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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.
franchisor
artisan's lien
probable cause
secondary boycott
2. Having left a will at death.
offer
fee simple absolute
lessee
testate
3. 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.
collective mark
counteroffer
minimum wage
dumping
4. 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
trade dress
cyber mark
consequential damages
franchisee
5. The process of taking private property for public use through the government's power of eminent domain.
parent-subsidiary merger
automatic stay
tangible property
condemnation
6. 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
check
normal trade relations (NTR) status
domestic corporation
whistleblowing
7. A prediction concerning potential loss based on known and unknown factors.
check
robbery
delegator
risk
8. The purchase or sale of securities on the basis of inside information (information that has not been made available to the public).
stock options
conforming goods
insider trading
junior lienholder
9. A check drawn by a bank on itself.
10. One to whom goods are entrusted by a bailor.
bailee
fixed-term tenancy
rule of four
holographic will
11. A contract that may be legally avoided (canceled - or annulled) at the option of one or both of the parties.
civil law system
voidable contract
probate court
foreign corporation
12. One to whom goods are entrusted by a bailor.
consumer-debtor
trade name
bailee
collective mark
13. Any voluntary transfer of property made without consideration - past or present.
question of law
securities
deficiency judgment
gift
14. Under the UCC - 'any symbol executed or adopted by a party with a present intention to authenticate a writing.'
abandoned property
concurrent ownership
rescission
signature
15. The sharing of resources (such as files - hard drives - and processing styles) among multiple computers without necessarily requiring a central network server.
foreign corporation
peer-to-peer (P2P) networking
perfection
accredited investors
16. In a contractual agreement - a condition that must be met before a party's promise becomes absolute.
acceptor
condition precedent
cover
stock certificate
17. 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
attachment
discharge
equal dignity rule
employment contract
18. 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.
disclosed principal
sexual harassment
draft
correspondent bank
19. A third party who incidentally benefits from a contract but whose benefit was not the reason the contract was formed. An incidental beneficiary has no rights in a contract and cannot sue to have the contract enforced.
eviction
guarantor
incidental beneficiary
negotiation
20. One who owes an obligation to another.
fiduciary
domain name
collecting bank
obligor
21. A writ from a higher court asking the lower court for the record of a case.
writ of certiorari
policy
shareholder's derivative suit
blue laws
22. An interest in land that exists only for the duration of the life of some person - usually the holder of the estate.
comity
cure
life estate
indictment
23. 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.
treaty
order for relief
deed
constructive delivery
24. 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.
easement
necessaries
holding company
indorsement
25. The settling of a dispute by submitting it to a disinterested third party (other than a court) - who renders a decision that is (most often) legally binding.
justiciable controversy
estate in property
payor bank
arbitration
26. Mistake that occurs when both parties to a contract are mistaken about the same material fact and the mistake is one that a reasonable person would make; either party can rescind the contract.
cover
bilateral mistake
cure
premium
27. Law that pertains to a particular nation (as opposed to international law).
felony
security interest
hot-cargo agreement
national law
28. Prior conduct between the parties to a contract that establishes a common basis for their understanding.
search warrant
course of dealing
devise
right-to-work law
29. Job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.
affirmative action
negotiation
obligor
letter of credit
30. The resolution of disputes with the assistance of organizations that offer dispute-resolution services via the Internet.
binder
online dispute resolution (ODR)
e-agent
artisan's lien
31. 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.
accredited investors
tombstone ad
interrogatories
small claims court
32. In a given state - a corporation that does business in the state without being incorporated therein.
lease
act of state doctrine
foreign corporation
insurable interest
33. A hacker whose purpose is to exploit a target computer for a serious impact - such as corrupting a program to sabotage a business.
sole proprietorship
cyberterrorist
dissociation
estate in property
34. A person in possession of an instrument payable to bearer or indorsed in blank.
bearer
discharge
investment company
secured transaction
35. 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.
36. A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.
life estate
fee simple
will substitutes
shipment contract
37. A special court in which parties may litigate small claims (such as $5 -000 or less). Attorneys are not required in small claims courts and - in some states - are not allowed to represent the parties.
small claims court
adhesion contract
personal defenses
white-collar crime
38. A crime committed on the Internet.
cyber crime
probate court
breach of contract
deposition
39. 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.
Totten trust
secured party
estopped
shipment contract
40. Property with which the owner has involuntarily parted and then cannot find or recover.
resulting trust
devisee
lost property
security
41. Land and everything attached to it - such as trees and buildings.
long arm statute
real property
sales contract
information return
42. A written instrument - usually issued by a bank on behalf of a customer or other person - in which the issuer promises to honor drafts or other demands for payment by third persons in accordance with the terms of the instrument.
resulting trust
novation
letter of credit
presentment
43. A situation occurring when a person is tried twice for the same criminal offense; prohibited by the Fifth Amendment to the Constitution.
secured transaction
unenforceable contract
double jeopardy
online dispute resolution (ODR)
44. Mental state - or intent. A wrongful mental state is as necessary as a wrongful act to establish criminal liability. What constitutes a mental state varies according to the wrongful action. Thus - for murder - the mens rea is the intent to take a lif
common stock
mens rea
larceny
prima facie case
45. 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
moral minimum
trademark
discharge
administrator
46. A provision in a contract designating the court - jurisdiction - or tribunal that will decide any disputes arising under the contract.
forum-selection clause
void contract
business judgment rule
document of title
47. 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
categorical imperative
piercing the corporate veil
perfection
tender
48. A form of employment discrimination that results from certain employer practices or procedures that - although not discriminatory on their face - have a discriminatory effect.
summons
disparate-impact discrimination
consignment
traveler's check
49. An administrative or judicial order prohibiting a person or business firm from conducting activities that an agency or court has deemed illegal.
bearer instrument
cease-and-desist order
unilateral contract
dissolution
50. A person - such as a cosigner on a note - who agrees to be primarily responsible for the debt of another.
business judgment rule
shrink-wrap agreement
surety
right of reimbursement