ from a higher court asking the lower court for the record of a case.
delegation of duties
securities
apparent authority
writ of certiorari
42. A guilty (prohibited) act. The commission of a prohibited act is one of the two essential elements required for criminal liability - the other element being the intent to commit a crime.
gift inter vivos
unenforceable contract
actus reus
mislaid property
43. The conduct that occurs under the terms of a particular agreement. Such conduct indicates what the parties to an agreement intended it to mean.
course of performance
quorum
unilateral contract
fiduciary
44. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.
identification
life estate
probable cause
agency
45. In criminal law - a defense in which the defendant claims that he or she was induced by a public official
delegation of duties
entrapment
bailor
bilateral mistake
46. A written promise made by one person (the maker) to pay a fixed amount of money to another person (the payee or a subsequent holder) on demand or on a specified date.
grand jury
bailment
promissory note
jurisdiction
47. An employer's termination of an employee's employment in violation of the law.
standing to sue
insurable interest
wrongful discharge
emancipation
48. A clause in a time instrument that allows the instrument's date of maturity to be extended into the future.
extension clause
condemnation
premium
writ of certiorari
49. A specific type of investment company that continually buys or sells to investors shares of ownership in a portfolio.
shrink-wrap agreement
mutual fund
offer
artisan's lien
50. A person who makes a promise.
incidental damages
installment contract
warranty deed
promisor