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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 image and overall appearance of a product
adverse possession
trade dress
incidental damages
traveler's check
2. Embezzlement; the misappropriation of funds by a party - such as a corporate officer or public official - in a fiduciary relationship with another.
prospectus
discovery
defalcation
consent
3. As a noun - one who has died without having created a valid will; as an adjective - the state of having died without a will.
Regulation E
foreign corporation
periodic tenancy
intestate
4. 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.
normal trade relations (NTR) status
debtor in possession (DIP)
will
adverse possession
5. In litigation - the amount of monetary compensation awarded to a plaintiff in a civil lawsuit as damages. In the context of alternative dispute resolution - the decision rendered by an arbitrator.
operating agreement
award
domestic corporation
trade secret
6. An employer's termination of an employee's employment in violation of the law.
adhesion contract
robbery
wrongful discharge
garnishment
7. In securities law - a transaction in which a person invests in a common enterprise with the reasonable expectation that profits will be derived primarily from the efforts of others.
offeror
concurrent conditions
probate
investment contract
8. A landlord's act of depriving a tenant of possession of the leased premises.
stock options
collecting bank
eviction
common stock
9. Defenses that are valid against all holders of a negotiable instrument - including holders in due course (HDCs) and holders with the rights of HDCs.
universal defenses
watered stock
seasonably
constructive eviction
10. Failure to observe a promise or discharge an obligation; commonly used to refer to failure to pay a debt when it is due.
winding up
default
security
unilateral mistake
11. A small monetary award (often one dollar) granted to a plaintiff when no actual damage was suffered.
fee simple absolute
scienter
nominal damages
motion for summary judgment
12. 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.
purchase-money security interest (PMSI)
lease
cyber crime
backdating
13. One designated in a will to receive a gift of personal property.
legatee
spendthrift trust
devise
stored-value card
14. A rule providing that an acceptance of an offer becomes effective on dispatch (on being placed in an official mailbox) - if mail is - expressly or impliedly - an authorized means of communication of acceptance to the offeror.
voidable contract
mailbox rule
real property
diversity of citizenship
15. 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
double jeopardy
grand jury
cure
16. An offer (by a merchant) that is irrevocable without the necessity of consideration for a stated period of time or - if no definite period is stated - for a reasonable time (neither period to exceed three months). A firm offer by a merchant must be i
firm offer
installment contract
unilateral contract
document of title
17. According to the Uniform Electronic Transactions Act - information that is either inscribed on a tangible medium or stored in an electronic or other medium and is retrievable.
choice-of-law clause
fictitious payee
offeror
record
18. Nonviolent crime committed by individuals or corporations to obtain a personal or business advantage.
arbitration clause
watered stock
white-collar crime
limited partnership
19. A person to whom an offer is made.
motion for judgment n.o.v.
Totten trust
offeree
execution
20. A lease interest in land for an indefinite period involving payment of rent at fixed intervals - such as week to week - month to month - or year to year.
sovereign immunity
franchise
identification
periodic tenancy
21. One designated in a will to receive a gift of real property.
promissory estoppel
testator
devisee
question of law
22. The conventions - rules - and procedures that define accepted accounting practices at a particular time. The source of the principles is the Financial Accounting Standards Board.
formal contract
accord and satisfaction
generally accepted accounting principles (GAAP)
forum-selection clause
23. Law that pertains to a particular nation (as opposed to international law).
national law
partially disclosed principal
express contract
distribution agreement
24. 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
unilateral mistake
eviction
cyber crime
attachment
25. The mixing together of goods belonging to two or more owners so that the separately owned goods cannot be identified.
sale
confusion
tenancy at sufferance
insolvent
26. 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
I-551 Alien Registration Receipt
motion for summary judgment
preferred stock
tender of delivery
27. A network that can be used by persons located (distributed) around the country or the globe to share computer files.
unilateral mistake
distributed network
commercial impracticability
attachment
28. An unconditional offer to perform an obligation by a person who is ready - willing - and able to do so.
sole proprietorship
prospectus
tender
business judgment rule
29. The minimum degree of ethical behavior expected of a business firm - which is usually defined as compliance with the law.
moral minimum
stock options
cashier's check
reaffirmation agreement
30. A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
malpractice
disclosed principal
bailment
lease
31. Moral principles and values applied to social behavior.
homestead exemption
limited partner
ethics
forgery
32. An action in which a court disregards the corporate entity and holds the shareholders personally liable for corporate debts and obligations.
attachment
probate court
piercing the corporate veil
anticipatory repudiation
33. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
comity
cease-and-desist order
bailor
SEC Rule 10b-5
34. A certificate that grants the owner the option to buy a given number of shares of stock - usually within a set time period.
service mark
stock warrant
trademark
unconscionable contract or clause
35. The last part of an Internet address - such as 'westlaw.edu.' The top level (the part of the name to the right of the period) indicates the type of entity that operates the site ('edu' is an abbreviation for 'educational'). The second level (the part
litigation
domain name
writ of execution
cyber mark
36. The basic document filed with a designated state official by which a limited partnership is formed.
anticipatory repudiation
certificate of limited partnership
arson
overdraft
37. 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
small claims court
insider trading
pleadings
38. Any instrument that is not payable to a specific person - including instruments payable to the bearer or to 'cash.'
bearer instrument
market-share liability
draft
valid contract
39. The process by which a criminal defendant and the prosecutor in a criminal case work out a mutually satisfactory disposition of the case - subject to court approval; usually involves the defendant's pleading guilty to a lesser offense in return for a
forgery
mislaid property
plea bargaining
accord and satisfaction
40. 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.
collective mark
collateral
winding up
delegatee
41. The fraudulent appropriation of funds or other property by a person to whom the funds or property has been entrusted.
bailee
forum-selection clause
venture capital
embezzlement
42. A 'standard-form' contract - such as that between a large retailer and a consumer - in which the stronger party dictates the terms.
plea bargaining
distribution agreement
acceptance
adhesion contract
43. A check that is paid by the bank when the checking account on which the check is written contains insufficient funds to cover the check.
overdraft
counteroffer
prenuptial agreement
property
44. 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.
special warranty deed
artisan's lien
nominal damages
motion for summary judgment
45. 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.
peer-to-peer (P2P) networking
business judgment rule
requirements contract
trade name
46. A gift made in contemplation of death. If the donor does not die of that ailment - the gift is revoked.
perfection
gift causa mortis
unenforceable contract
click-on agreement
47. A person who acquires the right to the possession and use of another's goods in exchange for rental payments.
partnering agreement
condition
lessee
exclusionary rule
48. In contract law - a voluntary act by the offeree that shows assent - or agreement - to the terms of an offer; may consist of words or conduct. In negotiable instruments law - the drawee's signed agreement to pay a draft when it is presented.
acceptance
presentment
covenant not to compete
independent contractor
49. 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
liquidated debt
international law
penalty
sales contract
50. An action to carry into effect the directions in a court decree or judgment.
bequest
motion for a new trial
cost-benefit analysis
execution